The historically high estate tax exemptions are set to expire on December 31, 2025. Currently, the limits stand at $13.61 million per individual and $27.22 million per married couple. If Congress does not intervene, these exemptions will significantly decrease to approximately $7 million per individual, adjusted for inflation.
This temporary exemption provides a unique opportunity for families to plan their estates and pass on wealth tax-free to future generations. It is essential to act now and take advantage of the current exclusion levels.
To prepare for these upcoming changes, contact a Buckley Fine estate planning attorney at 847-381-0011 or attorneys@buckleyfinelaw.com.