Paul Cathcart authors "IRS Releases Proposed 'Anti-Clawback' Regulations"

Boston Bar Association Trusts and Estates Blog

Paul M. Cathcart’s blog post “IRS Releases Proposed ‘Anti-Clawback’ Regulations” is now available on the Boston Bar Association Trusts and Estates Section Blog. In the post, Paul discusses how the Tax Cuts and Jobs Act (“TCJA”) temporarily doubles the basic exclusion amount for gifts made and decedents dying between 2018 and 2025, inclusive, but it does not address whether gifts made during that period that are above the single-exclusion amount but below the double-exclusion amount and, therefore, gift-tax free might generate estate tax if the individual dies after 2025. He notes that practitioners have called this the possibility of “clawback” and goes on to discuss the “anti-clawback” regulations that have now been proposed by the IRS.

To read the full blog post, please click here: http://trustsandestates.bbablogs.org/2019/01/09/plr-201834011-2-2/