NJBIZ Features Tax Planning Tips for 2025 from Einhorn Barbarito Co-Managing Partner and Co-Chair of the Wills, Trusts & Estates and Taxation Practice Groups Gary R. Botwinick 

In the NJBIZ article “Getting ready: What you need to know about changes to federal estate and gift tax credits in 2025,” Einhorn, Barbarito, Frost, Botwinick, Nunn & Musmanno, PC co-Managing Partner and co-Chair of the Firm’s Wills, Trusts & Estates and Taxation practice groups Gary R. Botwinick writes:

“While we will not know the impact of the recent elections on federal tax legislation, we do know that the federal estate and gift tax exemptions are set to change in 2025, bringing new limits that affect gifting and estate planning strategies. The 2025 changes and the recent election present an opportunity for individuals and families to leverage high exemptions, use increased annual exclusions, and consider charitable giving options. By proactively addressing these adjustments, you can better secure your family’s future and ensure that you are using your exemptions prudently.”

The article outlines changes including:

• Increase in the annual gift tax exclusion for 2025
• Lifetime estate and gift tax exemption for 2025
• Using 529 plans with five-year front-loading
• Qualified charitable distributions

With regard to the sunset of the tax cuts and jobs act of 2017, Gary says to “stay tuned,” and recommends actions to consider before the TCJA provisions expire.

To read the full article, click here.