Happy Sunday!

Today is a great day because we have some NEW estate planning stuff to talk about!

As you probably heard, Congress approved and President Trump signed into law the Big Beautiful Bill last week, and inside were two very important estate tax updates.

First, the bill extended the current estate tax exemption ($15m per person, $30m if married) amount into the future.

If you recall, without this new legislation, the tax rates would have reset to their previous levels (around $7m per person).

The potential change had people scrambling to try to capture the extra exemption before it went away, but now you can breathe easy.

The second big change with the new tax bill was the permanence of this new estate tax exemption.

For the last twenty years, at least, the estate tax exemption was set to reset to previous amounts without an update (in 2010, for example, the exemption was only $1m).

This bill put an end to all the ups and downs by making the exemption amount permanent (subject to increases for inflation).

What’s great about this is there’s no more need for guessing in the future and/or scrambling every time the exemption is set to sunset.

That’s it for today.

Hope you had a great 4th of July!

Have a great day!

Cheers,

Christopher Small
Founder/CEO
CMS Law Firm LLC

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