Skip to main content
04.05.2022 - Tax Planning

Attendees Rating:

Excellent (93%)
Average (7%)
Below Average (0%)

Comments
Here are ideas that the attendees learned from Steve:
Always good to hear about estate planning--just to keep it fresh.
Estate planning is not my area, but this is the first time I've heard an argument for a couple NOT to do a joint trust but to do one for each spouse.
Excellent topic and very information.
Importance of working with an informed and effective estate planning attorney.
Living trusts may be helpful rather than just have a will.
Reminded me that it's always better to get an experienced tax attorney involved.
Rules about decanting a trust to a new trust. This may be needed by one of my clients.
That it is complicated & professional help is wise.
Update on proposed tax legislation
Utilizing intentionally defective trusts for passing businesses to family members.
Tax Planning for Uncertain Lifetime Gift and Estate Tax Exemptions
Presented by Steven Loeb,
Steve Loeb

The tax proposals in 2021 should give cause for all financial planners to reconsider the estate and liquidity planning strategies for clients. These proposals, which may resurface, would have significantly impacted a number of planning strategies, to include irrevocable life insurance trusts (ILITs). There also was a proposal/ attempted legislation to reduce lifetime estate and gift tax exemption amounts prior to 2026. 

While no one can predict the future of these proposals, it is prudent for clients (mass affluent to HNW) to reassess their estate plans and the continued viability of their wealth transfer vehicles and liquidity positions. This should include a review of the performance and durability of their life insurance policies, does their ILIT still make sense, would a Family Limited Partnership (“FLP”), a GRAT, SLAT, or sale to an IDGT be a better choice than an ILIT (or something to be utilized in addition) and how an even deeper reduction to the Lifetime Gift and Estate Tax Exemption would affect them. 

Attendees Comments:

Here are ideas that the attendees learned from Steve:
Always good to hear about estate planning--just to keep it fresh.
Estate planning is not my area, but this is the first time I've heard an argument for a couple NOT to do a joint trust but to do one for each spouse.
Excellent topic and very information.
Importance of working with an informed and effective estate planning attorney.
Living trusts may be helpful rather than just have a will.
Reminded me that it's always better to get an experienced tax attorney involved.
Rules about decanting a trust to a new trust. This may be needed by one of my clients.
That it is complicated & professional help is wise.
Update on proposed tax legislation
Utilizing intentionally defective trusts for passing businesses to family members.