unified credit
- A cumulative tax benefit linked to the allowed exclusion amounts for gifts given during a person's life and wealth mapped out to be transferred upon their demise. This credit, when in use for lifetime gifts, diminishes the available balance that could be set against the estate tax
- After a careful review of the client's financial records, the attorney advised using unified credit to minimize the estate tax.
- As an estate planning strategy, the consultant recommended that the couple consider fully utilizing their unified credit to reduce potential taxes.
- The financial advisor explained that each use of the unified credit for gifting during a lifetime reduces the amount left for offsetting the estate tax.
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