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.
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.
These trusts can be advantageous to wealthier clients, but their future use in estate planning is threatened by current legislative proposals.
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.
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.
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.
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.
This article offers answers to questions from clients who are concerned about protecting their estate from tax changes that might happen in 2021.
For clients who are projected to have a federally taxable estate and desire to gift assets to heirs, now may be the right time to implement planning strategies
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.
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.
Taxpayers can obtain unique benefits when it comes to gift and estate tax planning by using trusts and taking advantage of applicable valuation conventions.
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?
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.
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.
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.