Post-Election Estate Planning Changes?

Question

Accepted Answer

Even without any new legislation, the current estate and gift tax exemption of $11,580,000 is scheduled to decrease on January 1, 2026 to $5,000,000.

The exemption could be decreased as soon as 2021 if included in a new tax reform bill. The current laws provide for a separate generation-skipping transfer (GST) tax exemption of $11,580,000. The GST tax exemption historically mirrors that of the estate and gift tax exemption.

Post-Election Estate Planning Changes Northern Virginia