Estate tax

A Few Select Insights from the 2019 Heckerling Institute on Estate Planning.

Topics: Estate planning, Estate tax, GST, Nongrantor trusts, Trusts

The WRMarketplace is created exclusively for AALU members by experts at Baker Hostetler LLP and the AALU staff, led by Jonathan M. Forster, Partner, Rebecca S. Manicone, Partner, and Carmela T. Montesano, Partner. WR Marketplace #19-05 was written by Jennifer M. Smith, Counsel, Baker Hostetler LLP. The AALU WR Newswire and WR Marketplace are published…

Decoding Tax Reform- Interim Update – Where We Are Now

Topics: Estate planning, Estate tax, GST, Passthrough taxation, Tax reform

Last week, the tax reform effort took major steps forward, as the House passed its version of the Tax Cut and Jobs Act (“House Bill”) and the Senate Finance Committee passed its legislative mark-up (“Senate Bill”). Yet, the Bills differ in several key areas, including: (1) estate and GST taxes, (2) the state and local…

Making Late Portability Elections for Non-Taxable Estates.

Topics: Estate planning, Estate tax, IRS, Regulation

Portability of a deceased spouse’s unused estate tax exclusion (“DSUE”) to the surviving spouse has increased estate planning options for moderately wealthy couples. The IRS recently adopted a simplified procedure for an estate not otherwise required to file an estate tax return to make a late election and capture the DSUE. Until the later of…

What’s Trending- What Experts from the 2017 Heckerling Institute Had to Say.

Topics: Estate planning, Estate tax, Grantor trusts, Split-dollar, Trusts

The 2017 Heckerling Institute on Estate Planning identified several critical trends for legacy and life insurance planning in this uncertain environment, including (1) the need for flexibility, (2) the appealof estate freezes, like GRATs, installment sales, and preferred partnerships for current planning, (3) the tax considerations for life insurance planning regardless of any estate tax…

Estate Tax Apportionment – Surprise- Whose Paying My Transfer Tax Bill

Topics: Estate planning, Estate tax

Individuals usually have a clear idea of how much they wish to give to various family members. Without a clear understanding of the tax allocation rules, this can easily be frustrated. Federal and state laws do provide default rules for the allocation of estate taxes among estate beneficiaries. These default apportionment rules, however, can be…

Something Old, Something New – Steinberg v. Commissioner – Is It Time for Net, Net Gift Valuation Discounts

Topics: Estate planning, Estate tax

The WRMarketplace is created exclusively for AALU members by the AALU staff and Greenberg Traurig, one of the nation’s leading tax and wealth management law firms. The WRMarketplace provides deep insight into trends and events impacting the use of life insurance products, including key take-aways, for AALU members, clients and advisors. The AALU WRNewswire and…