The tax writing committee of the House of Representatives has proposed a bill which would increase permanently the unified estate and gift tax lifetime exemption equivalent and the lifetime exemption from the tax on generation skipping transfers to $15 Million, indexed for inflation with a base year of 2025.
The exemption amounts would apply to decedents dying and gifts made during the calendar year 2026 and would increase with inflation thereafter.
For more information on how this proposal may impact your transfer tax planning, contact Liskow attorneys John Rouchell, Leon Rittenberg, Julie Chauvin, Joe Wilson, Bob Angelico, and Caroline Lafourcade. Visit our Tax Practice Page for further insights and resources.