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The Moves Wealthy Families Are Making to Skirt Estate Taxes

An unprecedented rush to relinquish wealth is under way, and it isn’t just for billionaires.

The Trump tax cuts of 2017 temporarily doubled the base amount individuals could give away without paying estate taxes to $10 million. These cuts are due to expire in 2026, pushing wealthy Americans to move fast.

They gave away $182.6 billion in 2021, more than double the $75.2 billion the year before, according to recently published Internal Revenue Service statistics. Almost $100 billion of those gifts were made via trusts, some of which can last for generations. Another $14.8 billion went to charity.

BertramDitore , 10 months ago

Meanwhile, when one of my family members dies, all I get is a dead family member.

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