The Biden administration’s impact on tax legislation is still uncertain. With the potential for a considerably reduced federal gift tax exemption, now may be a good time to make significant gifts. Barring any intervening legislation, the current exemption amount is slated to sunset on December 31, 2025 ( Therefore, it may be more important than ever to revisit your planning especially since tax legislation has the potential of being retroactive. For those who took a “wait and see” approach at year end, the time to evaluate and put a plan in place may be now.
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