sun setting ESTATE AND GIFT TAX

The current estate and gift tax exemption law is scheduled to sunset at the end of 2025. After that, the exemption amount will revert to the prior law of 2010.  For 2024, the lifetime gift and estate tax exemptions are $13,610,000 per person ($27,220,000 for married couples) and the annual gift tax exclusion is $18,000.  If the law sunsets, the amounts will revert back to $5,000,000 (adjusted for inflation). If you are considering making substantial gifts in the future, it’s wise to act before the sunset to take advantage of the higher exemption, while it lasts! Don’t let the sun go down without a plan in place. Financial Synergistic Group’s decades of experience and guidance can help answer your questions. READ MORE

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