The Continued Viability of Using Bypass Trusts After the American Taxpayer Relief Act of 2012 By Doron M. Tisser and Brian H. Standing ATRA’s taxpayer benefits add—complexity and pitfalls—to estate planning THIS ARTICLE will look at the benefits of continuing to use a bypass trust as part of a married couple’s estate plan after the […]
Chapter 4 By Doron M. Tisser, Christopher Chediak & Jack S. Johal Scope of Chapter This chapter discusses the business (see §§4.4–4.17) and tax (§§4.18–4.45) issues the practitioner should consider when drafting a partnership or limited liability company (LLC) buy-sell agreement. It includes a partnership buy-sell agreement form with several alternative clauses (see §§4.46–4.64), including […]
By Doron M. Tisser & Whitney M. Skala Chapter 3 A. Scope of Chapter This chapter covers buy-sell (or “buy-out”) agreements for small, closely held corporations. The heart of this chapter is an agreement form (see §§3.48–3.73) for the purchase of the shares of a withdrawing shareholder by either the corporation (a “corporate redemption”) or […]
LIVING TRUST TIPS Living Trusts do NOT avoid probate, unless assets are held in the name of the trust. Having a Living Trust does NOT mean you have a completed estate plan. Having a Living Trust does NOT mean there will be no estate taxes when you die. When a person with a Living Trust […]
CHOOSING AN ESTATE PLANNING AND TRUST ADMINISTRATION ATTORNEY 10 Questions to ask your attorney Finding the right attorney to assist with your estate planning and trust administration can be a frustrating and confusing experience. With the myriad of resources and consultants in the marketplace, here are a few questions to ask the person you are […]
DO YOU NEED ESTATE PLANNING? Do you need a Will or Living Trust? Yes, if you want to control how your assets will be distributed at your death. Do you have a Will or a Living Trust which is more than one year old? If yes, it should be reviewed. Do you have minor children? […]
TRUST ADMINISTRATION CHECKLIST Contact an experienced trust administration attorney. (a) Failure to get proper advice can subject the trustee to personal liability. Review the estate plan. (a) Determine how many trusts need to be created. (b) Determine the trustees and beneficiaries. Collect all information regarding assets owned. (a) Was there life insurance on the decedent’s […]
LIMITED LIABILITY COMPANY BENEFITS The use of a Limited Liability Company (LLC) may be the premier planning strategy for reducing estate and gift tax liability. The following is a summary of some of the benefits of using an LLC.
ADVANCED ESTATE TAX PLANNING TECHNIQUES The following is a summary of various Advanced Estate Tax Planning Techniques available for eliminating or minimizing estate taxes. While not all techniques may be appropriate for your situation, you should see which ones might be beneficial to you and your family.
IRREVOCABLE LIFE INSURANCE TRUST TIPS The following top ten tips about Irrevocable Life Insurance Trusts (ILIT) are so important, that the failure to comply with any one of them can not only cause the estate plan to be ruined, but can cause a death tax on the life insurance proceeds, even though they are held […]
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