Two years into the pandemic, countless lives have been impacted by COVID 19. Faced with daily reminders of the consequences of this illness, estate planning seems to be on the minds of many. Being forced to face one’s own mortality, coupled with what almost happened at the end of 2021, means that now is the time to begin estate planning preparations for 2022 and beyond.

Under current law, there is a $12,060,000 per person lifetime estate and gift tax exemption. Such exemption, which is the highest it has ever been, is set to sunset at the end of 2025, at which time the exemption amount will be reduced by half. While it appears that any immediate changes are on hold for now, this does not mean that anyone should be complacent. The changes to the gift and estate tax rules on the horizon should motivate your clients to review their current plans.

The Time Almost Came