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Passing Assets and Accounts to Your Heirs Is About To Become Much More Difficult

June 6, 2024

Via: JD Supra

If you are in the process of long-term estate planning or updating an existing estate plan, the process for passing assets and accounts to your heirs is about to become much more difficult and expensive. Presently, each individual can pass $13.61 million in assets to beneficiaries and future generations without triggering any estate taxes. This is based upon changes implemented with the passage of the Tax Cuts and Jobs Act or TCJA in 2017. However, the increased estate tax deduction amounts are scheduled to return to the original 2017 levels (adjusted for inflation) upon the sunset of the TCJA at the end of 2025, or about $5.7 million.

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