Estate planning in the shadow of a possible tax repeal

Article Abstract:

The author suggests that estate planning professionals should not disregard the possibility of transfer tax repeal, particularly when planning gifts. Although President Clinton will veto any repeal legislation, the fact that such legislation does well in Congress, should encourage caution.

Forecasts and trends

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Family limited partnerships and the E.J. Church decision

Article Abstract:

The author discusses the E.J. Church decision where the IRS challenged transactions of a family limited partnership. The case is unusual due to the IRS loss, but is useful for tax and estate planning purposes.

Analysis, Taxation, Tax planning, Limited partnership, Limited partnerships, Family-owned business enterprises, Family-owned businesses

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1997 estate plan check-up

Article Abstract:

Estate and gift taxes were not the primary focus of tax legislation in 1996, but there were enough changes to tax laws and regulations that affect estate planning to warrant a review of clients' estate plans. Foreign grantor trust and expatriation rules may affect clients with offshore holdings. Regulations clarifying the use of personal residence trusts and qualified domestic trusts may provide planning opportunities. Other recent developments have focused on long-term care taxation, charitable giving and qualified terminable interest property.

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