Estate & Trust Tax Planning Update Cherry Bekaert: The Tax Beat

The Tax Cuts and Jobs Act (TCJA) was enacted in 2017, and part of this bill amended the lifetime exclusion amount for estate and gift tax planning. Over the last 6 years, the lifetime exclusion has ballooned from $10 million to over $13 million in 2024. Together, a married couple could leave $26 million of asset value to their family or other beneficiaries, free of federal estate tax. However, at the end of 2025, this increased lifetime exclusion will sunset and revert to a lower amount. What...