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Tax Talk Tuesday: Why You Should Think About Giving BIG NOW

Hi, my name is Jonathon Lansink, a CPA here at JAKCPA’s, and today I’m going to discuss a massive tax-law change that’s coming in a couple years. The holiday giving season has just passed, but did you know that you could only have couple more seasons to GIVE BIG before you miss out on literally millions of dollars in tax savings? Now, to be fair, this tax change will only affect the very wealthy. Specifically those who have, or expect to eventually have wealth somewhere above $12 million, $24 million if you’re married. I’m not included in that 1% either, but it’s a big enough change it’s worth knowing. On January 1, 2026 the estate and gift tax lifetime exemption is going to be cut in half unless Congress acts to make it otherwise. This means that wealthy individuals and families have until then to choose whether they’re going to gift millions and millions of dollars to their heirs NOW to reduce the massive 40% estate tax when they pass away, or whether they will take their chances with the future of estate taxation. Note that there are some potential downsides, for example if you take advantage of the higher estate tax lifetime exemption NOW, then after January 1, 2026 you will be unable to gift heirs significant amounts of wealth without paying gift tax. You will have essentially “locked in” your free gifting, so make sure you know the plan well before executing it. As always, please reach out to your JAK representative if you have any questions about the estate or gift tax. Thanks for listening.