News & Analysis as of September 23, 2024

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

Gifting and Estate Tax in Period of Big Changes

Tucker Arensberg, P.C. on 10/3/2022

The Tax Cuts and Jobs Act of 2017 increased the federal estate and gift tax exclusion amount (sometimes called the “basic exclusion amount” or “BEA”) from $5 million to $10 million. (Those numbers are adjusted for...more

Not So Fast! IRS Releases Proposed Clawback Regulations

Davis Wright Tremaine LLP on 5/20/2022

The IRS recently released proposed clawback regulations on the treatment of gifts that are complete at the time of transfer but are potentially included in the donor's gross estate at death. Such gifts will likely get the...more

The Estate Planner - November/December 2019

Shumaker, Loop & Kendrick, LLP on 10/4/2019

What’s a clawback ? and should you be worried about it? By temporarily doubling the gift and estate tax exemption amount, the Tax Cuts and Jobs Act created an historic opportunity for affluent families to shelter wealth...more

Proposed Tax Regulations Eliminate Possibility of Clawback of Lifetime Gifts for Estate Tax Purposes

Bradley Arant Boult Cummings LLP on 8/16/2019

As previously posted, the Tax Cuts and Jobs Act signed into law in December 2017 (the “2017 Act”) made significant changes to the federal wealth transfer system with respect to gift and estate tax transfers during the...more

Increased Estate/Gift Tax Exemptions Under TCJA: No-Clawback, but Use it or Lose It

Mitchell, Williams, Selig, Gates & Woodyard,... on 2/13/2019

The Tax Cuts and Jobs Act (“TCJA”) passed in December, 2017, doubled the estate and gift tax basic exclusion amount from $5.0 million to $10.0, coupled with a cost of living adjustment. For 2019, the basic exclusion amount is...more

IRS Issues Proposed Regulations Alleviating "Clawback" Concerns

Winstead PC on 12/19/2018

On Dec. 22, 2017, President Trump signed the Tax Cuts and Jobs Act (the 2017 Act) into law. The 2017 Act roughly doubled the estate, gift, and generation-skipping transfer (GST) tax exemption amounts from $5.49 million per...more

2018 Year-End Estate Planning Update

Verrill on 12/4/2018

Federal Transfer Taxes - The Internal Revenue Service has announced the annual inflation adjustments for the 2019 tax year... Federal unified gift and estate tax exclusion increasing to $11,400,000: As of January 1,...more

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