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Estate Tax Planning: Use It Before You Lose It

ESTATE TAX PLANNING: USE IT BEFORE YOU LOSE IT

Cost $15.00
Presentation Length 1.0 hour

Recorded DateSeptember 24, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

What to giveth before Congress taketh away.

Opportunities never seem as bright as when they are about to be lost, and now is as intense a time as we have seen before for estate tax planning.

The most effective estate tax avoidance techniques are in the cross-hairs of a vast majority of the Democratic senators and congressmen, as made clear by the House Ways and Means Committee bill that was released on Monday, September 13.

At stake is a reduction of the $11,700,000 estate tax exemption to one half of what it would otherwise be after the annual inflation adjustment effective on January 1, 2022. Additionally, the loss of the ability to take discounts on non-business assets and the loss of the ability to form and fund irrevocable trusts that can be disregarded for federal income tax purposes (effective on the date of enactment of such a law) will cause significant and unavoidable estate tax liability for a great many families who would have otherwise avoided such taxes.

While most affluent taxpayers are aware of how grantor trusts and installment sales work (and have completed or are in the process of completing whatever can be done in the short amount of time that may remain), many taxpayers, and even good advisors, are not familiar with how the three "use it or lose it" planning techniques work and how they may apply to their situation if implemented before being legislated out of existence.


Learning Objectives:


  • Identify the Qualified Personal Residence Trust

  • Review the Grantor Retained Annuity Trust

  • Summarize the Lifetime Income Tax Deductible Charitable Lead Annuity Trust

  • Determine techniques for making gifts before the new law passes that may be reversed if the law does not pass


Please join Alan Gassman and Brandon Ketron to discuss these techniques, what you can do in view of the possibility of a reduced estate and gift tax exclusion, and the very short time window that may be available to put installment sales and large gifts to trusts into effect.

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Alan S. Gassman, J.D., LL.M., is a board-certified estate planning and trust lawyer who practices in Clearwater, Florida. He has an LL.M. in taxation from the University of Florida and practices in trust and estate planning, tax, wealth preservation, and the representation of physicians and medical practices.

Mr. Gassman speaks at many tax conferences, national programs, and webinar platforms, including Bloomberg BNA Tax and Accounting and the Notre Dame Tax and Estate Planning Institute.

 

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Gassman crotty den

Brandon Ketron is an associate at the law firm of Gassman, Crotty, and Denicola, P.A. and practices in the areas of Estate Planning, Tax, and Corporate and Business Law. Brandon graduated from the University of Florida in May of 2016, where he received his LLM in Taxation. He received his JD from Stetson University College of Law and graduated cum laude. Brandon received his undergraduate degree from Roanoke College, where he graduated cum laude with a Business Administration degree and concentrations in accounting and finance. Brandon is licensed to practice law in Florida and is a licensed CPA in Florida and Virginia.
 

About Our Presenter

Gassman crotty den

Our firm was formed in 1987 with one lawyer and a shared secretary and receptionist to provide representation to professionals, business owners and retirees in their estate and related tax and personal planning, business and corporate needs.

Since then we have grown to 6 lawyers and over 20 staff, which we have found over the past two decades to be the best size for us. We are very proud of our team, our systems, and our dedication to providing the best and most appropriate legal services for all clients, whether big or small. Our lawyers meet together almost every morning to discuss and work together on cases, strategies and practice improvement projects in order to work the most efficiently and effectively for our clients. We like what we do and enjoy working together.