Tag: gift exemptions

Estate planning is rarely ever a “one-and-done” task. Estate plans must be revisited whenever there is a significant change in your life, including marriage, divorce, birth, a change in financial status, or a change in residence. Estate plans should also be updated when federal or state laws change. The Tax Cuts and Jobs Act of 2017 includes exemptions that expire in 2026. Under the TCJA, the lifetime estate and gift tax exemptions were significantly increased, but they will expire on January 1, 2026, unless new legislation leaves them in place. […]