My preference is always to go with what we know will be true versus what could be true in the future. Ryan Losi Executive vice president of Piascik Over the past year, Losi urged clients above the estate and gift tax exemption to meet with an attorney to discuss plans to reduce taxable estates if Congress doesn’t extend the higher limits after 2025. In 2025, the basic exclusion amount will rise to $13.99 million per person, which applies to tax-free wealth transfers during life and at death. If it expires, the exclusion will revert to 2017 levels, adjusted for inflation. “You want to be ready and positioned” to finalize estate planning documents if Congress doesn’t extend the bigger exemptions, he said. While extending the higher estate tax exemption could be more likely under a Republican-controlled Congress, there were several 11th-hour changes back in 2017. “There could be another Trump Christmas present that no one expected,” Losi said. Strategic giving to maximize gifts: Here's what to knowwatch now VIDEO02:07 Strategic giving to maximize gifts: Here’s what to know Expect ‘uncertainty’ if legislation passes Enacted late in December 2017, the TCJA left advisors with little time to analyze changes before Jan. 1, 2018, said Campbell with Baker Tilly. Plus, “there was a little bit of an uncertainty at that point,” about several newly enacted provisions, he said. For example, there was confusion about the multi-step calculation for the so-called qualified business income deduction, worth up to 20% of eligible revenue for pass-through businesses, Campbell said. Tax professionals often have lingering questions after Congress passes legislation. The specifics may be later addressed by IRS guidance.