The Incredible Shrinking Estate
When it comes to estate tax liability for high-net-worth families, small is good. That's why the gift tax statutes, which can be used to shrink not only the current taxable estate, but also future earnings and asset appreciation, is a key weapon in the hands of savvy CPAs. In fact, effective us...
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| Veröffentlicht in: | The Practical Accountant 2009-04, p.7 |
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| description | When it comes to estate tax liability for high-net-worth families, small is good. That's why the gift tax statutes, which can be used to shrink not only the current taxable estate, but also future earnings and asset appreciation, is a key weapon in the hands of savvy CPAs. In fact, effective use of the gift tax statutes can help bring about "The Incredible Shrinking Estate." It's not uncommon however, that parents or grandparents want their offspring to be more mature before they receive a sizable amount of money. In that case, CPAs and other professionals may turn to certain types of Trust vehicles or perhaps a Family Limited Partnership. Another strategy for maximizing an inheritance is the use of an Irrevocable Life Insurance Trust. With a GRAT, an individual makes a gift to a trust and sets terms to have that money paid back as an annuity over a period of years. |
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That's why the gift tax statutes, which can be used to shrink not only the current taxable estate, but also future earnings and asset appreciation, is a key weapon in the hands of savvy CPAs. In fact, effective use of the gift tax statutes can help bring about "The Incredible Shrinking Estate." It's not uncommon however, that parents or grandparents want their offspring to be more mature before they receive a sizable amount of money. In that case, CPAs and other professionals may turn to certain types of Trust vehicles or perhaps a Family Limited Partnership. Another strategy for maximizing an inheritance is the use of an Irrevocable Life Insurance Trust. 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| identifier | ISSN: 0032-6321 |
| ispartof | The Practical Accountant, 2009-04, p.7 |
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| language | eng |
| recordid | cdi_proquest_reports_208259304 |
| source | EBSCOhost Business Source Complete |
| subjects | Crummey trusts Donations Estate taxes Families & family life Family trusts Gift taxes Grantor retained annuity trusts Liability Life insurance trusts Limited partnerships Marital deductions Qualified tuition programs Tax deductions Tax exemptions |
| title | The Incredible Shrinking Estate |
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