The Tax Cuts and Jobs Act (TCJA) significantly increased the unified federal estate and gift tax exemption through the end of 2025. However, for 2026, it’s currently scheduled to revert back to the pre-TCJA level with a cumulative inflation adjustment for 2018 through 2025. If it reverts back to previous levels, it’s estimated to be roughly
The gift tax exclusion is among the most valuable tools available to transfer assets to family and other loved ones without ending up with an unwelcome tax bill for the givers or recipients. Year-end often is a busy time for gifting, as taxpayers move to take advantage of the annual exclusion. However, the impending end of
The holidays often inspire a spirit of generosity. So, at year-end, many people decide to give money or assets to their loved ones. Over time, lifetime gifts can also be an effective way for wealthy people to minimize their taxable estates. Here are the basic federal tax rules for these transactions. Beware: Quite a few states
