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Tag Archives: asset protection
Tax News & Comment — April 2011
View Issue: Tax News & Comment — April 2011 pril 14, 2011 I. ESTATE TAX RETURNS Calculation and remittance of federal and NYS estate tax is of primary concern in administering an estate. An estate tax return must be filed … Continue reading
Posted in Tax News & Comment
Tagged 1031, applicable exclusion amount, asset protection, asset protection trusts, audit, carryover basis, completed gift, Congress, credit shelter trust, Delaware Asset Protection Trust, disclaimers, division of tax appeals, estate planning, estate tax, form 709, gift, gift tax, gross estate, GST, ILIT, irs, like kind exchange, new york estate tax, probate, QTIP, QTIP election, qualified intermediary, statute of limitations, surviving spouse, tax appeals tribunal, tax legislation, treasury, valuation discount
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Tax News & Comment — June, 2010
To view full issue: Tax News & Comment — June, 2010 To View Full Issue: Tax News & Comment — June, 2010 The June, 2010 issue of Tax News & Comment, in “From Washington,” discusses the new $56 billion tax … Continue reading
Posted in Tax News & Comment
Tagged applicable exclusion amount, asset protection, asset protection trusts, carryover basis, completed gift, Delaware Asset Protection Trust, estate planning, estate tax, form 709, gift tax, gross estate, GST, irs, marital deduction, probate, QTIP, QTIP election, qualified intermediary, surviving spouse, tax appeals tribunal, tax legislation, tax planning
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Estate Planning in 2010: Treatise
Estate Planning in 2010: Treatise PDF: Estate Planning Outline © 2010 David L. Silverman, J.D., LL.M. (Taxation) Law Offices of David L. Silverman 2001 Marcus Avenue, Suite 265A South Lake Success, NY 11042 (516) 466-5900 July 26, 2010 Estate Planning … Continue reading
Posted in Estate Planning, Estate Planning in 2010, Treatises
Tagged applicable exclusion amount, asset protection, carryover basis, disclaimers, estate tax, formula disclaimers, Generation-Skipping Transfer Tax, gift tax, GRATS, GST tax, marital deduction, nys estate tax, QPRTs, QTIP, qualified personal residence trusts, retroactive estate tax, sales of assets to grantor trust, self-settled spendthrift trusts
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Asset Sales to Grantor Trusts: Antidote to New Estate Tax?
PDF: Sales of Assets to Defective Grantor Trusts I. Introduction Asset sales to grantor trusts exploit income tax provisions enacted to prevent income shifting by capitalizing on different definitions of “transfer” for transfer and income tax purposes. The objective … Continue reading
Marital Deduction Planning
PDF: Marital Deduction Planning.wpd I. Review of Current Wills The estate tax will resume no later than January 1, 2011. At that time, the exemption amount may be $1 million (if Congress fails to do anything), or it could … Continue reading
Posted in Estate Planning, Marital Deduction
Tagged applicable exclusion amount, asset protection, asset protection trusts, Delaware Asset Protection Trust, estate planning, estate tax, gift tax, gross estate, GST, marital deduction, surviving spouse, tax appeals tribunal, tax legislation, tax planning
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House Passes $56 Billion “Tax Extenders” Bill
The House, on May 29, by a vote of 215-204, approved a $56 billion tax bill, the “American Jobs and Closing Tax Loopholes Act”. The Senate has already approved a similar measure. President Obama is expected to sign the bill. … Continue reading
New Carryover Basis Rules
Prior to 2010, property acquired from a decedent generally received a stepped-up basis under IRC § 1014. The purpose of the statute is to avoid the double taxation that would result if the asset were first subject to estate tax … Continue reading
DELAWARE ASSET PROTECTION TRUSTS ECLIPSE OFFSHORE ENTITIES
EPTL § 7-1.3 provides in stark language that “[a] disposition in trust for the use of the creator is void as against the existing or subsequent creditors of the creator.” This prohibition against self settled spendthrift trusts has led some New York residents to create asset protection trusts in exotic places such as the Cayman or Cook Islands, or in less exotic ones, such as Bermuda or Switzerland. Continue reading
Asset Protection Seminar: July 27, 2010 in Lake Success, NY
Download Seminar Invitation: Asset Protection Seminar Invitation I would like to register for the July 27, 2010 Asset Protection Seminar:
Asset Protection for Professionals
Asset protection is best implemented before a creditor — judgment or otherwise — appears, since a transfer made with the intent to hinder, delay or defraud a creditor may be deemed a “fraudulent conveyance” subject to rescission. Asset protection may consist of simply gifting or consuming the asset. Continue reading
ASSET PROTECTION: ETHICAL CONSIDERATIONS
New York County Surrogates Court, in In re Joseph Heller Inter Vivos Trust, 613 N.Y.S.2d 809 (1994), approving a trustee’s application to sever an inter vivos trust to “insulate[] the trust’s substantial cash and securities from potential creditor’s claims that could arise from the trust’s real property, observed that “New York law recognizes the right of individuals to arrange their affairs so as to limited their liability to creditors, including the holding of assets in corporate form . . . making irrevocable transfers of their assets, outright or in trust, as long as such transfers are not in fraud of existing creditors.” Continue reading
Requirement of Filing Federal Gift Tax Return
The requirement of filing a federal gift tax return arises when one has made a completed taxable gift. Incomplete gifts do not impose any gift tax filing requirement. Thus, the donor’s gift of a diamond ring would exemplify a completed gift. However, if the donor reserved the power to revest beneficial title in the ring to himself at a later date, the gift would be incomplete.
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Posted in Gift Tax Planning
Tagged asset protection, estate planning, estate tax, form 709, gift tax, gross estate
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Delaware Dynasty Trusts
Traditionally, trusts were viewed primarily as a means to protect immature or dysfunctional beneficiaries from themselves. Traditional trusts typically terminated when a minor child attained a certain age. Dynasty Trusts, on the other hand, seek to maximize all of the benefits of the trust arrangement, which include asset protection and tax savings, as well as the traditional objective of protecting immature or spendthrift persons. In fact, the Dynasty Trust can serve as the centerpiece of an estate plan. Continue reading
Recent IRS Developments
A. Recent IRS Developments Field audits of taxpayers with incomes exceeding $200,000 rose 34 percent in fiscal 2011 to 78,392. IRS Deputy Commissioner Steve Miller stated that “[w]e are looking more at taxpayers at these income levels because we … Continue reading →