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The $7 Million Question

The federal estate and gift tax exemption will soon be in flux. In 2024, an individual can give up to $13,610,000 during life or at death without any federal estate or gift tax consequences.1 This figure will be adjusted annually for inflation through 2025. Absent superseding legislation, the heightened exemption will revert to inflation-adjusted 2017 levels beginning in 2026. This is commonly referred to as the Sunset. A reasonable estimate for the exemption beginning in 2026 is $7 million per person.

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Potential Tax Law Changes on the Horizon

Action, or lack of action, by Congress could soon have a significant impact on your income taxes. The many temporary tax changes in the expansive Tax Cuts and Jobs Act of 2017 (TCJA) expire at the end of 2025.

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Changing Income Tax Rates and Brackets

The current tax rates and brackets established by the 2017 Tax Cuts and Jobs Act are set to sunset at the end of 2025. When passed, the Act temporarily reduced tax rates and widened the tax brackets. If not extended or replaced by new legislation, the tax code will revert to the structure in place prior to 2018, adjusted for inflation.

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Using a Spousal Lifetime Access Trust for Flexible Estate Tax Planning

Due to uncertainty surrounding the future of the federal estate and gift tax framework, many wealthy couples hope to take full advantage of the current exemption ($12.92 million per individual in 2023) before it’s too late. A spousal lifetime access trust (SLAT) may help couples achieve this objective without the loss of flexibility and access typically associated with estate tax planning strategies.

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How to Get Ahead of the Potential Sunset

Certain provisions of the Tax Cuts and Jobs of Act of 2017 (TCJA) are set to expire at the end of 2025 (this event is often referred to as the Sunset). If the Sunset occurs, we revert to the income and estate tax laws that were in effect prior to passage of TCJA, except as modified for inflation. While the 2024 elections may provide some insight into what may or may not happen legislatively between now and end of 2025, the election results still do not provide certainty. Accordingly, there are certain things you can do to take some control of an uncertain situation.

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Wealth Tracker Viewing Tax Forms

Access Your Tax Documents - Anywhere, Anytime!

Starting mid-January, tax forms will be available and added throughout the

tax season. You can access two years of tax forms through Wealth Tracker –

the current tax year and the previous year.

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