In 2017, Congress passed the Tax Cuts and Jobs Act (TCJA), which implemented numerous changes to our tax system affecting both individuals and corporations.
Notably, the federal lifetime gift and estate tax exemption increased from $5.49 million to $11.18 million per person in 2018 (it’s $13.99 million in 2025). This significant change created many planning opportunities for high-net-worth individuals and families. However, the TCJA passed through the budget reconciliation process, and as a result, many of the changes are set to expire, or “sunset,” on December 31, 2025.
