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The historically high estate tax exemption is probably here to stay, one tax expert says. Major changes to the income tax, or its outright elimination, will be a lot harder.
President Trump might extend the bonus estate tax exemption or even repeal the estate tax. But estate planning remains important, just different.
Alternative Minimum Tax (AMT): The TCJA significantly reduced the number of taxpayers subject to the AMT by raising exemption levels. Making this change permanent would continue to limit the AMT’s reach. 2. Estate Tax Provisions. The TCJA doubled the estate tax exemption, allowing individuals to pass on larger estates tax-free.
Unless Congress takes action before the TCJA sunset occurs, effective as of midnight on December 31, 2025, the federal estate and gift tax exemption amount will decrease from approximately $14 million per person (or $28 million per married couple) to approximately $7 million per person (or $14 million per married couple). 1 That reduction ...
The gift and estate tax exemption is adjusted annually for inflation and is $13.61 million for a single person in 2024. Unless Congress acts to extend the current language, the estate tax will ...
While the first presidential debate will likely touch upon a variety of critical topics, tax and estate planning might not be among them.
Explore the latest details and analysis of Election 2024 tax proposals, including the VP Kamala Harris tax plan and Donald Trump tax plan. Tax policy has become a significant focus of the U.S. 2024 presidential election.
President-elect Donald Trump has signaled he’d like to extend many parts of the Tax Cuts and Jobs Act. So people are in less of a rush to pass on their estates, said James Davenport,...
Discover how Trump’s 2024 win could impact estate planning in Minnesota. Learn strategies for leveraging estate and gift tax exemptions to protect your wealth.
An important estate tax change is looming. Here are six ways that Congress might address estate taxes in 2025.