Wealthy taxpayers are rushing to prepare in case a more generous exemption from the estate tax expires at the end of 2025 along with many of the individual tax cuts from the Republicans’ 2017 tax overhaul.
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In 2024, taxpayers are exempt from the 40% estate tax on the first $13.6 million of assets passed on to heirs.
But the exemption is set to fall by about half, practitioners estimate, if Congress doesn’t act to extend it.
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