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June 28, 2023 / Press

Neil Solarz Discusses Looming 2026 Sunset of TCJA Gift and Estate Tax Exemptions with Financial Planning

Neil Solarz was recently featured in Financial Planning’s article “4 estate planning tax tips for rich clients before the 2026 sunset,” which examines the looming expiration of significantly higher estate and gift tax exemptions introduced under the Tax Cuts and Jobs Act. With the current taxpayer-friendly exemptions set to be cut in half at the start of 2026, the article highlights how wealthy clients should consider taking a proactive approach to maximizing these benefits now, rather than waiting until just before the sunset when advisors are likely to be swamped with similar requests.

Though some clients may be hesitant to gift large sums of money away any sooner than they have to, Neil warns against complacency as far as the availability of these tax benefits is concerned, citing how the upcoming 2024 election could possibly cement their expiration and even bring about the elimination of other estate tax “loopholes” for high-net-worth individuals and families. “We know what’s available today,” shares Neil. “We don’t know that some of these techniques are going to be (around) that much longer.” He continues to stress the importance of setting up trusts to safeguard wealth even after the current tax exemptions expire.

Read the full article here (subscribers only)

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