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Posts from November 2023.
Planning Before the Fall: Estate Planning Strategies To Consider Before December 31, 2025 (Or Sooner?)
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The Tax Cuts and Jobs Act (TCJA) of 2017 doubled the 2018 basic exclusion amount from $5.6 million per person to $11.18 million per person. In 2023, an individual’s basic exclusion amount is $12.92 million and $25.84 million collectively for a married couple. This high basic exclusion amount means that many individuals will not need to pay an estate tax at death if they die in 2023.

However, on January 1, 2026, the basic exclusion amount is legislatively scheduled to be reduced to $5 million per person adjusted for inflation to an estimated $7 million per person or $14 million collectively for a married couple. This is almost $6 million less per person than today.

Now is the time for individuals with a net worth of $7 million or more and married couples with a net worth of $14 million or more to minimize their estate tax exposure.  

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Calfee Connections blogs, vlogs, and other educational content are intended to inform and educate readers about legal developments and are not intended as legal advice for any specific individual or specific situation. Please consult with your attorney regarding any legal questions you may have. With regard to all content including case studies or descriptions, past outcomes do not predict future results. The opinions expressed may not necessarily reflect the viewpoints of all attorneys and professionals of Calfee, Halter & Griswold LLP. Updates related to all government assistance/incentive programs are provided with the most current information made available to Calfee at the time of publication. Clarifications and further guidance may be disseminated by government authorities on an ongoing basis. All information should be reaffirmed prior to the submission of any application and/or program participation.

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