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Patrick Lannon, left, and Joseph Landolfi, Jr., right. Patrick Lannon, left, and Joseph Landolfi, Jr., right. Courtesy photos

Estate and tax lawyers are facing a stampede from their wealthier clients looking to take advantage of the gift exemption under existing tax law. They say they don’t want to roll the dice that control of Congress and the presidency may shift to the Democrats in November.

The questions from their estate and tax clients come as a result of the 2017 Tax Cuts and Jobs Act. In the 2017 legislation, the lifetime exemption under the gift tax in 2020 doubled to $11.58 million for singles and $23.16 million for married couples, while the estate tax rate of 40% remained in place.

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Michael A. Mora

Michael primarily covers litigation in South Florida for the Daily Business Review. You can contact him by email: [email protected]

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