A modest proposal re estate tax: Get self-defense training!
The expected new Tax Cut and Jobs Act (not the official title anymore, but i’m sticking with it) doubles the applicable exclusion amount for estate tax but reverts to current law on January 1, 2026. That sunset provision reminds me of this funny old video...Strategic Estate Planning in Uncertain Times
Don’t just sit there, plan but plan flexibly! Article here: Your clients may think that their best course of action is to hold tight until the political landscape becomes clear. This is an attitude that could cost them. Now is not the time to wait for...Rumors of Trust Demise Greatly Exaggerated
Some of the reasons listed here: Despite the proposed high estate, GST and gift tax exemptions and whether there’s repeal, trusts will remain extremely popular for many non-tax reasons, including: family governance/succession/education; ability to override the...House GOP Tax Plan Avoids Carryover Basis Regime
So far, the House GOP’s proposed tax plan avoids the carryover basis regime that would have been necessary if it would have imposed a capital gains tax at death to replace the estate and generation skipping transfer taxes, as the Trump campaign seemed to favor....California Supreme Court Holds Localities Can Apply Documentary Transfer Tax to Transfers of Interests in Property-Holding Entities
The California Supreme Court, in a 6-1 decision, has held that a city or county may impose documentary transfer tax on the transfer of the ownership interests in a legal entity that owns real property located in the locality. In 926 North Ardmore Avenue, LLC v....Rev Proc 2017-34 simplifies getting extension for portability election
Rev. Proc. 2017-34 SECTION 1. PURPOSE This revenue procedure provides a simplified method for certain taxpayers to obtain an extension of time under § 301.9100-3 of the Procedure and Administration Regulations to make a “portability” election under §...Latest State To Repeal Estate Tax: Delaware
Despite facing a $400 million budget hole, Delaware is the latest state to repeal its estate tax—as of Jan. 1, 2018. Democratic Governor John Carney Jr. signed a stand-alone estate tax repeal bill today, just two days after signing the 2018 state budget, which...Steve Oshins’ State Rankings Charts Fight Big State Gov Attacks on Trusts
Pick the best state for your dynasty trust, while you fight state income tax drag, protect assets from creditors, and decant to your heart’s content with Steve Oshins’ state rankings charts: Steve Oshins | State Rankings Charts Steve is a nice guy...5 Ways Trusteed IRAs Can Keep A Good Thing Going
Just so we’re clear — I don’t sell IRA’s, I draft trusts, including the type that will make your IRA’s actually work as intended. Read the article, but keep in mind that although “trusteed IRAs” are an improvement over the...Eleventh Circuit Limits Valuation Discounts
The U.S. Court of Appeals for the Eleventh Circuit recently affirmed a Tax Court’s ruling regarding a discount for lack of control and lack of marketability.1 The Tax Court had rejected an estate’s expert’s 31.7 percent discount conclusion and agreed with the...Trump’s Tax Plan Raises Questions for Estate Planners
The tenuousness of the President’s plan raises a whole host of additional questions. These include: (1) whether the President’s plan would be coupled with a step-up in basis at death versus carryover basis (carryover basis would effectively increase total taxes...Six Times A Financial Advisor Should Call An Estate Planner
If advisors don’t understand estate planning as well as they think they do (and tell their clients they do) then why do we as estate planning attorneys ingratiate ourselves to them by perpetuating the myth that “they are the quarterbacks” who...Ten Estate Planning Strategies While Waiting for Tax Reform
The election of Donald J. Trump to the presidency and Republican control of both houses of Congress make estate tax reform extremely probable in the next two years. However, given the new administration’s other proclaimed priorities, including the repeal of...SLATs Provide Flexible Plans for Many Clients
In the current environment of uncertainty, many married clients should consider implementing non-reciprocal spousal lifetime access trusts (SLATs). This strategy can provide a flexible framework for a wide range of clients. The technique can be adapted for more...Professionals Could Have Lower Tax Rates Than Their Employees
The way things ought to be! Under the Trump plan, the top income tax rate of 35 percent would be reduced to 15 percent for pass-throughs. The pass-through rate under the W&M plan would be 20 percent (instead of a top rate of 35 percent). Source:...Is It Never or Now?
And for those with qualified retirement plans, it may be time to seriously consider charitable remainder unitrust (CRUT) planning. In the case of qualified long-term appreciated property, outright gifts can be used to offset other taxable income, while bypassing the...Offshore Considerations For Non-UK Domiciliaries
On April 6, comprehensive tax changes went into effect in the United Kingdom (U.K.) that impact wealth planning considerations for certain individuals who spend a significant amount of time in the U.K., but who are domiciled outside of the country. Source:...President Trump Signs Financial Services Executive Orders – YouTube
QDOT-ting I’s and Crossing T’s: Estate Tax Planning for Non-United States Citizen Spouses
Good examples in this article on QDOT planning: The examples above illustrate the general rules applicable to gratuitous lifetime transfers of property, or gifts. The following examples illustrate the general rules applicable to transfers at death: Source:...
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