
Picture this: a sparkling diamond necklace passed down from grandma, wrapped in tissue paper, handed over at a birthday party. Everyone’s beaming, the champagne’s flowing—then the IRS shows up. Not literally, of course, but financially speaking, they might as well be. In 2025, a massive shift in federal tax law could turn that beautiful family heirloom into a surprise tax liability. If the jewelry’s value pushes certain limits, it could tiptoe right into the estate tax trap—and most people don’t even know it’s coming.