X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
taxes file Photo: tashatuvango / stock.adobe.com

With a Democratic majority now settled into Washington, estate planners are contemplating the potential impact on the estate and gift tax exemption previously increased by the preceding Republican administration. Whether any changes to the estate and gift tax exemption will be made in the near future remains speculative, but the possibility of retroactive legislation has estate planners on high alert. Many clients made gifts in 2020 in anticipation of the “Blue Wave,” and many more will continue to make gifts this year, taking advantage of the current $11,700,000 federal estate and gift tax exemption which is scheduled to sunset on Dec. 31, 2025, under current federal law. What happens if a client made gifts that exceed a retroactive change to the estate and gift tax exemption? With careful planning, clients may be able to take advantage of the current enhanced estate and gift tax exemption and avoid gift tax.

Want to continue reading?
Become a Free ALM Digital Reader.

Benefits of a Digital Membership:

  • Free access to 1 article* every 30 days
  • Access to the entire ALM network of websites
  • Unlimited access to the ALM suite of newsletters
  • Build custom alerts on any search topic of your choosing
  • Search by a wide range of topics

*May exclude premium content
Already have an account?

Law Firms Mentioned

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

New Jersey Local Government DeskbookBook

Get new council members up to speed quickly and consult this up-to-date resource with this plain-language handbook that organizes and updates a town's procedural and regu...

Get More Information
 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.