Historic Exemptions and Rates for Estate, Gift, and GST Taxes May Not Last Long!

The current federal exemptions from estate, gift, and GST tax are at an all-time high, but these exemptions and the applicable tax rates could be affected by the upcoming presidential and congressional elections. Any such changes made well into next year could be retroactive to January 1, 2021, and these historic exemptions would be lost. Even without any immediate government action, the current $11.58 million unified credit will “sunset” in 2026, and be reduced to $5 million. In light of this, the remaining months of 2020 are an unprecedented opportunity to protect your estate and your loved ones from significant transfer taxes after your death. In this podcast, estate planning attorney Heather Walser explains why it’s so important to take advantage of these extraordinary exemptions and tax rates before it’s too late.