Enacted in 2017, the Tax Cuts and Jobs Act (TCJA) significantly increased the unified lifetime estate and gift tax exemption amounts. As we enter 2025, the legislation will “sunset” or expire, unless Congress renews or extends the legislation. One important item, and a source of confusion, is that the TCJA formally expires on January 1st, 2026 – this year (2025) will be the final year of the existing laws. While nothing will be certain until Congress acts, we will closely follow all updates and can assist our clients in tax planning later this year.
