This information is derived from Rehmann’s Private Client Advisory (PCA) experience, a uniquely tax aware approach to growing and protecting wealth through a team of specialists curated for each PCA client’s needs.
Having — and updating — your estate plan is always important. But in 2024, it’s critical.
You may already be working out more, scheduling a vacation, or organizing a home improvement project. Perhaps in 2024 you plan to retire, sell a closely held business or welcome new family members through a wedding or the birth of a child or grandchild. These are all wonderful reasons to celebrate, and excellent reasons to embrace estate planning.
A proactive approach to estate planning is an exciting process with immediate rewards and lifelong benefits. (Being poised to take advantage of temporary exemptions is just one.) It will not only help you understand and evaluate your financial health, annual budget, and cash-flow needs but also ensure you stay on track to care for those who matter most to you.
Maximize tax savings before exemptions expire.
The Tax Cuts and Jobs Act of 2017 (TCJA) temporarily increased exemptions for estate tax, gift tax, and generation-skipping tax (GST), nearly doubling the lifetime estate and gift tax exemption from $5.49 million in 2017 to $11.18 million in 2018. (Amounts above the exemption are taxed at 40%). Adjusted for inflation, the exemption increased to $13.61 million in 2024, creating a combined exemption of $27.22 million for married couples. The TCJA is set to sunset at the end of 2025, effectively lowering the exemption threshold, unless new legislation is enacted soon.
Add estate planning to the top of your list of priorities now, and enjoy peace of mind all year.
It takes sophisticated planning in advance to capitalize on benefits and tax savings. It’s not a “last minute” task to check off your list late in the year. The Rehmann team has the knowledge, experience, and expertise to craft a plan now that has your vision in mind, meets your goals and provides the maximum benefits to you and your beneficiaries, today and in the future. We’re here to guide you in working with the right team, including collaboration with your other trusted advisors, so you keep your resolution to develop a thoughtful, comprehensive plan.
