Last month we sent a Client Alert about the “Build Back Better Act” (the “Proposed Act”) which contains tax law changes that would negatively impact numerous estate planning initiatives. The Proposed Act includes a couple of proposals that would eliminate many of the benefits of irrevocable grantor trusts (i.e., an irrevocable trust where the grantor […]
The results of the upcoming election on November 3, 2020 are unpredictable, but they will determine the course of the tax laws relating to estate planning for many years. If the Republican Party prevails in the presidential election and/or maintains control of the Senate, we are likely to see a continuation of the current tax […]
The Tax Cuts and Jobs Act, which took effect in 2018, significantly increased the gift/estate tax exemption and generation-skipping transfer (“GST”) tax exemption amounts, which currently are $11,400,000 and are scheduled to increase to $11,580,000 in 2020 (this amount is $10,000,000 indexed for cost-of-living adjustments after 2010). The temporary increase in exemption amounts is set […]
Section 2704 of the Internal Revenue Code provides for special rules relating to the valuation of transfers of business interests to certain family members for estate, gift, and generation-skipping transfer tax purposes (collectively the “transfer taxes”). Practically, § 2704 limits the ability to lower the value of a business interest as determined for transfer tax […]
On July 31, 2015, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Act”) was signed into law. Sections 2004 and 2005 of the Act included a number of new tax provisions requiring consistent basis reporting between an estate and persons acquiring property from a decedent. These provisions were made effective […]
Orlando, Fla. – The executive committee of the Florida Agriculture Financial Management Conference (FAFMC) recently announced the dates for this year’s conference on August 27-28, 2015 at the Omni Orlando Resort at ChampionsGate. Some of the nation’s leading agricultural and economic experts will be in Orlando to address financial strategies impacting one of Florida’s top […]
Matthew Ahearn and Brain Malec, shareholders in Dean Mead’s Estate Planning Department, recently co-authored the article titled, “Transitioning the Family Business: How to Create an Effective Succession Plan.” Their article was published in i4 Business Magazine, April 2015 edition and may be viewed HERE.
Consequences of Modification of a QTIP Trust Settlement: One Scenario in ‘The Tale of Moné Baggs Smith’ A “QTIP” trust is a “Qualified Terminable Interest Property” trust. It is often used by spouses in a second or subsequent marriage where at least one party has children from a previous marriage. The QTIP trust allows the […]