June 13, 2014
12:00 – 1:00 p.m.
1.00 MCLE hours
Estate planning for estates under $10 million is not nearly dead; it’s only become more complex. Although recent legislation eliminated the federal estate tax for estates under this amount for couples, there is no shortage of urgent income tax and non-tax issues that must still be considered. At the level of federal income tax, there are issues of preserving step-up basis on the death of a trust’s settlor or beneficiary and planning to minimize the new 3.8% tax on the “net investment income” of trusts. There is also essential planning to maximize the “portability” of the lifetime estate and gift tax exemption. Planners also need to carefully consider whether they can and should “reverse” certain planned gifts if their clients are no longer subject to the federal estate tax and revisit existing estate and trust plans to repurpose, revise or perhaps eliminate existing entities or structures. This program will provide you with a real world guide to the new world of estate planning for estates under $10 million.
John T. Midgett, Midgett & Preti P.C., Virginia