No Clawback Obligation In Latest Estates Tax Legislation Say Experts
ARLINGTON, Va., Jan. 27, 2011 /PRNewswire-USNewswire/ -- In a new BNA Tax & Accounting webinar that will be held on February 10, 2011 Estate Tax Changes, noted tax authors and commentators Jerry Hesch, Alan Gassman, and Christopher Denicolo will present analysis concluding that the passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 does not cause a "clawback" tax obligation for people who make gifts in 2011 and 2012 that exceed their post 2012 estate tax exemption allowance.
"Their analysis comes at a time when many commentators have speculated that a reduction in the estate tax allowance for 2013 could cause "retroactive gift tax liability for deaths after 2012," says BNA Tax & Accounting Managing Editor Harry Pskowski.
The new $5.0 million exemption, together with a 35% tax rate, applies to estates of those dying in 2011 and 2012, as well as to gifts and generation-skipping transfers made in those years. Then, in 2013, the pre-EGTRRA law will return, with a $1.0 million exclusion and a maximum 55% tax rate. This presentation will allow participants to focus on the opportunities offered for planners by these changes, and bring clarity where there has been much confusion.Hesch, Gassman and colleague Christopher Denicolo will show how many estates of wealthy taxpayers who died during 2010 may elect to be subject to the estate tax in order to have new taxable basis in the assets they leave to facilitate having new depreciable basis and less capital gains liability for their families. This live webinar will provide participants with:
- Estate and tax planning opportunities for clients with estates both above and below the new $5,000,000 thresholds
- A working knowledge of the new rules, and how to work with them
- Deadlines for taking action and filing tax returns and important tax elections
- What to do for estates of clients with over $5,000,000 in assets who died in 2010
- Professor Hesch's analysis of the clawback risk, and why it should not prevent large 2011 and 2012 gifting
- How many favored past techniques will continue to apply in 2011 and 2012, but in different ways
- How dynasty trust planning will be different and more popular
- The pros and cons tax exemption portability in 2011 and 2012, and how to make credit shelter trust planning more flexible
- Why this is an opportune time to review estate plans
- Expanded opportunities to use the estate tax regime for income tax planning if an individual owns interests in real estate where liabilities exceed tax basis
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