Federal estate and gift tax exemption was increased in 2017 from $5.49 million per person to $11.18 million. This was a huge increase in what taxpayers were allowed to transfer without triggering taxes. With adjustments for inflation, the exemption is at $13.61 million for individuals and $27 million for couples. However these changes will expire at the end of 2025 and decrease by half unless Congress steps in. This article explains why this could heavily impact your estate plan. 

These possible changes should prompt everyone to reevaluate their estate plans – especially if you took advantage of this increased exemption. Now is the time to assess your circumstances and make any necessary changes. Contact Rhodes Law Firm today to learn more.