Qualified Personal Residence Trusts Can Reduce Estate Taxes

The Qualified Personal Residence Trust (QPRT) has become a basic estate planning tool used by many estate planning attorneys as part of their standard package of estate planning documents.  It offers significant estate tax reduction if the estate owner(s) survive to the end of the term specified in the trust. Self Balancing Scooter Self Balancing […]

The 3 Year Rule of IRC Section 2035 when an ILIT Does Not Yet Exist

Often, a financial professional will be dealing with a wealthy client who needs life insurance to offset federal and state estate taxes. The common solution is typically a single life or survivorship life policy owned by an Irrevocable Life Insurance Trust (ILIT). Self Balancing Scooter Self Balancing Scooter Sale   Of course, the ILIT must […]

The New Cost Basis Reporting Law and Its Impact Estate Planning

On July 31, 2015, President Obama signed into law a bill passed by Congress for federal transportation funding. New IRC Section 6035 was quietly slipped into the transportation bill extension. IRC Section 6035 requires executors of estates to start providing cost basis reports to the IRS and beneficiaries of the deceased estate owner on new […]