Taxpayers can obtain unique benefits when it comes to gift and estate tax planning by using trusts and taking advantage of applicable valuation conventions.
This discussion considers some of the key differences that affect post-mortem planning when looking at entity selection.
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.
A well-drafted estate plan should address the management and distribution of digital assets to mitigate additional administrative burdens on fiduciaries.
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.
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.
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.
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.
This article covers recent developments in estate tax, including the portability election, proposed regs. on the alternate valuation date, FLPs.
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.