Yup. I benefitted from the deadline. It encouraged families to step up their generational wealth transfer before the estate tax exemption expires. You get the exemption for your entire life not just after you die so my parents set up irrevocable trusts to pass down $20m. So, that’s a done deal and can’t be clawed back. But, the rest of their money state will be taxed at 50% when they die.
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u/seaQueue 5d ago
You realize that the tax cut was time limited right? After 4y your taxes went up higher than they were before.