United States:
Final Regulations Bless Lifetime Gifts To Loved Ones
23 December 2019
Day Pitney LLP
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As described in our March 2018 Update article, "
Estate Planning Under the New Tax Law," clients may wish
to make large gifts in order to take advantage of the increased
federal gift and estate tax exemption ($11,580,000 in 2020). The
increased exemption, temporary under current law, is to be cut
roughly in half for gifts made, and for decedents dying, after
2025. There were concerns the law could lead to a
"clawback," charging estate tax to post-2025 estates for
gifts that utilized the temporarily increased exemption while it
was available.
As we went to press, the clawback issue was resolved favorably
by final regulations. This is good news, which removes a concern
some had raised about making larger gifts now. Please contact your
Day Pitney estate planning attorney with any questions about
gifting under the current tax law.
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Planning Update Newsletter
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The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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