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estate tax provisionsCNBC
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75% Informative
Under current law, individuals can transfer up to $13.61 million to family members or beneficiaries without owing estate or gift taxes.
That benefit is set to expire at the end of 2025 along with the other individual provisions of the 2017 Tax Cuts and Jobs Act .
If it expires, the estate and gift tax exemption will fall by about half .
Wealthy families may also fear their kids aren't ready for large amounts.
For families that plan to take advantage of the estate tax window, the time is now.
During a similar tax cliff in 2010 , so many families rushed to process gifts and set up trusts.
Advisors say today 's gifters face the same risk if they wait until after the election.
The IRS recently unwound a strategy used by one couple, where the husband used his exemption to gift his kids money.
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