Expanded Federal Tax Exclusions and Exemptions Mean Greater Opportunities for New Yorkers
The federal gift and estate tax exclusions and the generation-skipping transfer (GST) tax exemption increased significantly under the Tax Cuts and ...
The federal gift and estate tax exclusions and the generation-skipping transfer (GST) tax exemption increased significantly under the Tax Cuts and Jobs Act of 2017 (TCJA). Recent inflation adjustments have expanded them even more, providing extraordinary multigenerational estate planning opportunities via lifetime gifting before the exclusions and exemptions revert to their pre-2018 levels in 2026. For New York residents, stock market volatility, depressed values for asset classes such as residential and commercial real estate, and the temporarily increased federal exclusion amounts open the door for powerful gifting opportunities.