A properly drafted and followed formula clause in a will or gift transfer document can limit liability for estate or gift taxes. If the IRS or a court later redetermines the value of the transfer, the formula clause acts to adjust the amount of assets transferred to correspond to a specified dollar value. Review the specifics of clauses in this session.

Megan Wernke, Esq. &  Melissa Wiley, Esq., Caplin & Drysdale