- Posts by Jaclyn M. VaryPartner
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.
Subscribe
Recent Posts
- Calfee NOW: Steve Millard, President & CEO, Greater Akron Chamber
- Planning Before the Fall: Estate Planning Strategies to Consider Before December 31, 2025 (Or Sooner?)
- Keeping Things Confidential: How to Protect Sensitive Information in an M&A Deal – The Middle Market Deal Corner
- Proposed Regulations Provide Guidelines for CHIPS ITC
- Calfee NOW: Ohio State Representative Sean Brennan
- Tax Credits Under the CHIPS and Science Act: Proposed Rules Rollout
- The Time Is Now: U.S. Dept. of Commerce Accepting Applications for CHIPS Act Incentives
- A Primer on Purchase Price Adjustments – The Middle Market Deal Corner
- Calfee NOW: Congressman Mike Carey
- The Race to Secure CHIPS and Science Act Incentives: Are You Ready?
Archives
- December 2023
- November 2023
- October 2023
- July 2023
- June 2023
- April 2023
- March 2023
- February 2023
- January 2023
- November 2022
- September 2022
- August 2022
- May 2022
- April 2022
- February 2022
- January 2022
- November 2021
- October 2021
- July 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020