Exciting news for Ohio residents! The IRS has announced a significant increase in the federal estate tax exemption for 2024, opening up new avenues to pass wealth to loved ones tax-free. At Krugler Law, we’re dedicated to helping you understand these changes and craft an estate plan that maximizes your benefits.
Key Updates:
- Doubled Exemption: Your estate can now shield $13,610,000 per person (combined $27,220,000 for married couples) from estate taxes, offering unparalleled flexibility for gifting strategies.
- Limited-Time Opportunity: This boost expires in 2026, reverting to the $5 million base. Act now to leverage this advantage before it’s gone.
- Renewed Gifting Potential: Even if you’ve previously used your exemption, you can now gift an additional $690,000 per person tax-free in 2024.
- Increased Annual Exclusion: Smaller gifts received a bump too! The annual exclusion now sits at $18,000 per recipient, allowing you to spread joy without impacting your larger exemption.
Don’t Miss Out on 2026:
With the exemption set to decrease in 2026, proactive planning is essential. Partnering with an experienced Ohio estate planning attorney from our firm can help you:
- Develop a personalized gifting strategy: We’ll work with you to understand your goals and maximize the use of your increased exemption, taking into account your unique circumstances and family dynamics.
- Minimize future tax burdens: We’ll help you structure your estate plan to minimize taxes for your beneficiaries, ensuring your legacy endures.
- Stay ahead of legal changes: We’ll keep your plan up-to-date with all the latest regulations and tax updates, ensuring it remains effective and compliant.
Contact Krugler Law today for your consultation. Let’s explore how we can help you capitalize on these increased gifting opportunities and secure your family’s financial future. Remember, taking action now can make a significant difference!