The current estate tax and lifetime gift exemption is $11.7 million per person. This amount is set to sunset and revert back to $5 million on December 31, 2025. Even sooner, it could decrease to $6 million as of January 1, 2022 under current proposals. Remember, there are some exceptions. If you are planning any giving, charitable or otherwise, now is the time to utilize that additional $6 million. Use it or lose it. Talk with your attorney and financial advisors before its too late.
– Emily A. Helmick, Esq.