2022 is quickly coming to a close and there are still valuable tax and estate planning opportunities that taxpayers and their advisers should consider. While year-end planning in 2020 and 2021 was overwhelmingly focused on estate tax planning due to the threat of dramatic tax changes, there appears to be no threat of massive tax…
Date and Time: Thursday December 8, 2022 4-5:30 pm EST Register Here Course Description: 2022 is quickly coming to a close and there are still valuable tax and estate planning opportunities that taxpayers and their advisers should consider. While year-end planning in 2020 and 2021 was overwhelmingly focused on estate tax planning due to…
Asset protection planning remains vital for many if not most clients. For the past few years clients have been hyper focused on planning for tax changes that have not happened, practitioners should re-focus clients on the importance of asset protection planning. Irrevocable trust planning to use current exemption before the exemption is cut in half…
Originally Published in ACTEC Law Journal. Introduction This article will discuss some of the potential income tax disadvantages of non-grantor trusts and how they might be avoided or mitigated. In the first part, it will describe some of the advantages and disadvantages of using such trusts both under current law and under legislation…
Originally appeared in Estate Planning, a Thomson Reuters publication. Copyright 2018 Thomson Reuters/Tax & Accounting. Many deductions allowed to an individual for federal income tax purposes for certain expenses or costs incurred have been permanently eliminated, or suspended or limited until 2026 by the 2017 Tax Act (“Act – also commonly known as the…
Originally appeared in Estate Planning, a Thomson Reuters publication. Copyright 2019 Thomson Reuters/Tax & Accounting. On 6/21/2019, the Supreme Court of the United States published its decision in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust 1 (Kaestner). It holds that, by reason of the due process clause2 of the…
Trusts & Estate’s Magazine April 2012 Many clients are planning to make large gifts before the end of 2012, to take advantage of what may be a fleeting opportunity to do so without incurring any gift tax. The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 temporarily increased the gift tax exemption…
Originally posted on wealthmanagement.com Certified public accountants tend to be practical folk, and they often view estate planning from a different lens than perhaps attorneys sometimes do. For my last column from Heckerling, “The Beatles and Estate Planning,” I spoke with several planners on the trust company/bank side. While there’s certainly much common ground, there are some…
Originally posted on wealthmanagement.com One of the themes of many of the presentations at Heckerling this year is the growing importance of income tax planning considerations to estate planning. Many programs have touched on income tax considerations, and others have focused extensively on income tax planning – obviously fostered by the increases in marginal income…
Originally posted on Forbes.com Changing Winds of Tax Legislation Congress was considering tax changes that would have triggered capital gains tax on death, when gifts were made, and every so many years for assets in trusts. Congress was considering reducing the exemption, severely restricting the use of grantor trusts which had been the…