An estate plan is incomplete without a detailed list of instructions that explains how to carry it out.
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.
This column discusses advising clients on the implications for choice-of-entity decisions, charitable giving strategies, and estate, retirement, and higher education planning.
Familiarity with life insurance will elevate a practitioner’s service from being compliance-oriented to being consultative.
Follow these tips for using the final tax return for tax planning post-mortem.
Understanding the tax changes under ATRA alone does not prepare practitioners for how dramatically their role in the estate planning process has changed.
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.
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.
This article covers recent developments in estate tax, including the portability election, proposed regs. on the alternate valuation date, FLPs.
The Turner cases highlight the importance of properly transferring FLP interests during life in a way that avoids the trap of creating an estate tax when the decedent planned to have none.
Several steps can be taken before a LLC member’s death to reduce estate and income taxes and to plan for an orderly succession.
It is essential for clients with multiple citizenship or residency to understand that the timing and manner of cross-border wealth transfers fundamentally affect their ability to minimize tax burdens.
Taking control of the postmortem planning process can be a powerful way to save tax dollars for the decedent’s estate and family.
Many in the Marcellus shale areas are being faced with difficult financial decisions due to the newfound wealth associated with the sudden interest in the Marcellus formation.
Under current U.S. tax law, a U.S. citizen may transfer property to his or her U.S. citizen spouse without any tax consequence or limitation. However, a U.S. citizen married to a noncitizen can make only a limited amount of bequests to his or her spouse.
Due to the popularity of family limited partnerships (FLPs) and the significant tax savings they can provide, the IRS has sought to limit the benefits of their use. As part of its attack on an FLP, the IRS frequently will challenge the value of the FLP that is claimed on an estate or gift tax return.
This article focuses on estate planning opportunities relating to the generation-skipping transfer tax that practitioners and taxpayers should consider for implementation in 2009.
Despite the impending confusion, there are some steps tax practitioners can take in working with clients to ensure their estates are in the best position over the next few years.
Disclaimers are very useful tools for estate planners, especially in postmortem planning. However, if an estate planner is not diligent in the planning and execution of a disclaimer, it can have adverse transfer tax consequences.
As 2010 approaches, tax legislators and policy makers are sharply divided on a more permanent approach to taxing the transfer of wealth from one generation to the next.