The IRS recently proposed regulations that will effectively eliminate several commonly used valuation discount strategies for estate and gift tax purposes. If the IRS’s current timetable holds, your clients may lose the ability to take advantage of certain valuation discounts as early as January 1, 2017. For your clients who have an estate large enough to be concerned about the federal estate tax (individuals…
Breaking News – Higher Net Worth Clients Must Act Now …
Newly issued IRS Proposed Regulations signal the “sun-setting” of an important estate tax planning tool. This week, the IRS issued new proposed regulations that are designed to remove the effectiveness of an important strategy that allows for the discounting of the value of assets for estate and gift tax purposes. Valuation discounting techniques (often through such tools as FLPs and FLLCs) have allowed people to significantly…
Breaking News – Major Court Victory for Clients Who …
Massachusetts’ Supreme Judicial Court just released opinion impacts many estate planning clients. Often, one strong recurring desire of estate planning clients is to protect their children’s inheritance from a child’s subsequent divorce. Ongoing “Inheritance Trusts” (also known as discretionary trusts) have been a solution to meet this goal. Yet, until today, this important tool in the Massachusetts estate planning attorney’s toolbox was called into question. In the Massachusetts’ divorce case of Pfannenstiehl v. Pfannenstiehl,…
5 Reasons to Protect Your Retirement Accounts Now
During your lifetime, your retirement account has asset protection, but as soon as you pass that account to a loved one, that protection evaporates. This means one lawsuit and POOF! Your life long, hard earned savings could be gone. Fortunately, there is an answer. A special trust called a “Standalone Retirement Trust” (SRT) can protect inherited assets from your beneficiaries’ creditors. We’ll show you what…