The implications of the TJCA’s large increase in the estate and gift tax exemption are complex and affect estate planning for everyone, not just the small percentage of the population who will still file estate tax returns.
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Topics
Estate Planning
Estate planning for digital assets
A well-drafted estate plan should address the management and distribution of digital assets to mitigate additional administrative burdens on fiduciaries.
Using trusts to shift income to children
Use of a Sec. 2503(c) or minor’s trust allows for transfers of property (and income shifting) to children, while parents maintain control of the property at least until the child reaches age 21.
Missed opportunities in estate planning: Beyond wills and trusts
An estate plan is incomplete without a detailed list of instructions that explains how to carry it out.
Divorce post-TCJA: unexpected consequences
This article discusses changes that might affect clients that are divorced, are in the process of divorcing, or that have prenuptial or post-nuptial agreements.
Tax planning following the Tax Cuts and Jobs Act
This column discusses advising clients on the implications for choice-of-entity decisions, charitable
giving strategies, and estate, retirement, and higher education planning.
Divorce and taxes: Hidden traps and your map around them
CPAs are in a key position to assess tax implications
of property divisions and must consider professional responsibility standards if the ex-spouses both want
to remain clients.
The Illiquid Marital Estate: Navigating the Division of Marital Residences and Retirement Accounts
This item focuses on the pitfalls and potential opportunities to consider in the illiquid marital estate arena.
Form 8332 Challenges for Divorced Couples
When parents divorce without a meeting of the minds or a well-crafted agreement, issues can result as to who is entitled to the tax benefits from supporting their children.
Planning for Divorce-Related Stock Redemptions
A transfer of ownership of a closely held business in divorce does not trigger gain or loss if it is directly between the spouses.
Common Mistakes in Life Insurance Arrangements
Familiarity with life insurance will elevate a practitioner’s service from being compliance-oriented to being consultative.
Tax Considerations for Divorcing Spouses
During the divorce proceedings, it is critical for each taxpayer to work with a tax adviser to understand the estate, gift, and income tax consequences of the marriage dissolution.
Taking Control of the Final Form 1040
Follow these tips for using the final tax return for tax planning post-mortem.
Advising Clients in Later-Life Divorce
CPAs are in a unique position to have a profoundly positive influence on the financial consequences of Baby Boomer divorces.
Navigating Through Divorce: Top Five Financial Planning and Tax Considerations
Advisers must consider a number of issues when helping a client navigate through a divorce. Emotions are at their peak, but careful thought and planning must take place before the divorce agreement is finalized, to prevent future financial and legal headaches. This item discusses the five top issues that financial advisers and CPAs should consider throughout a client’s divorce negotiations.
CPAs’ Evolving Role as Estate Planners
Understanding the tax changes under ATRA alone does not prepare practitioners for how dramatically their role in the estate planning process has changed.
Retroactive Tax Planning After Windsor
Married same-sex couples must now file their federal income tax returns as either married filing jointly or separately, but they have a choice whether to amend their federal income tax returns for open years during which they were legally married.
Sea-Change: Planning for Same-Sex Married Couples and the DOMA Decision
This column provides practitioners with an overview of the impact of the recent decision striking down a key provision in the Defense of Marriage Act ; a preliminary checklist of areas to be addressed with same-sex clients; and a discussion of the issues involved.
Gift and Estate Tax Planning Considerations
With thoughtful planning, taxpayers can minimize gift and estate taxes while retaining some control of transferred assets by establishing trusts or limited partnerships and using the annual gift tax exclusion.
Advising Nonresidents and Recent U.S. Residents on Estate Tax Issues
Understanding the intricacies of residency and domicile is necessary to understand what will be included in a decedent’s estate for U.S. estate tax purposes.
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.
