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.
Estate Planning
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.
Common Mistakes in Life Insurance Arrangements
Familiarity with life insurance will elevate a practitioner’s service from being compliance-oriented to being consultative.
Taking Control of the Final Form 1040
Follow these tips for using the final tax return for tax planning post-mortem.
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.
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.
Recent Developments in Estate Planning: Part II
This article covers recent developments in estate tax, including the portability election, proposed regs. on the alternate valuation date, FLPs.
Formula Marital Deduction Clause Not a Guaranteed Estate Tax Shelter
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.
Lifetime Tax Planning for LLC Owners
Several steps can be taken before a LLC member’s death to reduce estate and income taxes and to plan for an orderly succession.
Estate Planning for International Clients
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.
The 10 Most Powerful Postmortem Planning Pointers for Trusts and Estates
Taking control of the postmortem planning process can be a powerful way to save tax dollars for the decedent’s estate and family.
Generations of Wealth in Marcellus Shale
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.
Estate Tax Planning for a U.S. Citizen with a Noncitizen Spouse
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.
The Valuation of FLPs
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.
Last-Minute Estate Planning for 2009: Focus on the GST
This article focuses on estate planning opportunities relating to the generation-skipping transfer tax that practitioners and taxpayers should consider for implementation in 2009.
Estate Planning While We Sit, Watch, and Wait
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.
Be Careful Making Disclaimers Where Trusts Are Involved
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.
Riding the Estate Planning Roller Coaster for the Next Three Years
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.
