Martin Shenkman, of Forbes, has published an article, “How To Plan Now For The Higher 2023 Gift, Estate, and GST Exemption,” published in Forbes. The article begins as follows:
The gift, estate and generation skipping transfer (“GST”) tax exemption will increase substantially in 2023. What does that mean for your estate planning?
The current estate tax planning circumstances provide continued opportunity to plan. In part that is because most estate planning techniques in your advisor’s toolkit remain viable. For some wealthy taxpayers now in particular may be an opportune time to use the temporarily increased, or bonus, exemption amounts (see below). Also, in contrast to the frenetic planning environment of 2021-2022 when everyone thought Congress might pass really harsh retroactive tax changes any minute, it seems pretty unlikely that with the Republicans controlling the House tax increase legislation could be enacted anytime soon. But because, under current law, the exemption will be cut in half in 2026, planning should be considered by many. Also, because of the potential for future changes (which always seems to be the case), and the volatility of the economy and markets, everyone should build some flexibility into their estate plans.
Click here to see the full article: “How To Plan Now For The Higher 2023 Gift, Estate And GST Exemption”
Posted by Melissa Zheng, Associate Editor, Wealth Strategies Journal.