Informative article on gift and estate taxes, or rather how to avoid them.
Did not know this:
There’s one big caveat to be aware of—the $11.7 million exception is temporary and only applies to tax years up to 2025. Unless Congress makes these changes permanent, after 2025 the exemption will revert back to the $5.49 million exemption (adjusted for inflation).
Each spouse has their own 11.7M. We are talking about very serious money here.
That’s another reason why I think the worry on wealth tax is overblown. It’s much easier to tweak the existing inheritance taxes than opening up a brand new can of worms. But maybe it’s a strategy to get all the attention and rage on some brand new wealth tax proposals, then later offer to close estate tax loopholes as a middle ground.