The recent tax cuts during Trump's presidency have allowed Americans to hand down about $13 million in assets free of federal estate tax, benefiting a mere 0.2% of taxpayers who can afford specialized legal and accounting help.
According to Robert Strauss from Weinstock Manion, 'This is a wealthy person's playground problem,' as only a small fraction of taxpayers concern themselves with estate taxes, employing legal strategies to minimize their burdens.
Taxpayers utilize various legal strategies, including putting homes in long-term trusts that prevent appreciation from counting toward the taxable estate, thus avoiding significant tax payments.
With exemptions of $13.61 million for individuals and $27.22 million for couples on the horizon of expiring in 2025, there's speculation on the Republican party's possible extension of these benefits.
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