The One Big Beautiful Bill Act recently passed by congress raises the estate tax exemption to $15 million per person and makes the higher limit permanent.

Q: What did the One Big Beautiful Bill Act do to the estate and gift tax?

A: The One Big Beautiful Bill Act made one major change to the estate and gift tax laws.

This year, each person can give away either during lifetime or at death as much as $13.99 million. A married couple can double that to $27.98 million.

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The high exemption amount was set to expire at the end of 2025 and would have dropped down to about $7 million per person. The new law contained in OBBBA permanently increases the amount a person can give away during lifetime or at death to $15........

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