Estate Tax Exemption Sunset 2026 - Seth Schlessel

BSPE Legal Marketing Podcast

From Schlessel Law PLLC - As the Estate Tax Exemption Sunset 2026 approaches, the landscape of estate planning is set to undergo significant changes that will impact New York residents. In this episode, we delve into the implications of the Tax Cuts and Jobs Act of 2017, which temporarily increased the federal estate tax exemption but is now slated to revert to its pre-2018 levels. With these adjustments on the horizon, many estates that were previously exempt from federal estate taxes may face new tax burdens, making it essential to revisit and revise estate planning strategies.
Our discussion highlights the importance of understanding New York's unique estate tax framework, which differs significantly from federal regulations. We explore how the state's estate tax exemption, currently at $6.94 million, interacts with the federal exemption and the potential impact of the "cliff" that could subject an entire estate to taxation if it exceeds the threshold. The episode provides insights into how trusts, such as Irrevocable Life Insurance Trusts (ILITs) and dynasty trusts, can play a crucial role in mitigating tax liabilities under these evolving laws.
Listeners will gain valuable knowledge on proactive financial tactics, such as strategic annual gifting and reevaluating investment portfolios, to better prepare for the upcoming tax changes. We discuss how these strategies can help reduce the taxable estate size and safeguard assets against future tax obligations. Additionally, we emphasize the necessity of dynamic will structuring and incorporating advanced directives, including a Power of Attorney, Healthcare Proxy, and Living Will, to ensure that estate plans remain effective and aligned with personal wishes.
Tune in to understand how Schlessel Law PLLC's Long Island estate planning attorneys can assist you in navigating these complexities. As the Estate Tax Exemption Sunset 2026 draws near, it's more important than ever to take action and secure your family's financial future. This episode will guide you through the essential steps to adapt your estate planning strategies, ensuring compliance with both state and federal tax laws while preserving the integrity of your estate.
Schlessel Law PLLC
34 Willis Ave Suite 300, Mineola, NY 11501, United States
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