The Clock Is Ticking on Tax Cuts: Act Now to Avoid Missing Out

Estate and gift tax exemptions are at an all-time high until the end of 2025. That may seem like a long way off, but setting things up could take longer than expected.

A clock in the background with cash on top of its face.
(Image credit: Getty Images)

Since it was enacted, we’ve been aware of the Tax Cuts and Jobs Act’s built-in “sunset” date of December 31, 2025. Come the first day of 2026, almost all of the legislation’s significant changes to tax-related provisions will revert to what existed before the TCJA was passed in 2017. At that time, the sunset date seemed far off. Now, in 2024, it is rapidly approaching. The time to plan for the sunset is now — let’s break down what is at stake.

Federal estate, gift and generation-skipping transfer (GST) tax considerations

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Christopher F. Tate, J.D.

Christopher F. Tate, J.D., joined Fidelis Capital in September 2023, bringing with him more than 27 years of experience. As Partner and Wealth Strategist, Chris specializes in wealth planning, advanced estate planning and cash-flow planning, delivering comprehensive strategies to Fidelis Capital’s ultra-high-net-worth families and institutions. His focus lies in creating tax-efficient wealth transfer solutions spanning generations, income replacement plans for clients undergoing transitions and wealth strategies tailored to the unique and intricate needs of each family member.