The 2010 Tax Relief Act: Estate Planning Considerations for 2011 and Beyond
Overview:
Discussion of the recently enacted 2010 Tax Relief Act has mostly focused on the extension of the Bush-era income tax cuts. However, there’s another important consideration: the Act’s impact on estate planning. The new law reunifies the gift, estate and generation-skipping transfer tax exemptions at $5 million – but just for 2011 and 2012. It also sets the rate for these three taxes at 35%. But barring Congressional action, these benefits disappear in 2013, when we’ll be back to a top rate of 55% for the three taxes and $1 million gift and estate tax exemptions, a $1 million+ GST exemption. Thus, uncertainties abound. Nevertheless, 2011 and 2012 offer some unprecedented planning opportunities – and traps for the unwary.
The Knowledge Group’s LIVE web cast will explore some of these issues and opportunities and will provide valuable information and analysis. The 2010 Tax Relief Act: Estate Planning Considerations for 2011 and Beyond LIVE Webcast is a must attend for: estate planning attorneys, counsel, administrators, tax advisors, tax professionals, business owners with wealth transfer concerns, and industry watchers.
Agenda:
Blanche Lark Christerson, Managing Director,
Deutsche Bank Private Wealth Management
- Overview of New Laws enacted on December 17, 2010
- BRIEF discussion of previously-existing rules (only as a basis for contrast with new rules).
- Summary of Estate, Gift and GST Tax rules applicable to 2010
- Exclusions and Tax Rates for 2011 and 2012
- Sunset provisions
- Special Rules for transactions in 2010
- Estate Tax: Deciding whether to make “Opt-out” election for 2010 decedents Procedures and timing for making the “Opt-out” election Modified Carry-over Basis calculations
- Gift Tax: Potentially using disclaimers to avoid the 35% tax on gifts above the $1 million exclusion.
James J. Raaf, Managing Director,
WTAS LLC
- Issues regarding Estate Planning with the $5 million lifetime exclusion during 2011 and 2012.
- Whether to try to draft “flexibility” into documents to cover 2011 and 2012 only?
- Should funding of a Credit Shelter Trust be “capped” at less than the full $5 million for some families?
- How, if at all, are the techniques we used previously affected (such as GRAT’s, IDIT’s, CRT’s, CLT’s, ILIT’s and QPRT’s)?
- Differences in applying Planning Ideas for small estates (under $10) versus larger estates (over $10 million)
Charles Bender, Partner,
Crowe Horwath LLP
- Generation Skipping Transfer Tax.
- Impact of Zero Rate for 2010
- Importance of “electing out” of automatic allocations for Direct Skips in 2010
- Making Generation-Skipping Transfers or severances in 2011 / 2012 before “Sunset” occurs in 2013.
- Making large gifts in 2011 and 2012, and potential “Claw-Back” (or recapture at death) concepts.
Marv Hills, Partner,
Crowe Horwath LLP
- Detailed Discussion of Portability Rules
- Basic concept and calculations
- Potential impact of remarriage.
- Planning suggestions for utilization of DSUEA (still use Credit Shelter Trusts?)
Who Should Attend:
- Estate Planning Lawyers
- Tax lawyers
- Accountants
- Estate Planners
- Tax-exempt Auditors
- Wealth Management Executives
- Tax Advisers
- Estate Administrators
- Trust Officers
- Business Owners
- Tax Managers
- Tax Preparers
- Financial Planners
- Enrolled Agents
- Tax practitioners
- Risk managers
- Business lawyers
- Other lawyers who occasionally advise clients on tax matters
- Practitioners who have tax planning responsibility
- Attorneys specializing on Wealth Planning Practice; Trust & Estate Controversy; Estates and Trusts and Private Client
Blanche Lark Christerson is a managing director at Deutsche Bank Private Wealth Management, where she works with clients and their …
Jim Raaf specializes in comprehensive tax and financial planning for high net worth families and entrepreneurial businesses. He has over …
Mr. Hills graduated summa cum laude from Anderson University, Anderson, Indiana in 1981. He then joined Crowe, where he is …
Chuck’s practice focuses on tax and estate planning for high net-worth individuals and trust and estate administration. As an undergraduate, …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
114154
Total Credit:
1.0 CLE
Login Instructions:
No Access
You are not logged in. Please Login or register to the event to gain access to the materials and login instructions.
Unlock All The Knowledge and Credit You Need
Leading Provider of Online Continuing Education
It's As Easy as 1, 2, 3
Get Your 1-Year All Access Pass For Only $199
SPEAKERS' FIRMS:
Deutsche Bank Private Wealth Management
Fox Rothschild LLP
About Deutsche Bank Private Wealth Management
About WTAS LLC
WTAS is one of the largest independent firms in the United States, providing a wide range of tax, valuation, financial advisory and related consulting services. The firm is comprised of over 500 personnel located in 14 major cities and encompasses top advisors with previous experience in the international accounting firms, law firms, IRS and state taxing authorities. Our advisors hold multiple professional credentials and have depth in a wide range of capabilities allowing us to provide clients with comprehensive, integrated solutions.
Website: https://www.wtas.com/
About Crowe Horwath LLP
Crowe Horwath LLP is one of the largest public accounting and consulting firms in the United States. Under its core purpose of “Building Value with Values®,” Crowe assists public and private company clients in reaching their goals through audit, tax, advisory, risk, and performance services. With 26 offices and 2,400 personnel, Crowe is recognized by many organizations as one of the country’s best places to work. Crowe serves clients worldwide as an independent member of Crowe Horwath International, one of the largest networks in the world, consisting of more than 140 independent accounting and management consulting firms with offices in more than 400 cities around the world.
Website: https://www.crowehorwath.com/