Some people with substantial wealth have been hesitant to take advantage of the increase in the estate and gift tax exemption included as part of the 2017 Tax Cuts and Jobs Act. Questions about whether the Internal Revenue Service would clawback gifts to increase the size of estates once the exemptions revert to pre-TCJA levels...Read More

The modern estate tax dates back to 1916 when it was imposed at a rate of 10{b2882cad84bd77ee25ab8b8b9d1b0566021dcc5c7d8a30d0e639a0635fa20cc0} on the portion of estates above $50,000. Over the following years, the rates and exemption amounts varied, reaching a high of 77{b2882cad84bd77ee25ab8b8b9d1b0566021dcc5c7d8a30d0e639a0635fa20cc0} with a $60,000 exemption amount from 1941 to 1976. In 2001, Congress passed the Economic Growth...Read More