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- Title
Proposed Regulations Clarify-No Clawback in Using the Higher Exemption Now.
- Authors
Commito, Thomas F.
- Abstract
The IRS has issued proposed regulations and a revenue notice concerning various effects of the increase in gift and estate tax exclusion amounts that is in place from 2018 through December 31, 2025, and the effect that a 2026 decrease in those amounts will have on gifts made when the higher exclusion amounts were in effect. The proposed regulations, while complicated, are very positive. They mean there will be no clawback if gifts are made during the current exemption period, and the client dies in a future year when exemptions are lower. The net result for an estate planner is clear: "Use it or lose it." Use the higher exemption to make gifts now, and you will not lose the exemption if the client dies when the exemption is lower.
- Subjects
UNITED States. Internal Revenue Service; TAX exemption; INHERITANCE &; transfer tax; INCOME tax; TAX returns
- Publication
Journal of Financial Service Professionals, 2019, Vol 73, Issue 2, p13
- ISSN
1537-1816
- Publication type
Article