There's currently a tax exemption of about $12 million on estates. But that law is going to expire in 2025, and the exemption will revert back to what it was; $5.5 million plus inflation adjustment. More info here:
https://www.schwab.com/learn/story/estate-tax-and-lifetime-gifting
For those of you who are familiar with this, what are your predictions for what might happen in 2025? Congress could make the higher amount permanent, they could let it go back to what it was, or they could do something in between....
Someone I know was told by a lawyer that they should make several expensive and complex moves in their trust estate plan now in case it reverts to the lower amount. (It seems the elder patriarch is in the $5.5 - $12 range)
I have a difficult time believing Congress will let this expire entirely, because if they can agree on something, it is helping wealthy people.
I'm curious of the predictions of this insightful group.
https://www.schwab.com/learn/story/estate-tax-and-lifetime-gifting
For those of you who are familiar with this, what are your predictions for what might happen in 2025? Congress could make the higher amount permanent, they could let it go back to what it was, or they could do something in between....
Someone I know was told by a lawyer that they should make several expensive and complex moves in their trust estate plan now in case it reverts to the lower amount. (It seems the elder patriarch is in the $5.5 - $12 range)
I have a difficult time believing Congress will let this expire entirely, because if they can agree on something, it is helping wealthy people.
I'm curious of the predictions of this insightful group.