Insights
Day Pitney remains committed to providing quality legal counsel, while protecting our clients and employees, and transforming our communities into more just, equal and equitable spaces. For more information, please visit our COVID-19 Resource Center | Racial Justice and Equity Task Force.
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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This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.