In 2017, the Tax Cuts and Jobs Act (TCJA) brought significant changes to the tax code. However, some of these changes are set to expire after December 31, 2025. If Congress does not pass new legislation to extend the TCJA, the tax provisions will revert to their pre-TCJA status starting in 2026. This could negatively impact you and your family, especially if you have a large estate or are in higher income tax brackets. Therefore, it is crucial to understand and plan for these potential changes in advance.

Murphy Private Wealth Group of Wells Fargo Advisors can help you prepare for and implement strategies to mitigate the negative impacts.

Read: Revisit your estate plan in light of potential tax changes to learn more.

How Murphy Private Wealth Group can help:

Some planning strategies may allow you to delay implementing your gifting strategy until it is clear that the sunset of the current wealth transfer tax exemptions will actually occur. However, it’s wise to be prepared with your documents beforehand.

 
 

_{Wells Fargo & Company and its affiliates do not provide tax or legal advice. Please consult your tax and legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your tax return is filed. Any Estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.}