Income Tax is the New Estate Tax
For many years, the focus of estate planners has been on reducing Estate Tax. But now, with the larger exemption and portability, the bigger issue for most estates (even moderately sized ones) is income tax - - both during lifetime and after death for beneficiaries.
The shift represents a huge opportunity for estate planners in the know. Not only are there newer cutting-edge techniques that can attract clients, there are numerous strategies for upgrading existing client estate plans.
If you’re looking to better serve people and increase your firm’s revenue, you won’t want to miss this eye-opening, practical, 90-minute presentation by nationally renowned estate and tax planning attorney, Martin Shenkman, CPA, MBA, PFS, AEP, JD, entitled, “The New Paradigm: Planning an Estate for Best Income Tax Results”.
You’ll learn the new and different ways that proper estate planning can save significant income taxes for clients and their beneficiaries, including:
- Reducing or eliminating state income taxes
- Avoiding the federal 3.8% surtax on investment income
- Reducing post-death federal and state capital gains taxes such as through
- Pre-death borrowing and gifting
- Use of swap powers
- Negotiating discounts of existing FLPs / LLCs
- Repurposing existing Bypass Trusts, QPRTs, DAPTs
- Taking advantage of states with community property laws
- Using gifts to an ill family member (including “triangulation”)
- Distributing assets out of existing trusts
- Creating Powers of Appointment
- Utilizing Trust Protector provisions
- Post-death administration techniques
- Asset splits / sub-trust funding
- Resolve lifetime BDIT / note sales transactions
- Basis adjustment for FLP / LLC assets
- Plus, the tricks and traps to watch out for when using these planning techniques!