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For those of us in the US, I'm curious what others with large estates are planning.
I have Trusts for all my children and grandchildren. Large IRA and more going 100% to my named charities.
wsj.com - The moves wealthy families are making to skirt estate taxes'We're looking at a golden opportunity to make tax-free transfers,' said Shamisa Zvoma, a certified public accountant with Wiss in Florham Park, N.J.
The $10 million figure in the Trump tax cuts of 2017 was indexed for inflation. For 2023, the combined gift- and estate-tax exemption is $12.92 million per individual, or $25.84 million per married couple. That is the amount you can give away during your life or at death tax-free.
Next year the exemption amount will likely be adjusted to $13.61 million, estimates Peter Tucci, an estate lawyer at Proskauer. For 2025, it could be $14 million per person, before dropping by half in 2026 to about $7 million."
