TELESEMINAR: Planning for Estates Under $10 Million – A National Perspective
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.
- Estate planning for estates under $10 million – new planning for a new tax world
- Preserving step-up basis for federal income tax purposes on the death of a settlor or beneficiary
- Minimizing application of the 3.8% tax on net investment income in trusts
- Maximizing portability planning for the lifetime estate/gift tax exemption
- “Reversing” existing gifts/transfers for clients no longer subject to the estate tax
- Preparing clients to transfer their valuable digital assets
- Revising and revising existing estate and trust plans
John T. Midgett, Midgett & Preti P.C., Virginia