02/28/2024
Our colleagues at Harris Beach () were kind enough to provide a very helpful summary of high gift changes coming in 2026. The current high federal estate and gift tax exclusion (in 2024, $13,610,000 per person or $27,220,000 for a married couple) is scheduled to decrease on January 1, 2026 to about $7 million per person or $14 million for a married couple. There is a significant planning opportunity to use the current high exclusion amount now to avoid paying estate or gift tax of 40% on the transfer of wealth in excess of such amount after 2025.
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