Use it or Lose it: Utilizing Estate Tax Exemption Before it Goes Away
By EsqSocial Corporation 18/01/21
The U.S. imposes an estate tax of approximately 40% on the net estate of U.S. tax residents. The current exemption from estate tax is $11,700,000 per person, leaving very few estates actually subject to the tax. Under current law, the exemption will revert to $5,000,000, adjusted for inflation, on January 1, 2026. However, President elect Biden has proposed reducing the exemption to $3,500,000. After democratic wins in Georgia this change could be made as soon as this year......
By: Gibney Anthony & Flaherty, LLP