Our colleagues Melissa A. Terranova and Eric Sorkin have published a client alert about recently-issued Internal Revenue Service proposed regulations that would allow estates to leverage favorable gift exclusion amounts from the Tax Cuts and Jobs Act that are set to expire on December 31, 2025.  The proposed regulations create a special rule that allows an estate to apply the higher basic exclusion amount available at the time of the gift, rather than the exclusion amount that will be in effect after 2025 (at the time of the individual’s death).  You can read their alert here.

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