The clock is ticking for advisors seeking to shelter the estates of wealthy clients before components of the 2017 Tax Cuts and Jobs Act expire at the end of 2025.
The TCJA, also known familiarly as the Trump tax cuts, brought significant changes to estate and gift taxes, including the doubling of the lifetime exemption limits. Previously set at $5.6 million for individuals and $11.18 million for couples, the act raised these limits to $11.18 million for individuals and $22.36 million for couples. The exemption has increased…
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