In these unique and ever-changing times, the attorneys and staff at Miles Hansford & Tallant are available and committed to meeting all of your needs.

NOW MORE THAN EVER, WE ARE MORE THAN A LAW FIRM.
WE ARE A SOLUTION.

For more information, click here.

Taking advantage of the estate tax exemption before it sunsets

Some entrepreneurs and business owners in Georgia have worked hard to amass significant estates over time. They may want to protect these assets and pass them on to future generations without losing a significant amount to estate taxes.

Many people greeted the rising estate tax exemption with relief after it went into effect in 2018. Individuals can leave behind up to $11.58 million without their beneficiaries being required to pay estate taxes, and married couples can leave double that amount. The exemption is set to further increase alongside inflation. This amount is more than twice the approximately $5 million estate tax exemption per person in place before 2018.

However, the elevated estate tax exemption is not necessarily permanent. Under the provisions of the law, it will automatically sunset in 2025 unless Congress acts to restore it. If it's not renewed, the exemption would return to its pre-2018 level, adjusted for inflation. However, there are ways that people may be able to take action now to make use of the elevated exemption level, even if it's allowed to sunset in 2025. One way is to transfer an estate in advance is by making lifetime gifts to beneficiaries, which are also counted as part of the exemption.

An irrevocable trust could also achieve the goal of removing wealth from an estate and providing for future generations without providing full control of business interests. Others may choose to gift assets at their current value rather than wait for them to appreciate. This could be a wise strategy for assets like shares in a business.

There are many ways estate owners can protect assets from estate taxes and provide for future generations. An estate planning attorney may help to develop a comprehensive plan and draft key documents like wills and trusts.

No Comments

Leave a comment
Comment Information

We Are Ready To Hear From You

Email Us For A Response

Let’s Find A Solution Together

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Miles Hansford & Tallant, LLC
202 Tribble Gap Road Suite 200
Cumming, GA 30040

Phone: 770-744-1111
Fax: 770-781-9191
Cumming Law Office Map


By Appointment Only
Call Our 24/7 Criminal Defense line: 678-343-8075