Sep

    Why It Is Critical to Advise Clients About Using the Enhanced Wealth Transfer Exemptions Now

    1 PM EDT

    The TCJA of 2017 increased the gift, estate and generation-skipping transfer tax exemptions to $10 million. This presentation will cover other significant changes, offer suggestions on the most efficient ways to use the exemptions including how a property owner may be able to benefit from the property even after it has been the subject of a gift and how clients may be able to obtain an income tax step-up in basis for assets given away before death.

    Select your state to learn more about the credit details and status of CLE application. Credit is not available for states not listed.

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    The TCJA 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. 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.

    The ABA will seek 1.5 hours of CLE credit in 60-minute states and 1.8 hours of CLE credit for this program in 50- minute states. Credit hours are estimated and are subject to each state’s approval and credit rounding rules. Please visit www.americanbar.org/mcle for general information on CLE at the ABA.

    Event Details

    Duration

    90

    Format

    Web

    Date

    Sep 01, 2020

    2020-09-01T13:00:00-04:00 2020-09-01T14:30:00-04:00 Why It Is Critical to Advise Clients About Using the Enhanced Wealth Transfer Exemptions Now

    The TCJA of 2017 increased the gift, estate and generation-skipping transfer tax exemptions to $10 million. This presentation will cover other significant changes, offer suggestions on the most efficient ways to use the exemptions including how a property owner may be able to benefit from the property even after it has been the subject of a gift and how clients may be able to obtain an income tax step-up in basis for assets given away before death.

    Sponsors

    Section of Real Property, Trust and Estate Law

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