Category Archives: Estate Planning

“Although intended to be uncomplicated, portability adds a new layer of complexity and clients should review their estate plans to comport with the new regulations.”

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“Crummey Notices often seem to be forgotten or simply viewed as the completion of standard forms. Despite recent favorable Tax Court decisions, however, the IRS continues to closely scrutinize ILIT contributions and their qualifications as annual exclusion gifts, emphasizing the importance of following best practices when implementing and administering ILIT Crummey powers.”

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“The Internal Revenue Service is taking aim at the way wealthy families value certain assets they are passing along to heirs, a move that could crimp estate planning.”

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“Many heirs will face steep tax bills, partly because some states levy their own estate tax—but mostly because of the income taxes due on inherited retirement accounts.”

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“Although portability was intended to simplify estate planning for taxpayers, it really added a level of complexity and uncertainty.  Portability also is not a complete substitute for traditional estate planning using bypass trusts and asset segregation.”

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“Sustaining family assets (e.g., vacation homes, private equity, art collections, etc.) over multiple generations presents unique challenges, including realistic assessments about the family’s overall commitment to maintaining the assets, equalizing benefits among participating and non-participating family members, considering and designing a proper governance structure, and funding for on-going asset maintenance.”

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“…an insured may unintentionally retain or acquire ‘incidents of ownership’ in a policy, which can inadvertently trigger estate inclusion and tax exposure.”

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“As the use of dynasty trusts increases, the use of Trust Protectors is gaining momentum as a way to provide oversight of the trustee’s actions and ensure the settlor’s goals are fulfilled.”

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“This is a direct rejection of the contrary position taken by the IRS in Chief Counsel Advice 201208026, and it reinforces the utility of Crummey powers to qualify gifts to an irrevocable life insurance trust or other irrevocable trust for the gift tax annual exclusion.”

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“Estate and business succession planning often involves life insurance, including transfers of existing policies to irrevocable life insurance trusts (“ILITs”) or other parties.  Understanding the transfer for value rule and its potential tax impact is critical when considering such policy transfers.”

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