December 2019
The IRS’ recent regulations published November 22, 2019 clarified an outstanding question regarding the potential tax implications of large lifetime gifts made prior to 2026, by benefactors dying after 2026. Prior to this clarification, potential givers worried that if they took advantage of higher gift tax exemptions under the Tax Cuts and Jobs Act (TCJA) but died after those exemptions sunset in 2025, their estates would face a large tax bill. The new regulations make clear that such an estate can use the higher exemption from the time of the gifting, therefore saving the estate significant taxes.
If you want to consider lifetime gifts as part of your long term plan, we recommend consulting with an estates attorney and tax professional, to determine whether you can take advantage of this new clarity in the law. Contact us today by clicking here or call 610-648-9300.
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We are a nationally recognized firm that provides families of Pennsylvania, Delaware, Maryland, the Metropolitan Washington, D.C. Area, and New Jersey with exceptional legal representation in Special Education, Estate Planning, Abuse of Vulnerable Citizens, and the representation of individuals involved in higher education allegations of misconduct.
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