Tcja
Understand the impact of the TCJA on estate planning and how it can help optimize your financial legacy.
How has the TCJA influenced estate planning strategies?
The Tax Cuts and Jobs Act (TCJA) has significantly influenced estate planning by temporarily increasing the federal estate and gift tax exemption to nearly $12 million per individual, reducing the number of estates subject to federal taxes. This shift allows individuals to reassess their estate plans, possibly incorporating strategies like gifting or establishing trusts while the current exemptions are in effect. However, individuals should also prepare for potential changes after 2025 when these provisions are set to expire unless Congress acts otherwise, necessitating a review to ensure alignment with future tax landscapes.
