Author’s Note: Mom + Pop Culture are a couple of real characters. They could be you and me. Or not. Every so often, I eavesdrop on their conversations. Let’s listen in on what they’re saying right now about that new fast-food joint proposed for their humble hamlet.

MOM CULTURE: Pop, I think you need to go and apologize to Grace.

POP CULTURE: Grace who?

MOM: Our neighbor ...

As has been well documented, the current federal estate and gift tax exemption of $11.7 million per person is scheduled to sunset (expire) on Dec. 31, 2025.

Unless the current exemption is made permanent on or before Dec. 31, 2025 (which is highly unlikely because of the present political environment in Washington), on Jan. 1, 2026, the new federal estate and gift tax exemption will be ...