Hello Katz - Here Are Your Articles for Thursday, January 10, 2019
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IRS Agrees to No "Clawback" in Federal Tax Exemption


Finally clearing up an area of great concern to many tax practitioners that practice in estates, the IRS just recently announced that it will not “clawback” any of the unified credit an individual uses  of their current $11+ million individual estate exemption when it reverts back to its $5mm level (indexed for inflation) .

For many KN+S higher net worth clients, this was a major concern. The issue was that if someone used this $11mm exemption early during the current year to gift assets away to their heirs, the concern was that in 2026, when it is earmarked to decrease back down to $5mm, they would have to pay back that amount somehow to the government.  The new IRS ruling that just came out clarifies this is not the case now.  So if you are considering doing some major estate planning, this means that you will want to do it soon. There are creative ways that you can maintain flexibility and control of assets but still move the assets out of your estate if you have concerns about the $5mm threshold. This makes legacy planning for the coming generations all the more important now.

Feel free to give us a call so we can walk you through your specific situation at 781-453-8700.

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Katz Nannis + Solomon PC
Katz Nannis + Solomon PC
800 South Street Suite 250
Waltham, MA 02453
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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