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Trusts & Estates: April 2023 Digital Edition
Program Trusts & Estates Primary category Trusts & Estates Publish Date Apr 12, 2023 Features on Fiduciary Professions and Perspectives, plus columns on Tax Law Update, Philanthropy and Tips...
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A Trustee Designs a Template For ILIT Reviews
This standardized approach increases efficiency and reduces risk. A group of experienced trust officers at a mid-sized trust company has assembled in a conference room. Each member of the group has...
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Note From the Editor: May 2023
Editor in Chief Susan R. Lipp discusses this month's issue. A common goal of high-net-worth clients, especially those who own businesses or work in the business world, is to pass along the...
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On the Cover: May 2022
Legal editor Anna Sulkin discusses this month's cover. René Magritte’s L’Oeil sold for $10,625 at Swann Auction Galleries19th & 20th Century Art: Featuring Dada & Surrealism on March 23, 2023...
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Practical Practice Solutions: Income Taxes and Grantor Trust Angst
Martin M. Shenkman and Joy Matak explore options that might mollify growing grantor trust angst from continuing to bear the tax on trust income. Even before the Internal Revenue Code concluded that a...
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The Inheritance Experience
How to guide the next generation to find a meaningful path of their own. William, a 32-year-old, sixth generation member of a successful business family confided to us, “I want to be known for my...
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Deeds and Discounts: Estate Planning With Real Estate
There are benefits, but beware of complexities and potential pitfalls. To make use of the current record high federal gift tax exemption amount,1 estate planners may find that many...
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This U.S. Trust Has a Foreign Beneficiary!
Guidelines for unravelling a taxing circumstance. With increasing global mobility of high-net-worth individuals and families, it’s becoming more common for a U.S. fiduciary to be the trustee of a...
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Cecil v. Commissioner Provides New Insights on Tax-Affecting
How does the court weigh evidence on valuation discounts? Ever since Gross v. Commissioner,1 the Tax Court has struggled with the valuation of pass-through entities, such as S corporations (S corps)....
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Fiduciary Law Trends
A roundup of significant court cases. As we head into a supposed “economic downturn,” how might fiduciary cases look in 2023 and 2024? In 2022, there were some fascinating cases. Here are a few...
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Choosing a Professional Trustee
A value proposition worth considering. Today, more of our clients are becoming receptive to planning that uses irrevocable trusts intended to manage significant wealth for future generations of the...
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The Entrepreneur’s Trust
Motivate and inspire the next generation. Successful wealth creators whose wealth is derived from taking on risk and building concentrations in private businesses often wish for their descendants to...
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Trustee Considerations in Owning a 529 Plan
Potential pitfalls and drafting guidelines. In the September 2022 issue of Trusts & Estates,1I described the benefits of having a trust-owned Internal Revenue Code Section 529 plan (529 plan). If...
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Trusts & Estates: May 2023 Digital Edition
Program Trusts & Estates Primary category Trusts & Estates Publish Date Apr 25, 2023 Features on Fiduciary Professions and Perspectives, plus columns on Tax Law Update, Philanthropy and...
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Should I Care About the Biden Administration Green Book?
Martin M. Shenkman and Joy Matak suggest that advisors identify specific categories or particular clients who might consider preemptive planning before further changes are made. The Biden...
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The GST Tax is Old Enough To Have Grandkids!
Planning in the era (or generation) of a mature regime. Since it became effective in 1985, the generation-skipping transfer (GST) tax has been a source of complexity, confusion and liability. Under...
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Unpack the Potential of the Trust to Beneficiary Interest-Free Loan
A strategy for fighting inflation. Wealthy families and their advisors strive to provide for the efficient and appropriate use of family capital. Many families use intrafamily loans to make capital...
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The Role of Artificial Intelligence in the Future of Estate Planning
Possibilities and challenges. Artificial intelligence (AI) and natural language processing (NLP) technologies have been buzzwords for several years, and their capabilities are continuing to grow. With...
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Cross-Border Divorce
Complexities in the laws, taxes and cultures. Clients anticipating or in the process of divorce typically seek guidance from their current professional advisors. Increasingly, divorces involve...
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Tax-Free Transfers From IRAs To CRTs and CGAs
Checklist for qualified charitable distributions. For over 15 years, individuals over the age of 70½ have been able to make tax-favored gifts directly from their individual retirement accounts...
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