Wealthy taxpayers are hurrying to use the increased estate tax exemption amount before it potentially expires at the end of 2025.
Republicans’ 2017 tax-cut law doubled the estate tax exemption but built in a 2025 sunset. Those with over the exemption amount, which stands at about $13.6 million per person for 2024, in gifts or in their estate face a 40% transfer tax.
It’s unclear what the estate tax will look like after 2025, with the future of the exemption and many other 2017 law provisions hinging on the 2024 election. Republicans have long criticized the estate tax and have ...
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