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The latest salvo will be regulations negating discounts on FLPs/LLCs (perhaps only on those not operating an active business) what should you be doing? If discounts are nixed and your estate is under the federal exemption amount, you might do a happy jig! Because the IRS will have done most wealthy, but not ultra-wealthy, taxpayers a favor.You may have created an FLP or LLC to achieve valuation discounts.The Practical Planner is a bi-monthly electronic (or if you prefer, paper) sophisticated planning newsletter that provides practical and creative ideas to address estate, tax, business, personal, financial, and asset protection planning.Articles address current developments, new planning ideas, and topics the media may not have addressed.If decanting makes sense, pay careful attention to the statutory requirements under which the decanting is achieved. Planning for the inevitable of aging is emotionally difficult to face.One common restriction on decanting is not adding new beneficiaries, as confirmed in a recent case. Practical steps such as consolidating assets, organizing and computerizing records, involving children or others who will serve in fiduciary capacities so that they are aware of their roles, and more, is essential.There are also a host of modifications or precautions you can consider: defer your right to receive any distributions for 10 years (the bankruptcy laws permit a trustee in bankruptcy to set aside transfers to self-settled trusts with 10 years); instead of having yourself listed as a beneficiary let a trusted person acting in a non-fiduciary capacity (i.e., not a trustee or trust protector) have the power to appoint descendants of your grandparents.Thus, you are not a beneficiary when the trust is created, so arguably the trust is not a self-settled trust.
■ DAPTs: With the general demise of the estate tax for most wealthy clients asset protection planning has assumed a more important role in planning.
■ Basis: Estate planning has taken on a new focus on the search for basis, i.e., maximizing the assets included in your estate (or others you select) so that the tax basis on which gain or loss is increased on death to the fair value of those assets (i.e., capital gains are eliminated).
While there is lots of talk about this how much cost and complexity are you willing to tolerate to accomplish this?
If you borrow million using the highly appreciated stock as collateral, you can gift the M to a grantor trust.
You will grow the value of those assets outside your estate, you’ll pay the income tax on trust income reducing your estate, and your estate will be reduced by interest charges. What if the securities the trust invests in with the fund borrowed plummet in value?