Making a Gift This Year? Some Key Questions to Consider
With any potential change in administration, wealth creation and preservation are hot topics of conversation. But this year, there’s one in particular that’s top of mind: the federal gift and estate tax exemption.
The Tax Cuts and Jobs Act significantly increased the lifetime gift, estate and generation-skipping tax exemption to $11.58 million per individual ($23.16 million per couple). The expansion was never designed to be permanent; the exemption is set to expire at the end of 2025. However, the possibility of a “blue wave” this election raises
