Amanda DiChello, a member of the firm’s Private Client Services Practice, discusses the advantages and disadvantages of the new estate and gift tax exemption in The New York Times. Under the new tax law, wealthy individuals can give larger monetary gifts to heirs now instead of leaving it to them after death. This allows the gift to grow, however the recipient would have to pay tax on the capital gains tax stretching back to when the investment was originally made.
Amanda noted that if a new administration decided to repeal the exemption “there could be a backlash” – clients could have to pay millions of dollars in taxes.
To read the full article, click here.