New case allows bigger tax-free family wealth transfers

Article Abstract:

Crummey trusts, which include limited withdrawal power, qualify for the $10,000 annual gift tax exclusion. The Tax Court in Estate of Cristofani did not uphold the IRS requirement that the holder of withdrawal power had to have a substantial interest in the trust. Another tax planning tip concerns the availability of a deduction up to $10,000 for depreciable property bought for business use. Many kinds of assets are eligible for this expensing deduction.

Cases, Expense deductions, Gift tax, Crummey trusts

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How to slash the cost of keeping wealth in the family

Article Abstract:

Business owners can reduce their taxes when passing their estates to family members. One way to reduce costs is to purchase survivorship life insurance, which pays death benefits upon the death of the surviving spouse. These premiums are lower than the premiums on a policy that insures only one spouse. Split-dollar arrangements can lower the costs of survivorship life even further by eliminating income taxes, gift taxes and estate taxes.

Planning, Transfer taxes, Split-dollar life insurance, Split dollar life insurance

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Intergenerational transfers: who gives and who gets?

Article Abstract:

Intergenerational transfers of money are becoming a highly valuable means of keeping currency within families. Most such transfers are made by older parents to their adult children, although the reverse occurs. Personal care and household assistance transfers are also increasing. Financial planners and consultants should be aware of the need to provide for parent care.

Estate Planning, United States

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