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 When section 2036(c) was repealed, she sued for a refund of gift tax, but the Court found she could not reform her filings with the IRS.

Cases, Laws, regulations and rules, Grantor trusts, Retroactive laws, Tax refunds

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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.

Economic aspects, Trusts and trustees, Trustees, Trusts (Law), Baby boom generation

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