If Tim Ratliff only funded a SLAT with an independent trustee and potentially structured as a properly structured asset protection trust, at least his family wouldn’t be destitute. #WhiteLotus
In the new #gilmoregirls Richard Gilmore set aside a trust share for Luke to franchise his diner. Assuming they’d used their exemption through gifting, of which we see plenty, it sounds like he triggered a circulation calculation of the marital deduction. @ACTECNEWS
So luck to welcome #estateplanning and #taxlaw attorney Zach Stackhouse to the program to discuss the proposed Billionaires Minimum Tax, which @POTUS revived during his #SOTU address. https://t.co/TENp8cbokL
With frequent electronic signatures outside of #estateplanning, and some states allowing electronic signature of Wills and Trusts, stories like this will increase. Moreover, Why is it that most states allow Trusts to be executed without the same formalities as a Will? @ACTECNEWS
Yes… ha ha ha… yes! make enormous gifts with probate assets in the public record. Side note: if he remarries, imagine as a widow having your marital share bear the estate tax on a gift to your late husband’s ex. #estateplanning#interrelatedcalculation#lawtwitter#TaxTwitter
There’s lots of confusion about different trusts.
I’ve spent more hours than humans logically should reading them and writing them.
So here are some resources so you can read too and do your own homework. 🧵
And for the Great Dr. Steadman, how to value all that tangible personal property? Hope he neglected to assign it to his trust so that we can see the probate inventory of jerseys and memorabilia. #lawtwitter#probate
Two #estateplanning challenges when a professional dies. First, how to turn equity in the clinic/firm into value in a beneficiary’s hands, esp where state law prevents a non-professional from holding such equity? Second, if Estate tax is due, how to pay? https://t.co/olEnkcKQKU
to a minor (or properly structured trust for minor) need not start the 10 year clock until the minor reaches adulthood. When naming a contingent bene, esp for IRAs, etc., professional advice can make an enormous difference in tax dollars saved /end @ACTECNEWS#estateplanning
Children as contingent benes usually works to pass assets to grandkids, if something happens to one of your kids. But if a minor child or grandchild gets assets this way, probate court will oversee asset management. As such, some folks use simple trusts. #lawtwitter /1
But naming a trust as the beneficiary of an IRA/401k carries risks because of the 2019 #secureact . Generally, if assets are not passing to a spouse or a trust solely for spouse, the trust will have 5 or 10 years to fully withdraw (and pay tax on) the IRA. An IRA passing… /2
First spouse dies, trust pays estate tax on specific gifts off the top from residual marital share (circular marital). Trust includes significant IRD. When, if ever, can the trust claim at IRD deduction in its 1041? #lawtwitter#estatetax#estateplanning#trusts#tax#taxlaw
What is the mens rea component of 18 USC 2383, since the statute itself is silent? And what are the strongest pieces of evidences for that mens rea after today, if any? @gtconway3d