What Estate Tax Considerations Do I Need to Be Thinking About?

Posted by Robert Steinberg | Apr 02, 2024 | 0 Comments

In years past, an important consideration for many taxpayers was avoiding estate taxes. Estate taxes are owed when your taxable estate (generally your net worth plus the value of any gifts in excess of the annual gift tax limit and the face value of any life insurance that you control) exceeds certain dollar thresholds. 

The 2017 Tax Act, raised the estate tax limit substantially. For 2024, the limit is $13,610,000 per person and $27,220,000 per couple. If your taxable estate is above these amounts, the excess will be subject to a 40% tax. The challenge is that in 2026 the limit is scheduled to go back down to around $7,000,000 per person and $14,000,000 per couple unless Congress proactively extends the current limit.  

If this reduction does occur, the number of individuals that will have to consider estate tax planning as part of the overall estate planning process will increase significantly. 

For help with this process give our office a call. We are here for you.

About the Author

Robert Steinberg

Robert is the Founder and CEO of Blue Chip Partners. He is an attorney (JD), Certified Public Accountant (CPA), and CERTIFIED FINANCIAL PLANNER™ professional. He is the visionary of the firm and also leads the team's hiring efforts taking special care to make sure that each new employee is a match for our positive culture.

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Blue Chip Estate Planning, PLLC is part of the Blue Chip Partners' family of companies offering you the option of a one-stop solution for your estate planning, financial planning, and investment needs. Our goal is to be your All-in-One Solution. Blue Chip Partners, LLC is a wealth management firm that provides highly personalized financial planning and portfolio management services to over 800 clients. Blue Chip Partners has 30 employees and over $1.3 billion in assets under management.

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