Dr. Friday discusses significant estate tax changes coming in 2025, including a reduction of the individual exemption from $13 million to $5 million. Learn how these changes could impact your estate and why it’s crucial to start planning ahead to minimize taxes and preserve your wealth.
Transcript:
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com.
This is Dr. Friday and this is a One Minute Moment. Estate planning tax changes at the end of 2025. Right now you can have an estate up to $13,061,000 for an individual, double that if you are a married couple, and the tax rate above that is 40%. That’s probably not going to affect a lot of us.
But at the end of 2025, remember that goes back to $5,000,000 for an individual. That’s a big drop and could start affecting. So maybe understanding how that’s going to work, we might need to start working on that now because, hey guys, 2025 is right around the corner. You need help, 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.