Why It Is Critical to Advise Clients About Using the Enhanced Wealth Transfer Exemptions Now (On-Demand CLE)

    Why It Is Critical to Advise Clients About Using the Enhanced Wealth Transfer Exemptions Now (On-Demand CLE)
    CLE 90 min

    Why It Is Critical to Advise Clients About Using the Enhanced Wealth Transfer Exemptions Now (On-Demand CLE)

    This presentation will not only discuss these proposals, it will offer suggestions on the most efficient ways to use the exemptions now including how a property owner may be able to benefit from the property even after it has been the subject of a gift. It will also explain how clients may be able to obtain an income tax step-up in basis for assets given away before death.

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    The TCJA of 2017 increased the gift, estate and generation-skipping transfer tax exemptions to $10 million (which is inflation adjusted and is now $11,580,000). They are scheduled to be cut in half beginning after 2025. Perhaps, they will be reduced to significantly lower levels depending upon the outcome of the November elections. Democratic proposals have included a gift tax exemption of only $1 million and an estate tax exemption of $3.5 million. They have also proposed other significant changes including causing grantor trusts to be included in the gross estate of the grantor and to requiring GRATs to have a minimum (taxable) remainder of 25% of the value of the assets contributed to the trust. Moreover, many common discounts in valuation would be eliminated.

    Product Details

    Sponsors

    Section of Real Property, Trust and Estate Law

    Product Code

    RP2009TEWOLC

    Duration

    90

    Publication Date

    9/1/2020 12:00:00 AM

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