To Give or Not to Give …To Give or Not to Give …

At this time, and for the indefinite future, individuals have a greatly enhanced, historically high basic exclusion amount. This higher basic exclusion amount is scheduled to evaporate Jan. 1, 2026,¹ and a future Congress and President could take it away at any time before that date. Thus, clients having significant wealth who wish to maximize their use of what could be a fleeting opportunity to use the basic exclusion amount now in place should consider expeditiously making one or more lifetime taxable gifts that fully absorb the basic exclusion amount. Individuals making gifts sooner rather than later will remove more appreciation from their gross estate, which would be highly beneficial if the basic exclusion amount declines on Jan. 1...