The 2017 Tax Cuts and Job Act reduced individual income tax rates and allowed families to pass on even more wealth ― estate and gift tax free. That tax provision currently allows individuals to pass $13.6 million dollars and couples to pass $27.2 million dollars to their heirs without paying any gift or estate tax. Without changes to the current tax law, those exemption amounts are set to be significantly reduced at the end of 2025. “There are people that don't think they have a taxable estate today but when they wake up on January 1st, 2026, they'll, in fact, have a taxable estate,” says Kevin Hindman, Wealth Strategies Executive, Bank of America.

Our wealth strategies advisors discuss this in greater detail, how it will impact you and what actions you might consider taking based on your planning and wealth transfer goals.