Estate Planning

Bring Out Your Dead-2704 Regs Dead, But Estate Tax Isn’t

Proposed Valuation Discount Regulations Under Section 2704 This week the Treasury pulled proposed regulations under Code Section 2704 that would have virtually eliminated valuation discounts for family limited partnerships. https://www.journalofaccountancy.com/news/2017/oct/treasury-will-pull-sec-2704-and-other-burdensome-rules-201717601.html This was not surprise, as a prior blog post noted.  So there is a window that is wide open for discount planning, and this planning will

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Eternity Is a Long Time- Reopening of Portability Return for DSUE

A recent Tax Court case, Estate of Minnie Lynn Sower, http://www.ustaxcourt.gov/UstcInOp/OpinionViewer.aspx?ID=11392, illustrates that, even though there is no estate due and a 706 return is filed to claim a deceased spouse’s unused exemption amount (“DSUE”) to preserve portability, care must still be exercised in preparing that return. In Sower, the Tax Court re-examined the estate of the

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Home, Home on the Range-Texas Homestead Law

Texas has one of the most expansive homestead laws in the country.    Homestead designation protects the homeowner from creditors claims, other than certain taxes and loans secured with the homestead. This blog post will cover the types of Texas homesteads, and who benefits from homestead designation. Types of Homesteads There are two types of

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It Might Be Time to Party Like It Is 2012 With The Spousal Lifetime Access Trust

In my last blog post I noted that it might be a good time to reconsider discount planning with family limited partnerships (FLP).  That thought has only increased over the last few weeks as the chances for tax reform dwindle.  Indeed, while political predictions are a fools game, we now have to seriously consider a

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DISCOUNTS FOR FAMILY LIMITED PARTNERSHIPS

Earlier in the year the Treasury announced that it would undertake a review of regulations issued since January 1, 2016.  Recently, in Notice 2017-38, the Treasury identified eight regulations for burden reduction, including the controversial proposed regulations under Internal Revenue Code 2704.  Those proposed regulations would have severely restricted the use of valuation discounts in family

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