The World’s Favorite New Tax Haven Is the United States – Bloomberg Business
After years of lambasting other countries for helping rich Americans hide their money offshore, the U.S. is emerging as a leading tax and secrecy haven for rich foreigners. By resisting new global disclosure standards, the U.S. is creating a hot new market, becoming...PATH Now Permanent for $100K Charitable Contributions from IRAs
The Protecting Americans From Tax Hikes Act of 2015 (PATH) provides long-awaited certainty for taxpayers that make charitable contributions from IRAs. The new law became effective December 18, 2015. It made permanent the IRA charitable rollover provision that allows...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...Reassessment and Entities (Reassessment and Estate Planning, Part 3)
For a deeper understanding of this subject, please take our self-paced online course or attend one of our live seminars. All training is free. Follow @guntrust If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate for people to die...Reassessment and Individuals (Reassessment and Estate Planning, Part 2)
For a deeper understanding of this subject, please take our self-paced online course or attend one of our live seminars. All training is free. Follow @guntrust If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate for people to die...Intro to Reassessment (Reassessment and Estate Planning, Part 1)
For a deeper understanding of this subject, please take our self-paced online course or attend one of our live seminars. All training is free. Follow @guntrust If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate for people to die...Landmark Supreme Court Case: Retirement Trust Necessary for Asset Protection
Asset protection is an important benefit an estate plan can provide for your family, but oftentimes there is no such planning with respect to retirement assets. This is why I have long encouraged clients to consider a separate “Standalone Retirement...IRS Approves Another NING Trust
Want to escape high state income taxes? On March 7 the IRS in PLR 201410010 approved another NING trust (Nevada Incomplete-gift Non-Grantor Trust), which is incomplete for transfer tax purposes while remaining a non-grantor trust for income tax purposes. This trust,...Irrevocable Trusts in California
An irrevocable inter vivos trust (IRT) is a trust created during the settlor’s lifetime, over which settlor retains no power to alter, amend or revoke. Although RLT’s typically become irrevocable on the settlor’s death, they are not called irrevocable trusts. Trusts...Gift Tax and Exclusions
Gift Tax Without the gift tax, families could avoid estate tax by making lifetime transfers to children, and gifts to children in a lower income tax bracket could reduce income tax as well. To the extent gift tax applies, these goals are frustrated. The gift tax is...Generation-Skipping Transfer Tax
Much as the gift tax is designed to frustrate avoidance of estate tax, the generation-skipping transfer (GST) tax is designed to deal with transferors who may attempt to avoid both estate and gift tax at successive generations by making transfers to recipients two or...Estate Tax Update
The American Taxpayer Relief Act of 2012 (ATRA) was passed on January 1, 2013, and was signed into law on January 2, 2013. The changes are often referred to as “permanent” because there are no sunset provisions. However, the Obama Administration has already proposed...Estate Planning and Basis Step Up
A primer on basis step up and estate planning: When you sell an item of property, you generally pay tax on the capital gains. This tax is applied to the excess of the sale price over your tax basis in the property. Your basis is generally the purchase price, perhaps...Disclaimer Trusts and the Clayton Alternative
DISCLAIMER TRUST The disclaimer trust is a common form of planning, used as an alternative to funding a bypass trust with a marital deduction formula in order to utilize a decedent’s applicable exclusion amount. (Use of a formula generally makes sense only if...CRUMMEY POWERS AND THE IRS
Annual exclusion gifts are often used to provide seed money for an estate freeze technique, or for payment of premium on a trust-owned life insurance policy, or to transfer fractional ownership in an asset (such as a limited partnership) in order to obtain valuation...
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