Advice from your Local Financial Professionals James R. Wallisch, CFP® | LPL Financial Advisor | james.wallisch@lpl.com Andrew J. Wallisch | LPL Financial Advisor | andrew.wallisch@lpl.com HOW TO PREPARE FOR UPCOMING ESTATE TAX LAW CHANGES Today's tax exemption limits don't expire until 2026, but it would be wise to revisit your plan sooner. Unless Congress acts, on Jan. 1, 2026, the estate, gift and generation-skipping transfer (GST) tax exemption amounts will be cut in half. The 2017 Tax Cuts and Jobs Act (TCJA) nearly doubled the lifetime estate and gift tax exemption from its previous levels, from $5.6 million per person (or $11.18 million per married couple) to $11.18 million per person (or $22.36 million per married couple), FINANCIAL FC SERVICES indexed for inflation annually. For 2024, the exemption stands at $13.61 million per person and $27.22 million for a married couple. The TCJA is set to expire at the end of 2025. Assuming the estate and gift tax exemption amount has increased to $14 million by this time (due to adjustments for inflation), if Congress does in fact not act, the exemption amount would decrease to about $7 million per person or $14 million per married couple. This loss in exemption amount could increase overall transfer taxes for certain families by millions of dollars, and taxed at a rate as high as 40%. It will be a wise move to explore your options well before 2026, as hoping that these cuts don't come to fruition is not a viable strategy. There are several different ways in which a couple can tax-efficiently transfer assets while still accomplishing their financial and wealth transfer goals, and they should be thoroughly planned out. There are two tax years left to take advantage of current exemption limits. Proper financial and estate planning today can help save you unnecessary taxes in the future, and since the planning process can be lengthy, it is very important to begin as soon as possible. If you have questions or would like to learn more about how to navigate changes to estate and gift tax exemptions, please give us a call for more information! TAX % LPL Financial 1090 Freeport Road, Suite 150, Pittsburgh, PA 15238 | (412) 967-9272 | foxchapelfinancialservices.com The views expressed represent the opinion of Fox Chapel Financial Services and are for informational purposes only. LPL Financial does not offer legal advice or services. Consult with your personal legal advisor regarding your situation. Securities and advisory services offered through LPL Financial. A registered investment advisor, Member FINRA/SIPC. Advice from your Local Financial Professionals James R. Wallisch , CFP® | LPL Financial Advisor | james.wallisch@lpl.com Andrew J. Wallisch | LPL Financial Advisor | andrew.wallisch@lpl.com HOW TO PREPARE FOR UPCOMING ESTATE TAX LAW CHANGES Today's tax exemption limits don't expire until 2026 , but it would be wise to revisit your plan sooner . Unless Congress acts , on Jan. 1 , 2026 , the estate , gift and generation - skipping transfer ( GST ) tax exemption amounts will be cut in half . The 2017 Tax Cuts and Jobs Act ( TCJA ) nearly doubled the lifetime estate and gift tax exemption from its previous levels , from $ 5.6 million per person ( or $ 11.18 million per married couple ) to $ 11.18 million per person ( or $ 22.36 million per married couple ) , FINANCIAL FC SERVICES indexed for inflation annually . For 2024 , the exemption stands at $ 13.61 million per person and $ 27.22 million for a married couple . The TCJA is set to expire at the end of 2025 . Assuming the estate and gift tax exemption amount has increased to $ 14 million by this time ( due to adjustments for inflation ) , if Congress does in fact not act , the exemption amount would decrease to about $ 7 million per person or $ 14 million per married couple . This loss in exemption amount could increase overall transfer taxes for certain families by millions of dollars , and taxed at a rate as high as 40 % . It will be a wise move to explore your options well before 2026 , as hoping that these cuts don't come to fruition is not a viable strategy . There are several different ways in which a couple can tax - efficiently transfer assets while still accomplishing their financial and wealth transfer goals , and they should be thoroughly planned out . There are two tax years left to take advantage of current exemption limits . Proper financial and estate planning today can help save you unnecessary taxes in the future , and since the planning process can be lengthy , it is very important to begin as soon as possible . If you have questions or would like to learn more about how to navigate changes to estate and gift tax exemptions , please give us a call for more information ! TAX % LPL Financial 1090 Freeport Road , Suite 150 , Pittsburgh , PA 15238 | ( 412 ) 967-9272 | foxchapelfinancialservices.com The views expressed represent the opinion of Fox Chapel Financial Services and are for informational purposes only . LPL Financial does not offer legal advice or services . Consult with your personal legal advisor regarding your situation . Securities and advisory services offered through LPL Financial . A registered investment advisor , Member FINRA / SIPC .