Rethinking Disposition Provisions of Trusts: Recent Trends and Approaches to Trust Design with an Asset Protection Focus
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Authors
Vandenack, Mary E.
Issue Date
2020
Volume
53
Issue
4
Type
Journal Article
Language
Keywords
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Abstract
INTRODUCTION|The Tax Cuts and Jobs Act (“TCJA”) was passed in late 2017. The TCJA made significant changes to the federal estate and gift tax rules. The TCJA allows an individual to transfer ten million dollars (adjusted for inflation) in asset value by transfers during life or at death. The exemption applies to gifts made during tax years 2018 through 2025. As the law currently stands, the exemption will revert to $10 million per person (adjusted for inflation in 2026). For 2020, the exemption amount (adjusted for inflation) is $11.58 million per person.
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Citation
Publisher
Creighton University School of Law