"The Tax Cuts and Jobs Act (TCJA) of 2017 nearly doubled the federal lifetime gift and estate tax exemption. In 2024, this act currently allows individuals to transfer up to $13.61 million per person and $27.22 million per married couple to others during their lifetime or at death without incurring any federal gift or estate taxes.
However, this significant exemption is set to “sunset” after December 31, 2025. As a result, if Congress does not act, beginning on January 1, 2026, the exemption will revert back to the pre-TCJA level of $5 million per person, adjusted for inflation."
Read more about the Tax Cuts and Jobs Act here: https://www.hinshawlaw.com/newsroom-updates-hinshaw-alert-federal-gift-estate-tax-exemption-sunsets-2025.html
Contact us today to learn how to transfer or gift certain assets now, before the sunset occurs, to ensure they are utilizing the maximum available federal gift and estate tax exemptions.
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