Estate and Gift Tax Exemption: Changes Likely Coming
Many people view the pending expiration of the $5 million estate and gift tax exemption as a window of opportunity that will be open only through the end of this year. This has created a resurgence of interest in wealth transfer planning. And rightly so – with a combined gift tax exemption of over $10 million, a married couple can currently accomplish in one simple transfer what used to take creative and sometimes complicated multi-year strategies to accomplish. Meanwhile, asset values are still at multi-year lows with early signs of an economic recovery again hinting at possible future appreciation.