Currently, each person has a $11,580,000 gift/estate tax exemption (which is scheduled to increase to $11,700,000 per person in 2021), and under current law, this exemption amount will revert back to the pre-2018 law amount which was $5,000,000 per person (adjusted for cost of living increases), after 2025.
Based upon the election, it is possible that changes to the tax laws may arise which would be effective as of January 1, 2021. Some commentators have opined that one possible change in the tax laws would be a reduction of the current $11,580,000 estate tax exemption.
If you believe you would benefit from using the current $11,580,000 estate tax exemption before it is possibly altered, please contact your estate planning attorney at Freeman, Freeman & Smiley as soon as possible so we can discuss your options.
The information contained in this note is for general educational purposes only and is not designed, nor intended, to be used as the singular source of information to analyze a legal issue. Please contact legal counsel to discuss any specific questions you may have.