Most Americans have estates that fall under the federal estate and gift tax exemption. However, the exemption is set to be cut in half in 2026. This exemption increased to $13 million (actually $12.92 million) in 2023. In 2026, this exemption resets to $6.8 million (adjusted for inflation between now and then) unless Congress acts in the interim.
What happens if you make a taxable gift before 2026 but die after 2026 when the exemption has been cut in half? Learn more here.
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If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.
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