If, as scheduled, the federal gift and estate tax exemption is reduced by roughly 50 percent effective Jan. 1, 2026, how does that reduction affect federal estate taxes payable by decedents whose lifetime gifts exceed the available exemption at the time of death? This is one of many questions addressed by Gary R. Gehlbach in his October Illinois Bar Journal article, “To Gift or Not to Gift.”

One of the main points expressed in the article is that depending on the likelihood of an estate exceeding the basic exclusion amount as of Jan. 1, 2026, attorneys will want to discuss whether making lifetime gifts before then makes sense for the client and their estate.

Read the September IBJ article, "To Gift or Not to Gift."