We’re all aware that lifetime taxable gifts of up to $5.12 million can be made through the end of 2012 without incurring any federal gift tax. But, there’s a debate raging over whether a so-called “clawback” tax could expose to estate tax gifts that were sheltered from gift tax by the $5.12 million applicable exclusion amount. A clawback tax could apply to the estates of those who die after 2012, if the estate and gift tax system reverts to the rules ...

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