Did you know that at $11.4 million per person the federal estate and gift tax exemption is at the highest it has ever been? This is the dollar amount that individuals can transfer without having to pay any estate or gift tax (which is currently taxed at a 40% rate.) This exemption is set to automatically revert to $5 million (adjusted for inflation) on January 1, 2026 under current law, but that could change sooner under a new presidential administration. A change in the lifetime exemption would have significant estate planning consequences. In “Election 2020- Time to Revisit Your Estate Plan,” we explore the importance of developing a contingency plan to maximize your lifetime tax exemption by the end of 2020.

Below is an excerpt from the piece with key questions to consider as you evaluate your estate plan.  If you would like the full copy, please contact us.

Election 2020 Excerpt