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Anticipated Changes to Federal Estate Tax Exemptions
January 19, 2021 at 2:30 PM
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The results of the Georgia Senate election are in and Democrats have secured a 50/50 Senate majority. As such, we anticipate changes to the Federal Estate Tax exemptions. In 2021, an individual may pass $11,700,000 free of estate tax to their heirs (double to $23,400,000 for married couples). In 2026, this amount is set to sunset to roughly $6,300,000 (double to $12,600,000 for married couples) based on the original $5,000,000 indexed for inflation. Although Federal Estate tax exemptions are a moving target we are happy to discuss with any clients in this wealth range what can be done now to prepare. Please feel free to contact our office and know that we are monitoring these changes closely.