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Estate planning is the process of organizing your finances so you can pass on those things you own that you’ve worked hard for, such as your home, your savings or your IRA. An important part of estate planning is managing the tax you have to pay, so your loved ones can inherit more of your estate once you’re gone.

The government will collect estate tax on the value of someone’s assets above a certain level when that person passes away. The current level, called the “exemption amount,” is a generous $13.61 million per taxpayer, or $27.2 million per couple—established in the Tax Cuts and Jobs Act of 2017. Unfortunately, at the end of 2025, this increased exemption is scheduled to sunset. At that time, the exemption will fall back to an inflation-adjusted $5 million (currently estimated to be around $7 million).