Six Things Family-Owned Firms Should Know About Succession Planning
Among the chief goals of succession planning is providing continuity of management and minimizing the tax costs of transferring property interests to new generations.Source: Six Things Family-Owned Firms Should Know About Succession PlanningImpact if Federal Estate Tax Repealed
Practitioners should review options with clients that might include: Outright bequest to surviving spouse, with contingent disclaimer trust, subject to the problems that this approach creates Clayton QTIP approach, subject to the complexity it creates...Fusing Family and Philanthropic Visions
Wealthy families can now transfer wealth to children and grandchildren at a transfer tax discount of up to 50 percent, while receiving up to a 50 percent current charitable income tax deduction—all while avoiding tax on the subsequent sale of appreciated...#AssetProtection: Senate Republicans May Oppose Trump Tax Cuts
It will be awhile before we know how all this may affect estate tax repeal: President-elect Donald Trump’s race to enact the biggest tax cuts since the 1980s went under a caution flag Monday as Senate Majority Leader Mitch McConnell warned he considers current levels...#AssetProtection: Estate Tax Repeal to Get Big Push in New Congress
I hope it happens, as there is plenty for families to plan for besides taxes. If it does happen, my clients with the latest planning are prepared. Currently, individuals can inherit estates worth up to $5.45 million without being taxed. Estates valued over that...#AssetProtection: Avoiding Bypass Trust “AB Trap” of Capital Gains Tax
For many client situations, I continue to be a big proponent of using the Clayton election for flexibility in this age of estate tax uncertainty. The Clayton election continues to be the smart way, for many families, to avoid the “AB Trap” of capital gains...#AssetProtection: Risks and Opportunities for Your Clients Under President-Elect Trump
As always, flexibility is key: Recommend cautious optimism. The elimination of the estate tax in particular is likely to be welcome news to your higher net worth clients, but the proposal may be subject to opposition or compromise in Congress. This compromise could...#AssetProtection: Trumpeting 10 Year-End Tax Strategies Before They Evaporate
In light of Donald Trump’s election and his pre-election platform to reduce marginal income tax rates, there are several planning strategies that should be considered as part of your client’s year-end planning. John O. McManus, founding principal of McManus &...#AssetProtection: Inheritance Taxes under IRC 2801
Section 2801 Inheritance Tax Under Section 2801(a), a U.S. domiciliary (or a U.S. resident trust) who receives a gift or bequest from a covered expatriate (CE) is subject to a tax equal to the fair market value of the covered gift or bequest, multiplied by the highest...#AssetProtection: Tax and Wealth Planning Implications of a Trump Presidency
Transfer Tax Related Proposals Repeal the gift, estate tax and the generation-skipping transfer taxes, establishing in their place a carryover basis for appreciated property, subjecting beneficiaries to income tax on the gains when they dispose of the property in the...#AssetProtection: When People Laughed At The Idea Of #Trump Actually Being Elected President! Compilation – YouTube
Dear Wealth Manager, You cannot take care of your clients by simply regurgitating what you hear from the mainstream press, or the mainstream financial press, or even your clients. Get out and mingle with The People.#AssetProtection: What to expect from President-Elect Donald Trump | STEP
He proposes to eliminate estate and gift tax and to tax capital gains held until death with a USD5 million exemption (for an individual filer).With regard to individual taxation, Trump proposes to have three income tax thresholds (as opposed to the existing...#AssetProtection: You Do Not Want to Be On the Radar of the IRS Wealth Squad
It’s called the Global High Wealth Industry Group, and it falls under the Internal Revenue Service’s Large Business and International Division. It’s also been called “The Wealth Squad.” The unit, launched in 2010, aims to “take a...#AssetProtection: Estate Tax Debate: Should it Stay or Go?
On Sept. 8, 2016, the estate tax celebrated its 100th birthday. Over the past century, practitioners, lawyers and even laypersons have voiced their opinions on whether the estate tax should be retained or repealed.Not to be outdone, we asked two of our esteemed board...#AssetProtection: 2017 Promises Only Uncertainty for HNW Clients
For many clients in the mid-range, we can pretty much take care of the issue in the first paragraph below with Clayton election planning. (HNW clients may benefit from other advanced techniques such as NING trusts.) The issue in the second paragraph below (changes to...#AssetProtection: New Jersey Repeals Estate Tax
Under the new statute, the New Jersey estate tax exemption will be $2 million during the year 2017, and it will be repealed beginning in 2018. The New Jersey inheritance tax, which applies to inheritances received by non-family members, remains in effect....#AssetProtection: What is an ILIT?
The below article is very superficial. For example, although having the trustee originally purchase the insurance is optimal, there are several other ways to transfer the insurance policy into the trust. Also, ILITs are great for asset protection even if they are...#AssetProtection: Section 2704 Proposed Regs Action Steps for High Net Worth Families
Summary of Planning Action Steps Begun in 2003, Treasury took 13 years to draft these regulations, yet several material uncertainties exist. Until clarified, protect clients conservatively by: Completing contemplated and partial prior transfers. Modifying entity...#AssetProtection: IRS Releases 2017 Estate & Gift Tax Exclusion Amounts (Rev Proc 2016-55)
IRS has released Revenue Procedure 2016-55 outlining 2017 estate tax exclusion and other exemption amounts relevant to estate planning, as follows: The annual gift exclusion remains at $14,000 The basic exclusion amount (for determining unified credit against gift and...#AssetProtection: IRS Takes Aim at Common Family Biz Valuation Discounts
Proposed changes to the 2704 regs will not be finalized until well into next year, most likely, and if Hillary is elected you may not discover how badly you needed the discounts until she gets her lower exclusions several years from now — but the critical point...#AssetProtection: Urgent — A lot of families may soon get whipsawed on estate tax (PERFECT STORM)
Tell a friend, please — you may have seen me and other estate planning attorneys blogging recently on proposed changes to Section 2704 regulations taking effect at the end of this year. While these changes affect the kind of estate tax avoidance planning that we...#AssetProtection: #EstatePlanning Blunders — Philip and Helen Wrigley
Bad planning led to $40 million estate tax bill forcing heirs to sell stock, Chicago Cubs and Wrigley Field. If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM, we believe good estate plans...#AssetProtection: IRS Issues New Rev Proc 2016-49 Supporting Use of Clayton Election
Good news! The IRS just issued, moments ago, a new Revenue Procedure 2016-49, modifying Rev Proc 2001-48, removing a possible grey area in the use of the so-called Clayton election for flexible and comprehensive post-mortem (i.e., portability and reverse QTIP) tax...#AssetProtection: Learning Estate Planning’s Alphabet Soup
This is authored by Matt McClintock, VP of Education for WealthCounsel: I initially created this article as a resource for members of WealthCounsel, but we share it with the entire industry. To that end, I’m sharing this resource here and encourage attorneys and...#AssetProtection: State Estate and Inheritance Tax Rates and Exemptions 2016
You cannot ignore death tax planning just because the federal estate tax exemption is high now. Congress can lower the exemption at any time. Even if the federal exemption remains high, you may end up moving at some point to a state that has a state-level estate or...#AssetProtection: Fresh Look at Charitable Lead Annuity Trusts
[slideshare id=56750185&doc=aac527e2-7f52-466b-8109-82432616b858-160106174411] If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM, we believe good estate plans protect families. We make it...#AssetProtection: Twenty Tips for Planning at the Eleventh Hour
A practitioner’s checklist for clients near death Source: Twenty Tips for Planning at the Eleventh Hour | Wealth Management If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM, we believe good...#AssetProtection: Major Components of New Section 2704 Proposed Regs
The new proposed Internal Revenue Code Section 2704 proposed regulations1 contain three sets of new rules. Here’s a brief summary of each of them. Source: Major Components of New Section 2704 Proposed Regs If attacked, do you want to be Victor or Victim? At...#AssetProtection: PLR 201632014 Extension Granted to Make Portability Election
GiftLaw Note:Decedent died on Date 1, survived by Spouse. In order for Spouse to benefit from Decedent’s deceased spouse unused exemption (DSUE), Decedent’s estate was required to file Form 706 within nine months of Decedent’s death. Decedent’s estate failed to...#AssetProtection: Analysis of the New Proposed Regulations Under Code §2704
On August 4, the Treasury Department issued long-awaited Proposed Regulations (Proposed Regulations) on valuation discounts for family-owned businesses under §2704 of the Internal Revenue Code (Code). The Proposed Regulations are out for comment until a public hearing...#AssetProtection: Kill The Estate Tax To Save Jobs – YouTube
If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM, we believe good estate plans protect families. We make it easy for your family to attain the comfort of skill at arms. David R. Duringer, JD,...#AssetProtection: Treasury Issues Broad Proposed Section 2704 Regulations
Although the details are significant, the bottom line is that the proposed regulations would appear to eliminate almost all minority (lack of control) discounts for closely held entity interests, including active businesses owned by a family. To accomplish that,...Top Five Traits of Effective Family Philanthropy
Through our work with the Andersons, Pitcairn has seen firsthand how a family can build a lasting philanthropic legacy, and we’ve identified five key traits that contributed to their success. We believe other wealthy families can better achieve their own philanthropic...IRS Allows Late QTIP and Reverse QTIP Elections, Allocation of GST Exemption
This content is for members onlyIRS Apparently Not Requiring Form 8971 Where 706 Filed for Portability Only
The instructions for Form 8971 (report of final estate value for assets to be distributed) are not exactly clear on whether the form must be filed where an estate tax return (706) is filed merely for porting deceased spousal unused exclusion amount (DSUEA): The filing...IRS Announces 2016 Estate And Gift Tax Limits
The amount you can leave to your heirs federal estate tax free is on the rise. Source: IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break – Forbes Forbes’ headline is misleading. In the last paragraph, they admit that planning for...
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