Suzanne Shier, Northern Trust: Optimizing Lifetime Gift Exclusions in 2020 (Jan. 23, 2020)

Suzanne Shier, Chief Wealth Planning and Tax Strategist, Northern Trust, has released a publication entitled Optimizing Lifetime Gift Exclusions in 2020 (Jan. 23, 2020). It begins as follows:

2020 is a pivotal year. It marks the start of a new decade. Markets have been strong, interest rates low, elections are looming, and we have settled into the new tax regime under the Tax Cuts and Jobs Act – including the temporary 100% increase in the lifetime gift and estate tax exclusion amount – from $5 million to $10 million, adjusted for inflation. We are also at a generational inflection point.In 2019, the last of the Baby Boomers reached age 55 and Millennials overtook Boomers in population as the nation’s largest living adult generation. And, as of late last year, we now have final regulations from the Internal Revenue Service (IRS) that answer lingering questions on the consequences of using the increased lifetime exclusion amount in light of the scheduled December 31, 2025, sunset of the increase.So, the time is now to ask (and answer) the question – should I use the increased exclusion amount?

To see the full article and/or download pdf, click the following: Optimizing Lifetime Gift Exclusions in 2020 | Northern Trust

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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