| The Tax Cuts and Jobs Act (“TCJA”) temporarily increased the federal estate, gift and generation-skipping transfer (“GST”) tax exemptions from $5,000,000 to $10,000,000 (the federal estate and gift tax exemption is referred to as the “Basic Exclusion Amount” or “BEA”), adjusted annually for inflation. On January 1, 2026, under the TCJA, the BEA (and GST exemption) reverts to $5,000,000, adjusted for inflation.
After the 2020 election, certain tax proposals provided for a reduced BEA (from $11,700,000 in 2021) to take effect as soon as January 1, 2022…
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What to Know About Buy-Sell Agreements – Post Connelly