“Predicting and Preparing for The Estate and Gift Tax”
In an article published on March 10, 2020 in the Georgia Society of Certified Public Accountant’s Current Accounts magazine, Chamberlain Hrdlicka attorneys Christopher Steele and Steve Wyatt discuss the many opportunities to employ flexible planning techniques that reduce taxes and provide flexibility to address the unexpected future of estate and gift tax changes.
“Current estate and gift tax rules provide a lifetime exemption of $11.58 million per person ($23.16 million for married couples) while the estate and gift tax rate remains at 40 percent. Under the Tax Cuts and Jobs Act of 2017 (TCJA), the current increase in the lifetime exemption automatically sunsets on December 31, 2025,” explain Steele and Wyatt.
The upcoming presidential election adds uncertainty for clients and practitioners contemplating estate planning. Under the current administration, we can reasonably assume a small likelihood of the lifetime exemption dropping or the tax rate increasing.
To view the full article, click here.