Essential Planning Now for the Clawback

This all-new CLE by Alan Gassman and Brandon Ketron of Gassman, Crotty & Denicolo, and Martin Shenkman of Shenkman Law in Fort Lee, NJ. is available for purchase as an online seminar (on-demand) and downloadable audio (podcast). The program originally was presented on November 30, 2022, and is approved for credit until approximately May 30, 2024. Course number 6377 is approved for 1 General CLE credit and 1 certification credit each in Tax Law and Wills, Trusts & Estates.

This program covers both known and relatively unknown strategies to help wealthy taxpayers reduce or avoid federal estate taxes.

The April 26, 2022, new clawback proposed regulations provide that a taxpayer who dies after 2025 may not have a full $12,060,000 exemption for gifts or other transfers that occurred in 2026. It is therefore extremely important that planners understand when the clawback may deprive clients of one-half or more of the estate and gift tax exemption that is now available. It is also important to note that certain techniques that are quashed by the clawback proposed regulations will never the less be effective and strongly recommended to preserve generations skipping tax exemption and portability allowances.

The presentation covers the 18-month rule, the 5% test, common law grits, the three-year rule under IRC §2035(a), and other important subtopics.