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Harris' rise in polls sparks wave of wealth transfers to kids

CNBC
Summary
Nutrition label

75% Informative

Under current law, individuals can transfer up to $13.61 million to family members or beneficiaries without owing estate or gift taxes.

That benefit is set to expire at the end of 2025 along with the other individual provisions of the 2017 Tax Cuts and Jobs Act .

If it expires, the estate and gift tax exemption will fall by about half .

Wealthy families may also fear their kids aren't ready for large amounts.

For families that plan to take advantage of the estate tax window, the time is now.

During a similar tax cliff in 2010 , so many families rushed to process gifts and set up trusts.

Advisors say today 's gifters face the same risk if they wait until after the election.

The IRS recently unwound a strategy used by one couple, where the husband used his exemption to gift his kids money.

VR Score

87

Informative language

93

Neutral language

52

Article tone

informal

Language

English

Language complexity

43

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

External references

no external sources

Source diversity

no sources

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