Estate Planning Trends and Predictions, 2025 Estate Taxes and Gifting, Spousal Lifetime Asset Trusts (SLATs), and a CTA Update - Episode 28

David Ness joins Adam Brown to discuss new developments in estate planning in 2025 including federal exclusion amounts, federal exemption amounts, state exemptions and considerations in Minnesota (including the three-year look back period), and gifting strategies.Dave also talks about the potential January 1, 2026 sunset for the Tax Cuts and Jobs Act, potential changes with the new administration and changes in the U.S. government, the proposed federal Death Tax Repeal Act, and potential changes in Minnesota. In addition, Dave outlines current trends such as non-probate conveyance, delays in the probate system and the reasons more people are turning to trusts and other non-probate options, and advantages of other planning options such as the Spousal Lifetime Access Trust (SLAT). Dave also explains the intricacies of calculating the value of an estate and someone’s “worth upon death,” inefficiencies in the probate process and associated costs, and unique asset planning (e.g., cabins, closely held businesses, farms, etc.).Finally, Dave and Adam talk about the current status of the Corporate Transparency Act and Beneficial Ownership Information (BOI) reporting as it continues to work through the litigation process.  CTA UPDATE: Since this episode released, a Texas federal judge stayed his order barring enforcement of the CTA’s BOI reporting requirements. In response, the Department of the Treasury announced that most companies are required to comply with BOI reporting by March 21, 2025. The CTA’s status could change yet again, but if you have an LLC or other business entity, you will likely be required to meet these new deadlines. Please click here to learn more.