■ Crummey is Bad with a Special Child: If you have a grandchild with special needs it’s a common recommendation to set up a third party special needs trust (SNT) under your will to help care for the special grandchild. Instead set up the SNT now while you are alive (an intervivos trust) so it…
The IRS has sought to prevent taxpayers from restructuring a business post-death and using a lower alternate valuation date value (valuing assets 6 months after death instead of at death), and to then game the estate tax system. The prior proposed regulations described events that would be ignored for estate valuation purposes. New regs identify…
Summary: The Heckerling Institute on Estate Planning is the estate planning world’s equivalent of the Oscars. Can you imagine anything more spellbinding then nearly 3,000 tax attorneys discussing estate tax planning for an entire week? Well, if you missed all the excitement, we’ve culled some hot tips from the week long extravaganza! We’ve kinda violated…
√ Your Tax Reimbursement Clauses Might be Dangerous: Some grantor trusts (income taxed to you) include a provision that permit the trustee of a trust you create to reimburse you for taxes you pay on trust income. If reimbursement is mandatory, Go To Tax Jail, Do Not Pass Go. It causes inclusion in your estate….