Adequate Disclosure: Where Are We Now?

Trusts & Estates BROUGHT TO YOU BY brought to you by Laski GettyImages-1445384974.jpg Wealth Planning>Estate Planning Adequate Disclosure: Where Are We Now? The Schlapfer v. Commissioner decision provides some guidance. Resources Trusts & Estates Latest Issue Read the Latest Issue Subscribe to Trusts & Estates Premium Content Subscribe Now Trusts and Estates Digital Edition Archive Read Now About Trusts & Estates Learn More

The gift tax has taken a few twists and turns in its lifetime. Originally, the gift tax and the estate tax were “de-coupled,” meaning that each separate tax applied independent of each other. That is, the re-valuation of gifts was solely a gift tax issue and didn’t have any bearing on any eventual estate tax payable, which had its own independent exemption amount (which couldn’t be reduced by lifetime gifting). 

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