The Tax Cuts and Jobs Act (the “TCJA”), passed in December of 2017, increased the basic exclusion amount (the “BEA”) available to individuals dying or making gifts after 2017 and before 2026 for federal estate and gift tax and for generation-skipping transfer tax purposes from $5,000,000 (indexed for inflation) to $10,000,000 (indexed for inflation). Absent congressional action, these provisions of the TCJA are to sunset at the end of 2025, at which time the BEA will revert back to its pre-TCJA amount of $5,000,000, indexed for inflation.
LINKS
Read "The Sunset of the Increased Unified Credit and the Clawback Regulations" co-authored by Troy Stackpole and Linda Hirschson, published by LexisNexis and included in the Warren’s Heaton Legislative and Case Digest, Vol. 27, No. 1. (subscription)