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How to Lock in a $14M Estate Tax Exemption Before 2026


  • May 06, 2024

Jeff Morris wrote in ThinkAdvisor about the steps individuals should take this year to lock in the expanded estate tax exemption under the Tax Cuts and Jobs Act.

"If business owners and other high-net-worth individuals do not act this year, they could miss out on significant planning opportunities that could otherwise assist in the tax-free transfer of millions of dollars within their family’s estate," he wrote. "Multiple planning steps are required to maximize the current estate tax exemption, which is scheduled to be cut in half at the end of 2025."

"The estate tax exemption for 2024 is $13.61 million per person or $27.22 million for couples," he continued. "The exemption — officially the basic exclusion amount — is indexed to inflation, so it will rise again next year before it gets cut in half at the start of 2026. The result is a loss of roughly $7 million of exemption for each person."

Click here to read the full article: How to Lock In a $14M Estate Tax Exemption Before 2026

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