May Estate Planning Monthly: News, Views, and Practical Strategies –  Privacy, Addiction, 6166 Deferral, Tangible LLCs, and More

Using an application of revocable trusts to help a beneficiary with addiction issues. Estate tax deferral under 6166 some planning ideas. What to change in light of the proposal to reduce the gift exemption to $1M and the estate exemption to $3.5M. Now that the interest rates are higher consider split dollar economic benefit arrangements for funding life insurance in ILIT’s instead of loan regime and to use Crummey powers to give discounted LLC interests. Set up irrevocable trust to own income producing assets and vacation home and use the trust to also make charitable contributions to hopefully avoid the 2/37’s cut back. Confidentiality planning by putting homes in revocable trusts with Wyoming LLC as Trustee, and making Wyoming LLC the manager of client LLC’s so that simple searches don’t show the client’s name everywhere. Transfer intangibles and collectibles to LLC’s for creditor and estate tax planning purposes, including jewelry which can be very valuable. Keep cars out of the names of anyone but the driver or a low asset LLC and whoever took the kid to sign up for her license is responsible for roadway liability up to age 18 in most states.