Estate Planners Are Wary of 2020 Election

Estate Planners Are Wary of 2020 Election

Clients are concerned about the potential impact of an administration change in 2020, and many planners are already taking action. According to a recent survey of 720 Trust & Estates readers, some 55% report that their clients have expressed consternation about...
IRS Releases 2020 Inflation Adjustments

IRS Releases 2020 Inflation Adjustments

In Revenue Procedure 2019-44, the IRS has released the official inflation adjustments for 2020, and the adjustments relevant to estates, trusts and gifts are all as expected. For an estate of any decedent dying in calendar year 2020, the basic exclusion amount will be...
To Give or Not to Give…

To Give or Not to Give…

Charles A. Redd discusses the pros and cons of making gifts at this time of a greatly enhanced, historically high basic exclusion amount. At this time, and for the indefinite future, individuals have a greatly enhanced, historically high basic exclusion amount. This...
Tax Law Update: October 2019

Tax Law Update: October 2019

David A. Handler and Alison E. Lothes highlight the most important tax law developments of the past month. • Private letter ruling approves CLAT with term of years determined by formula—In PLR 201933007 (April 22, 2019), the Internal Revenue Service approved a...
Bulletproofing the Estate Plan

Bulletproofing the Estate Plan

Charles A. Redd discusses restrictions on an laws relating to no contest clauses. A beneficiary may be motivated to contest a will or trust instrument because he believes he has sufficient grounds to invalidate the document (for example, due to forgery, lack of proper...
Trustee Selection May Reduce an Irrevocable Trust’s Tax Liability

Trustee Selection May Reduce an Irrevocable Trust’s Tax Liability

Look for residence in a state with low income tax. Generally, the income earned by an irrevocable trust is subject to state income tax in addition to federal income tax. Making strategic decisions in establishing your client’s trust, such as selecting a trustee who...