We expect to see change and more change in estate planning laws, regulations, and taxes in 2025. Stay tuned for updates every month! Here is the first round:

1. Exemptions Have Increased For 2025

The estate and gift tax exemption increased to $13.99 million for an individual ($27.98 million per couple). The generation-skipping tax exemption is up to the same amount. 

The annual gift tax exclusion is $19,000 for 2025. A reminder: this is the largest amount of money that can be given as a gift to any one person in 2025 without having to report it on a tax return or use part of another exemption.

2. Estate Tax Exemption May Be Cut In 2026

Right now, the estate and gift tax exemption is scheduled to be cut to about $7 million per person or $14 million per married couple on January 1, 2026. 

The new administration has already signaled that this may change. Some policymakers are talking about eliminating it altogether. 

If you have questions about the impact these exemptions have on your estate plan, now is a good time to contact us for a consultation.

3. The SECURE Act Is…Complicated

In 2024, the IRS published final regulations about distributing retirement plan assets under the SECURE Act. Your estate planning documents may need an update if you plan to leave retirement assets to your beneficiaries. 

We wrote an entire series on these changes. Read our SECURE Act series on our blog to learn more. Our advice: contact your retirement plan administrator, CPA, and wealth advisor—and us—to make sure you’ve accounted for the SECURE Act in your planning. 

4. Is The Corporate Transparency Act On Or Off?

The Corporate Transparency Act went into effect in 2024. Sort of. Whether it will be required and enforced is still up in the air. 

If you own an interest in a company, you may need to file a BOI report. Keep an eye on our blog (see attorney Michael Dietz’s posts) and our email updates for changes in status. My take: it’s probably easier if you voluntarily file now.

If you have questions or want to schedule a consultation with an estate planning attorney, please contact us.

This post was created by Avatus Stone, COO & estate planning strategist at JM LAW, PLLC.