Recently issued proposed clawback regulations (Proposed Treasury Regulations Section 20.2010-1(c)(3)) (the proposed regs), while not as harsh as feared, may undermine the planning your clients completed over the past few years to address the coming reduction in the estate tax exemption or the feared tax law changes. On the bright side, the proposed regs shouldn’t prevent taxpayers who made gifts to take advantage of the current higher exemption amount to spousal lifetime access trusts (SLATs)
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