In a little more than one year, high-net-worth individuals will no longer be able to take advantage of the federal estate tax limitations. The limitation on the federal estate tax exemption in 2024 is $13.61 million. A couple can benefit by having an exemption twice as much: $27.22 million.
Because the deadline is close, you must complete your estate planning strategies before the end of 2025. After that, all money more than $1 million above the exemption amount in your estate gets taxed at 40 percent.
