Gift smart – Wandry offers guidance on defined-value clauses
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Abstract: The U.S. Tax Court recently provided valuable guidance on using defined-value clauses in gift documents — guidance that should have significant estate planning implications. In fact, as this article notes, the court’s ruling in Wandry v. Commissioner can help taxpayers who want to transfer assets to family members before Jan. 1, 2013, when the lifetime gift tax exemption is scheduled to be reduced from $5.12 million to $1 million unless Congress acts.
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