On avoiding the cutting edge
Article Abstract:
Estate planners should resist employing new techniques or new regulations until some guidance has been developed by the courts and the IRS. The US District Court for the Northern District of Indiana's decision in Lange demonstrates the risks posed by the potential retroactivity of tax laws. The taxpayer designed a grantor retained income trust to fit within the IRC section 2036(c) safe harbor but had to revise her plan based on an IRS notice. When section 2036(c) was repealed, she sued for a refund of gift tax, but the Court found she could not reform her filings with the IRS.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
Up-stream planning for baby boomers
Article Abstract:
Couples in the baby boom generation can create significant estate tax savings and creditor protection by establishing lifetime trusts for their children. Using children as simultaneous trustees and beneficiaries is complex without losing control or flexibility. The anti-trust attitudes of members of the baby boom generation needs to accomodate the large-scale wealth transferred to them through 2030, and can best serve their children through lifetime trusts.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Derivatives continue to present tax-planning opportunities for cross-border investments. NPCs and contingent debt instruments have the same economics, but different rules
- Abstracts: Rocking the boat; the Supreme Court edges toward overturning precedent in two key cases. Arguing religion; searching for clear commandments in this term's religion cases
- Abstracts: Pointing the finger: biometric technology, such as fingerprint scanning, might become an option for law firms
- Abstracts: Dealing with mental capacity issues in estate planning. Estate planning strategies specifically for the family farm
- Abstracts: Getting wired: implementing a small office network (part II). Is legal technology passe? A look at tried and true applications for the law office