Prior transfers may yield present tax benefit via a credit

Article Abstract:

Estate planners should consider taking advantage of the tax credit available for prior transfers (TPT credit) when it is possible that the transferor and the receiver could die within a few years of one another. The TPT credit is aimed at avoiding double taxation of the estate assets when two owners' deaths occur in close succession. It is not required that the original owner of the estate die before the receiver, so some opportunity for sheltering assets is available. Examples are given.

Usage, Transfer (Law), Tax credits

---

Drafting revocable trusts to facilitate a stepped-up basis

Article Abstract:

A step-up basis for the property of a married couple who have divided assets can be obtained upon the death of the first spouse if the assets are in a revocable trust and each spouse has general power of appointment over the other spouse's assets. The gross value of the estate will be increased, but the deceased spouse's unified credit and the marital deductions can be used to offset the increase of the estate. Scenarios are discussed.

Management, Transfer taxes, Basis (Taxation)

---

Estate tax planning for nonresident alien business owners

Article Abstract:

Non-resident aliens who own businesses need to anticipate gift and estate tax liability concerning business they conduct in the US. Non-resident aliens are defined as people who can demonstrate they have not abandoned residence outside the US. These people or their advisors should consult tax treaties to determine which gift and estate taxes are covered by treaties that supersede Internal Revenue Code regulations.

Corporate Taxes, Aliens, Taxation, International business enterprises, Multinational corporations, Gift tax, Non-resident aliens, Nonresident aliens

Similar abstracts:

• Abstracts: Lawyers can revive their profession's image by rededicating themselves to their basic mission. Jurors prefer lawyers who are well-prepared - and not arrogant
• Abstracts: Resources can yield revenues; information brokering enables law firms to sell library service to others. An embattled profession faces new challenges; the 'information revolution' is leaving librarians behind
• Abstracts: ISO spread income is "wages" for purposes of income tax withholding and credit for increasing research activities
• Abstracts: Interbank settlement in wire transfers - legal aspects. Disability trusts that allow a client to qualify for Medicaid
• Abstracts: Outsider or frontrunner? Recent developments under international and European Union in international organizations and treaty bodies

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.