FORT LAUDERDALE, Florida – With the Tax Cuts and Jobs Act (TCJA) set to expire on December 31, 2025, individuals with sizable estates may face significant changes to their estate planning strategies. The TCJA, enacted in 2017, more than doubled the federal estate tax exemption from $5.5 million at the time to $11.4 million for an individual, significantly reducing the number of estates subject to federal estate taxes. With the law’s expiration on the horizon, Florida probate attorney Gary M. Landau encourages families that may be affected to take action to safeguard their estates.
While Congress could act to extend or modify the TCJA, uncertainty remains. If Congress does not make changes before the end of the year, the estate tax exemption will revert to pre-2017 levels. This will result in more estates having to pay federal taxes after a person passes away. “The potential increase in estate taxes could be profound for high-wealth families,” Landau says. “If the taxable amount goes up, these families should consider strategic actions that could mitigate that estate tax burden.”
Estate planning strategies that could minimize exposure to estate taxes include creating certain types of trusts, gifting legally allowable assets to loved ones, and adjusting asset liquidity. “Each estate is unique, and the planning process must align with the specific needs of the individual or family,” Landau says.
The potential change in the estate tax law for high-wealth individuals is also a good reminder for everyone, regardless of their age or wealth, to think about planning for the time they will no longer be alive. “Even if you don’t have a lot of money or property, you’ll want whatever you do have to be distributed to heirs as you desire it to,” he says. “This leads to peace of mind for heirs and, with careful planning, can save everyone money.”
The Law Office of Gary M. Landau, highly regarded for its thoughtful and experienced legal guidance, focuses on probate, wills and trusts, estate planning, estate administration, and real estate in Florida. Landau offers advice for people who want to draft wills or trusts and provides detailed information for those whose loved one has passed away and are ready to begin the probate process.
The firm works with clients from across Florida in person or by phone or Zoom, making their services accessible regardless of a client’s location.
For families and individuals ready to draft their will or do other estate planning, or who need to open a probate in Florida, Gary Landau invites you to schedule a free consultation. This helps clients understand their options and prepare for the potential changes ahead.
To schedule your consultation or learn more about estate and probate services, visit https://garylandau.com/.
About the LAW OFFICE of GARY M. LANDAU, P.A.
With more than 25 years of experience and countless satisfied clients, Gary M. Landau and his team are uniquely positioned to help with your probate and real estate needs in South Florida. Whether you’re ready to probate a loved one’s estate or to write your own will, or if you are purchasing a home, have inherited a home, or want a closing agent to handle title insurance and all documents for your closing or refinancing, the Law Office of Gary M. Landau is ready to work with you.
Call our office at (954) 979-6566 or complete our online form today to schedule a free consultation. We work with our clients in person, over the phone, or on Zoom.