Estate and gift tax exemptions are currently at historically high levels but are set to be reduced after 2025. This means individuals with substantial assets may need to act fast to protect their wealth.
Current vs. Future Estate Tax Laws
- Current Exemption: Individuals can currently transfer up to $12.92 million tax-free.
- Expected Change: This limit is set to revert to around $6 million in 2026.
What This Means for You
If you have a high net worth, this change could lead to increased estate taxes for your heirs. Taking proactive steps—such as gifting assets now, setting up trusts, and optimizing your estate plan—can help reduce tax liabilities.
Secure Your Legacy with iTaxFiler
Our tax professionals at iTaxFiler can help you structure your estate planning strategies to minimize tax burdens and ensure your wealth is preserved for future generations.
Plan ahead—file your estate taxes with iTaxFiler before the exemption limits change!
