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Webinar: “Structuring Preferred Partnership Freezes in Estate Planning: Navigating the Chapter 14 Valuation Rules”.
Live Broadcast on October 20, 2017
This webinar will provide estate planners, advisers and tax counsel with a comprehensive exploration into the planning and structuring challenges and tax benefits of “freeze partnerships” as a tool for inter-generational wealth transfer. The speaker will discuss how to determine when freeze partnerships are the optimal vehicle for preserving basis, how to draft the partnership agreement and operating documents to ensure optimal tax treatment, and how to navigate the complex rules of Internal Revenue Code Chapter 14.
This course is co-sponsored with Wolters Kluwer.
Key Topics to be discussed:
• Structuring preferred partnerships
• Freeze techniques and structures
• Gift tax issues to avoid at formation
• How not to run afoul of the valuation requirements in IRC 2701
• Avoiding gain at formation resulting from contribution of assets into the preferred partnership
• Utilizing preferred partnerships with trusts (GRATs, CLATs, QTIPs)
Date / Time: October 20, 2017
Article: “Non-Charitable Purpose Trusts: Past, Present, and Future,” 51 Real Prop. & Est. L.J. 321 (2016)
This interesting article is a good read for all trusts and estates would-be scholars, from law students to practicing attorneys, as it hits the heart of what’s a valid purpose trust.
Digital Article: Too Busy To Die
Partner Avi Z. Kestenbaum is featured in the article below:
Trusts & Estates: Preventing Morbid Litigation
Amy F. Altman discusses why you should ask clients about their funeral arrangements.
For some, this topic may be overwhelming, morbid and an issue they would rather avoid. Not surprisingly, some clients may reason that the individual nominated as executor will also be responsible for the disposition of their remains. In some jurisdictions, the nominated executor may not be the one to control the disposition of remains. To find out more, read the full article.
Trusts & Estates: Don't Be Afraid of Questions
An article by Avi Z. Kestenbaum.
WSJ Podcast (Audio): Should Children Inherit Assets Jointly or Separately?
Wall Street Journal’s Veronica Dagher interviews Avi Kestenbaum to discuses how to best go about managing your children’s inheritance, and whether they should receive assets jointly or separately.
Die and Let Live! - A Review of Don DeLillo's novel Zero K
Jeffrey A. Galant, Counsel in our Trust & Estates group, gives a fascinating review of Don DeLillo’s novel, Zero K.
“We are born without choosing to be. Should we have to die in the same manner? Isn’t it a human glory to refuse to accept a certain fate?”
WSJ Podcast (Audio): What Prince's Death Teaches About Estate Planning
When Prince died without a will, it raised a lot of questions about his estate. Meltzer Lippe’s Avi Kestenbaum discusses why people put off estate planning and what the death of Prince can teach us about how to prepare for the future.
Click here to listen:
Avi Z. Kestenbaum & Mary P. O'Reilly: "Stepping-Up" CLATS, a Win-Win for Beneficiaries and Charities “
“With today’s high federal income tax rates and the estate tax applicable to relatively few estates and at lower rates, there has been an increased focus in estate planning to achieve a step-up in income tax basis at death. However, in most cases moving assets outside of the taxable estate and receiving a step-up in basis are mutually exclusive—you can achieve one but not both. Enter the zeroed-out testamentary charitable lead annuity trust (CLAT) when after death the estate sells its otherwise taxable assets to the family or to trusts for their behalf before the CLAT is funded. When utilized properly for clients who have already done significant lifetime planning, this technique allows for all of the client’s assets to pass to the family with a full step-up in basis, while paying no estate tax, a seemingly impossible achievement.”
Avi Kestenbaum and Mary O’Reilly provide members with their commentary on zeroed-out, testamentary CLATs.
Have We Got It All Wrong?
Trust & Estates Magazine published this article in their February 2016 issue, authored by partner Avi Z. Kestenbaum and associate Amy F. Altman. It asks the question, “Would you prefer to pass as much wealth as possible to your descendants? Or, would you rather give your heirs the greatest chance of truly being happy, well-adjusted, self-fulfilled and successful?” Research suggests that heirs may be better off with less wealth. Have We Got It All Wrong? Rethinking the Fabric of Estate Planning, featured in the February issue of Trusts & Estates Magazine.