St. Louis Partner Kathleen Sherby was quoted Feb. 7 in Tax Notes regarding a webinar she spoke on through American Law Institute Continuing Legal Education regarding updates in advanced estate planning. The webinar addressed the impact of the Tax Cuts and Jobs Act on estate planning, including inflation adjustments for the estate tax exclusions and exemptions, reversion to 2017 level for exemptions in 2026, impact on trust taxation as well as many other tax law changes. Since the estate tax exemption will revert to 2017 levels in 2026 (adjusted for inflation), the tax law directs the IRS to issue regulations regarding potential clawback of estate tax benefits. “[It] is not yet clear how or when the IRS and Treasury will address the issue,” said Sherby, adding that they have until 2025 to come up with a solution.