Maximize Gifting Before Tax Law Changes

In this video, Thomas Binetter, an estate planning attorney at the Law Offices of Hollander and Hollander PC, reveals the untapped potential of a crucial estate planning tool: gifting. Discover how recent federal tax changes have transformed the landscape, allowing you to help protect your assets and work towards building your family’s financial future.

Since 2016, the federal gift tax exemption rate has raised dramatically. It has gone from approximately $4 million per person to the current 12.92, soon to be over $13 million per person. What does that mean? It means you can gift up to $26 million worth of your assets to your children, to your beneficiaries, at the time of your passing. But you have to make those elections now before those exceptions expire.

What does that mean?

It means that you have up to $26 million worth of gifting that you can make now, whilst the federal gift tax exemption rates are so high before they expire. The clock is ticking. You have only two years until the end of 2025 before the federal gift tax exemption rates are reset. And what are they going to be reset to? Probably four, maybe $5 million per person. So, that is a huge difference and a huge opportunity where you can make gifts from your estate, to your children, to irrevocable trusts, to charitable bequests, whatever makes the best financial sense for your circumstances.

If you are interested in learning more, please get in touch with us at the Law Offices of Hollander and Hollander. We will review your circumstances and give you the best advice so that you can make the best gifting decisions in the current tax circumstances.