Properly established and maintained, an incomplete gift nongrantor trust may play a valuable role in some clients’ estate plans
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Estate Planning
Recent developments in estate planning
This annual update on trust, estate, and gift taxation covers recent IRS guidance and administrative issuances, relevant legislative proposals by Treasury, and selected court decisions for the period ending June 2024.
Tax planning for the TCJA’s sunset
It is important to know which provisions are expiring so taxpayers can be prepared to maximize their tax savings in case the provisions sunset as currently scheduled.
Recent developments in estate planning: Part 2
This second installment of an annual update on trust, estate, and gift taxation covers gift and generation-skipping transfer taxation plus inflation adjustments and legislative proposals in the president’s proposed budget for fiscal 2024.
10 estate and income tax questions
This item discusses 10 important income tax questions to consider when creating an estate plan.
Recent developments in estate planning: Part 2
In this second installment of an annual update on trust, estate, and gift taxation, the topics include split-dollar life insurance arrangements, indirect gifts, formula clauses in transfers of limited partnership interests, valuation discounts, and grantor retained annuity trusts.
Indirect gift tax considerations for 2021
It is important to consider some of the less-obvious gifts when you are advising clients who are intent on using up their full $11.7 million basic exclusion amount before the end of the year.
Helping a client benefit from an intentionally defective grantor trust
These trusts can be advantageous to wealthier clients, but their future use in estate planning is threatened by current legislative proposals.
Recent developments in estate planning: Part 2
This second part of an annual update examining developments in estate, trust, and gift taxation covers recent court cases, proposed regulations, and other IRS guidance on estate tax.
Using a family LLC for estate planning
LLCs can help families achieve key business and
tax objectives, while also providing liability protection and concentrating management power in
the hands of less than all of the owners.
Planning with revocable trusts after the grantor’s death
This article focuses on the key tax and reporting areas applicable to revocable trusts and the associated planning and pitfalls that arise at the grantor’s death.
Determining whether to file a joint return in the year of death
A surviving spouse has the option to file a joint return for the deceased spouse’s year of death, but several factors must be considered to determine if this is a good idea.
Answering clients’ estate planning questions this December
This article offers answers to questions from clients who are concerned about protecting their estate from tax changes that might happen in 2021.
Recent developments in estate planning: Part 2
This second of a two-part article discusses regulations on calculating the basic exclusion amount once the higher estate tax exemption expires after 2025, as well as several court cases and IRS private letter rulings.
Recent developments in estate planning: Part 1
This first part of the annual update covers trust and gift tax issues, including regulations explaining deductions permitted for trusts and estates after the TCJA eliminated miscellaneous itemized deductions for individuals.
Seize the increased basic exclusion amount
Taxpayers can obtain unique benefits when it comes to gift and estate tax planning by using trusts and taking advantage of applicable valuation conventions.
Business entity selection after the TCJA: Post-death considerations
This discussion considers some of the key differences
that affect post-mortem planning when looking at entity selection.
Split-dollar agreements and estate inclusions: Estate of Cahill
As a recent Tax Court case demonstrates, when dealing with property interests in certain cases, advisers must carefully consider whether Sec. 2036(a) can cause an estate inclusion of the property interests.
Top 5 things for clients to consider now that they are divorced
After a divorce is finalized, the client must consider some key questions: What can I afford? How do I make my cut of the pie last? Will I be able to retire?
Taxpayer can deduct settlement payment to ex-husband
The Eleventh Circuit holds a taxpayer is entitled to a deduction under Sec. 1341 for a payment made
to reimburse her ex-spouse for a portion of a settlement in an excess-compensation lawsuit.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
