DO IT KNOW TO AVOID CLAWBACK
If you’re planning on gifting millions of dollars to organizations and family members while you’re alive, do it now. The Tax Cuts and Jobs Act raised the gift and estate tax exemption — also known as the unified credit — to $11.18 million per person in 2018, more than doubling the limit under the old tax law.
This means that any one person could transfer more than $11 million, either in the form of gifts while alive or in bequests after death — and do so without having that amount be subject to the 40 percent gift and estate tax.
Wealthy families should know that while they have the blessing of the IRS to make large gifts for now, the exemption is set to fall back to about $5 million per person at the end of 2025.