Estate and Gift Tax Consequences of the Tax Cuts and Jobs Act

On December 22, 2017 President Trump signed the Tax Cuts and Jobs Act which became effective January 1, 2018, although many of its provisions will sunset on December 31, 2025.  Most of the changes under the Act affect the federal corporate and personal income tax, but there are changes to other sections of the Internal Revenue Code – including estate, gift and generation-skipping tax — and those are addressed in this first of my two blogs on the Act. This first installment will focus on the federal, estate and gift tax changes themselves.  My second installment will be posted next week and in that I focus on some planning opportunities these changes offer. Exemption Doubled Prior to the passage of the Act, beginning January 1, 2018 the exemption from the federal estate, gift and generation-skipping tax would have been $5,600,000.  Under the Act, beginning in 2018 the exemption is almost doubled to $11,180,000,[1] per individual, with an…

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