ESTATE PLANNING COUNCIL OF NAPLES, INC.

 

Many think some significant changes to the Tax Laws will occur this year.  These may include an elimination of the tax free step up in basis at death; possibly gain recognition at death, at the time of a gift or when distributions are made from a trust or a partnership; new grantor trusts (and possibly old BDITs) may be included in the grantors' gross estates; GRATs may be effectively "outlawed;" annual exclusions to trusts may be limited to $30,000 per year; the estate tax exemption may be reduced to $3.5mm and gift tax exemption to $1mm.  Some think that transactions with grantor trusts will be income taxable effectively overruling Rev Rul 85-13.

 

The question now is what to do now?  How can clients make gifts now to use their exemptions without triggering gain under the Senator Van Holland proposal which is proposed to be retroactive to the beginning of this year? And how can clients continue to benefit from gifts without causing estate tax inclusion? 

 

This presentation will discuss what are the best and safest steps for clients to take now.