Stephen M. Breitstone, Mary P. O’Reilly & Joy Spence – Get a GRIP! How to Lock in the Exemption and Still Benefit from It with the Grantor Retained Interest Partnership Steve Leimberg’s Estate Planning Newsletter

“With the November elections looming and uncertainty as to the future of the current levels of Federal transfer tax exemptions if the Democrats obtain control, clients want to take advantage of the $11,580,000 gift tax exemption before they lose it.   However, many clients—including those with assets well in excess of the exemption—are nervous about giving up this much money in these uncertain times.  They don’t want to miss the opportunity to shelter their assets from estate taxes, yet they aren’t willing to give up control and access to those assets now. These clients need to get a GRIP!—the Grantor Retained Interest Partnership, where they can intentionally flunk Section 2701 to utilize the special valuation rules to make a deemed gift that is later adjusted in their gross estate, thereby locking in the $11,580,000 exemption while still maintaining maximum control, access and planning flexibility over the assets contributed.”

 

Stephen M. Breitstone, Mary P. O’Reilly and Joy Spence provide members with commentary that examines the advantages of using a Grantor Retained Interest Partnership.

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