Description
Remain ahead of the curve to be able to keep your clients informed and able to combat significant wealth erosion.
The Federal taxfree estate (exclusion) is scheduled to drop by 50 at the end of 2025. That would, of course, provide a revenue increase for the Federal government if it happens. But there are other actual and potential revenue raisers (family wealth erosion possibilities) in the works Increased IRS staff and audits IRS position on what constitutes a gift and the value thereof and possible tax increases to keep the government afloat. It is imperative that attorneys and other family wealth advisors remain ahead of the curve to be able to keep our clients informed and able to combat significant wealth erosion.
Date: 2024-05-16 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to describe to wealthier clients the importance of planning ahead.
* You will be able to discuss gift filing requirements.
* You will be able to explain to clients the risk of delay.
* You will be able to identify various trust and other gifting vehicles.
2024 National Election
• Will a Republican Sweep Bring an Extension of the 2018 Tax Benefits?
• Will a Democratic Sweep Allow President Biden to Implement Proposals From His State of Union?
• Or Business as Usual (Whatever That Means)?
Has the Federal Government Gone Too Far?
• Is Every Change/Consent a Gift (See CCA 202352018)?
• Some Good News With the Recent Schlapfer Case
• The New Corporate Transparency Act
• IRS Staffed up
Wars and Rumors of Wars
• Where Does Money for Aid (at Home and Abroad) Come From?
• Senator Sanders 99.5% Bill Contains a Lot of Money-Raisers Ready to Be Enacted
• Estate/Basis Trade-off
Remote Control?
• Remote Executions (in Some States and in Some Cases)
• Can the Attorney Zoom in to Officiate?
• Advantages (and Disadvantages) of Working Remotely
Assuming We Will Be Approaching the Cliff at the End of 2025
• Portability Update
• Outright Gifts
• Gifts in Trust (GRAT, IDGT, QPRT, SLAT, CRT, CLT, CRUMMEY, DYNASTY, and More)
• Loan Conversion
• Defined Value Gifts
• Reporting and Possible Rescission
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Mark R. Shepherd-Crist, Biorn, Shepherd & Roskoph
