Emerging Estate Planning Topics and Trends to FollowEmerging Estate Planning Topics and Trends to Follow

An interesting array of tax and non-tax estate planning and estate and trust administration concepts and techniques have been gathering momentum and seem likely to occupy our attention in 2024. A few of the predominant ones are discussed below.

Use it or Lose it

The 2017 Tax Act¹ increased the gift and estate tax basic exclusion amount under Internal Revenue Code Section 2010(c)(3) to $10 million as adjusted for inflation with a 2010 base year (the same base year under prior law). Thus, the basic exclusion amount for 2024 for gift and estate tax purposes, and the generation-skipping transfer (GST) exemption amount under IRC Section 2631(c), is $13.61 million (an amount unprecedented in the annals of federal tax law). Under the 2017 Tax Ac...