Aledo, TX, Nov. 19, 2024 (GLOBE NEWSWIRE) -- With Republicans projected to have significant influence following the presidential election, Aledo estate planning law firm The Cleverly Law Firm says now is the time for Texans to review their estate plans.
"The former president’s return to the Oval Office, combined with Republican majorities, makes the extension of the historically high estate and gift tax exemption amounts established under the 2017 Tax Cuts and Jobs Act much more probable," said attorney Jeremy Cleverly, founder of The Cleverly Law Firm in Aledo, TX. "This provides a great opportunity for families to take advantage of these generous exemptions to maximize tax-free wealth transfer to the next generations."
Under current law, the federal estate and gift tax exemption sits at $13.61 million per individual in 2024, meaning a married couple can shield over $27 million from federal estate taxes. However, this doubled exemption amount is scheduled to sunset at the end of 2025, reverting to the pre-2017 level of around $7 million per person. With unified Republican control of Washington, DC, it appears likely these higher exemptions will be made permanent - or potentially eliminated altogether.
"While outright repeal of the federal estate tax remains a possibility, it will likely be a lower priority for this administration compared to other tax changes on their agenda," noted Cleverly. "But with the exemption already so high, the estate tax impacts a very small percentage of American families as it is. Making these limits permanent would provide certainty for the high-net-worth clients we serve."
Despite the likelihood of the exemption remaining high, Jeremy Cleverly cautions that other potential tax law changes could impact estate planning. Proposals like lowering capital gains tax rates, increasing the annual gift tax exclusion limit, and restructuring the alternative minimum tax framework would all need to be factored into a well-crafted estate plan.
"Regardless of what ultimately happens with tax policy in the next four years, the key is to work with an experienced estate planning attorney to build flexibility into your plan," said Cleverly. "Life changes like births, deaths, marriages and divorces along with shifting laws mean your plan can never truly be 'set it and forget it.' Regular reviews are essential to ensure your plan still achieves your family's goals."
The Cleverly Law Firm assists Parker County residents with wills, trusts, powers of attorney, asset protection, business succession planning and other estate planning needs. With over 20 years serving North Texas, Jeremy Cleverly provides highly personalized service to give clients peace of mind.
"No matter your net worth, every adult needs some fundamental estate planning documents in place," said Cleverly. "An up-to-date will, financial and medical powers of attorney, and a healthcare directive are the building blocks. From there, we can help you determine if more advanced tools like trusts make sense for your situation."
"The most important thing is not to put this off," added Cleverly. "None of us are guaranteed tomorrow. Having a plan in place is one of the greatest gifts you can give your loved ones. And with the potential for major tax law changes on the horizon, now is the time to get your estate in order with professional guidance."
To learn more about The Cleverly Law Firm's estate planning services, visit www.cleverly-law.com to schedule a consultation.
About The Cleverly Law Firm
The Cleverly Law Firm is an Aledo, Texas estate planning law firm serving clients throughout Parker and Tarrant Counties. Founded by attorney Jeremy Cleverly, the practice provides customized wills, trusts, business succession plans, and other estate planning services. The firm's mission is to help area residents achieve their vision for their legacy and protect what matters most.
Contact Information:
Jeremy Cleverly
The Cleverly Law Firm, PLLCÂ
Job Title: Owner
Email: Hello@Cleverly-Law.com
401 FM 1187
Aledo, TX 76008
Estate planning attorney near me
