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Regardless of the size of your #estate, you won’t owe estate #taxes to the state of #Texas, but you might owe money to the federal government. The good news? The federal estate tax exemption amount has increased for 2024: -The exemption amount for 2024 is $13.61 million, up from $12.92 million in 2023. -For married couples, the combined exemption jumps to $27.22 million. -Only estates valued above these amounts will be subject to the federal estate tax, taxed at 40% on values exceeding the exemption by over $1 million. This inflation-driven adjustment offers a valuable opportunity for taxpayers to plan their estates efficiently. Read more below in this helpful article from Kiplinger and reach out if you’d like to speak with a Frost wealth advisor for more info.

Regardless of the size of your #estate, you won’t owe estate #taxes to the state of #Texas, but you might owe money to the federal government. The good news? The federal estate tax exemption amount has increased for 2024: -The exemption amount for 2024 is $13.61 million, up from $12.92 million in 2023. -For married couples, the combined exemption jumps to $27.22 million. -Only estates valued above these amounts will be subject to the federal estate tax, taxed at 40% on values exceeding the exemption by over $1 million. This inflation-driven adjustment offers a valuable opportunity for taxpayers to plan their estates efficiently. Read more below in this helpful article from Kiplinger and reach out if you’d like to speak with a Frost wealth advisor for more info.

Regardless of the size of your #estate, you won’t owe estate #taxes to the state of #Texas, but you might owe money to the federal government. The good news? The federal estate tax exemption amount has increased for 2024: -The exemption amount for 2024 is $13.61 million, up from $12.92 million in 2023. -For married couples, the combined exemption jumps to $27.22 million. -Only estates valued above these amounts will be subject to the federal estate tax, taxed at 40% on values exceeding the exemption by over $1 million. This inflation-driven adjustment offers a valuable opportunity for taxpayers to plan their estates efficiently. Read more below in this helpful article from Kiplinger and reach out if you’d like to speak with a Frost wealth advisor for more info.

The federal estate tax exemption is currently $13.61 million, so you may want to think more about saving income taxes for your heirs (rather than worrying about estate taxes). https://lnkd.in/gu_S_-wb #dmaacct #fullerton #accounting #accountingfirm #cpafirm #estateplan #plan #heirs #estatetax #estateexemption #oc #fullerton #socal

Planning your estate? Don’t overlook income taxes The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate tax, it’s a good time to devote more planning to income tax saving for your heirs. Important: Keep in mind that the federal estate tax exclusion amount is scheduled to sunset at the end of 2025. Beginning on January 1, 2026, the amount is due to be reduced to $5 million, adjusted for inflation. Of course, Congress could act to extend the higher amount or institute a new amount. Here are some strategies to consider in light of the current large exemption amount.

As part of the 2017 Tax Cuts and Jobs Act, the estate tax exemption was raised to $11.2 million, a doubling of the $5.6 million exemption previously in place. As of 2024, that rate has risen to $13.61 million per individual ($27.22 million for married couples). With the Act set to expire in 2025, now may be a good time to explore estate plan contingencies.

The TCJA and Estate Taxes could be up in the air depending on the presidential election outcome. With the 2024 election looming, uncertainty hangs over the fate of the Tax Cuts and Jobs Act (TCJA) of 2017. This landmark legislation included a significant increase in the estate tax exemption, allowing individuals to transfer much larger... Continue Reading #wisconsinlawyer #wisconsinlaw #wislawnow

How the Estate Tax Exemption Can Be a Tax Dream – Part 2 The exemption is expected to collapse in 2026. Fortunately, there are estate planning strategies you can implement before 2026. https://lnkd.in/eSSWdU74

How the Estate Tax Exemption Can Be a Tax Dream – Part 2 The exemption is expected to collapse in 2026. Fortunately, there are estate planning strategies you can implement before 2026. https://lnkd.in/eSSWdU74

How the Estate Tax Exemption Can Be a Tax Dream – Part 2 The exemption is expected to collapse in 2026. Fortunately, there are estate planning strategies you can implement before 2026. https://lnkd.in/eSSWdU74