To our Estate Planning clients:
At the end of 2025, the House, Senate and the White House together will have the opportunity to renew or reset the estate and gift tax exemption (currently $13,610,000 per person) or to allow the exemption to sunset. If the exemption sunsets, it may be reduced to approximately $7,000,000 per person. How this plays out will depend on the outcome of the 2024 election.
Here is what a reduction of the current exemption amount means for you:
- For some clients, there are gifting strategies that may be appropriate to consider in advance of this possible change.
- And for a subset of those clients, it may be appropriate to begin planning this year in order to obtain other advantages and opportunities next year.
- For some clients, gifting may not be needed or appropriate in advance of this possible change.
Obviously, each client’s needs are unique. We encourage the periodic review of your estate plan to review changes that have occurred or may occur in the law, as well as changes in your personal circumstances. Please contact our office if you would like to discuss gifting strategies and what they would mean for your planning and your family.
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Sideman & Bancroft’s Estate Planning and Administration Team:
Our attorneys specialize in assisting individuals, families, spouses, and domestic partners preserve wealth, minimize tax exposure, and achieve their personal and financial goals. With over 100 years of combined experience, our team of seasoned, partner-level attorneys delivers sophisticated, tailored solutions in all areas of estate planning.
We utilize the most advanced estate planning techniques, including tax-efficient strategies to transfer wealth, protect assets, and secure business succession. We provide comprehensive guidance through every stage of the estate planning process, offering thoughtful advice on wills, trusts, tax planning, and philanthropic endeavors. Additionally, our expertise in administering trusts and estates ensures seamless execution of our clients’ wishes, while safeguarding their assets for future generations.
Whether navigating complex cross-border issues or assisting with charitable foundations, our team is a trusted, long-term advocate for clients across generations.
