Estate Tax Exemption Sunset in 2024 What You Need to Know NOW

Chapters
00:00 - Introduction: The Sunsetting Estate Tax Exemption
00:14 - Current Estate Tax Exemption: Historical High
00:24 - What Happens After 2025?
00:38 - Urgency for Wealthy Individuals to Act
00:52 - Planning Opportunity: Spousal Lifetime Access Trusts
01:05 - When to meet with your attorney?
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Sunsets are beautiful, but not when it comes to the estate tax exemption law. This law is set to sunset at the end of 2025. Currently, in 2024, the exemption is $13,610,000, the highest it's ever been. However, by the end of next year, it will revert to 2017 levels adjusted for inflation, likely around $7 million, effectively cutting it in half.

If you're wealthy, now is the time to act and use this exemption. It's a "use it or lose it" situation. You have until the end of next year, but waiting could mean missing out on crucial planning opportunities. For example, married couples can consider a spousal lifetime access trust, which should be done at different times for each spouse based on the amount of money being placed into these trusts.

Don't wait until the last minute, as your attorney may be too busy next year to assist you. The time to meet with your attorney and discuss your planning opportunities is now.

📑 Discover 10 Essential Asset Protection Tips: https://estateandprobatelawyer.com/10-essential-asset-protection-tips/

👀 Watch Also: Documenting Family Loans in 2024? Here's the SMART Way to Do It! https://youtu.be/hCW2TXOn4no

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