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IRS Announces Higher Estate and Gift Tax Exemption

Posted by Anthony Serra | Oct 23, 2024 | 0 Comments

$13,990,000 is now the exemption

The IRS recently announced that the federal estate and gift tax exemption will increase to $13.99 million for individuals and $27.98 million for married couples in 2025 due to inflation adjustments. This presents a significant opportunity for wealthy individuals to transfer assets without incurring federal taxes.

Law Sunsets in 2025

This increase stems from the Tax Cuts and Jobs Act of 2017, which doubled the estate and gift tax exemption, but is set to revert to pre-2018 levels (around $7 million) at the end of 2025, barring any legislative changes.

A Window of Opportunity

As a result, many experts advise high-net-worth individuals to take advantage of this window in time before the exemption is reduced (if that should happen). It's essential to consult with estate planning professionals to determine the best strategies for your unique situation, especially given the complex tax regulations and potential IRS scrutiny on wealth transfers that can be anticipated moving forward.

About the Author

Anthony Serra

Tony Serra is a passionate advocate, especially for the elderly, disabled and those of modest means who need the services of an experienced and caring attorney. For more than 30 years, Tony has been helping common, everyday folks navigate their way through life's turbulent waters. Through innovation and utilizing modern technology, Tony and his law firm are now able to offer quality legal services that at one time were prohibitively expensive, at a fraction of the cost. If you need basic legal services, such as a Will, Power of Attorney, Living Will, Special Needs Trust, real estate transactions, uncontested guardianship pleadings and much more, please visit our website and our SMART LAW legal services platform. You will be pleasantly surprised by what we offer and glad you did! Tony is also an experienced mediator and founder of the Conflict Resolution Center of NJ. Tony has specific training in family matters as well as elder law and contested guardianship and estate cases.  

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