In 2017, the Tax Cuts and Jobs Act substantially increased the estate tax exemption. The estate tax exemption for 2024 is expected to be $13,600,000 for individuals ($27,200,000 for married couples). Without action from Congress, the increased exemption is set to sunset in 2026, decreasing the exemption by more than half. It is not too early to begin planning for a major reduction in the estate tax exemption. Speak with your attorney to discuss estate taxes.
-Emily A. Helmick, Esq.