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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]