Megan E Cannella

May 19, 2023 | The Legal Intelligencer

At death, an individual who made no taxable gifts during life will have the entire basic exclusion amount remaining. An individual who made taxable gifts during life will have something less than the full basic exclusion amount remaining since a portion would have been applied to those lifetime gifts. In either event, the remaining basic exclusion amount, full or partial, will be available to apply against taxable transfers occurring at the individual's death.

By Frederick K. Schoenbrodt II and Megan E. Cannella

9 minute read