What is the Impact of Mandatory Tax Distribution Clauses, Crummey- Type Powers and Other Factors, (Jul. 25, 2012)
As 2012 marches on, clients are pushing to complete gift transactions to utilize what remains of their $5.12 million applicable exclusion, establish trusts to, hopefully, grandfather grantor trust status and allocate their remaining GST exemption, all of which have been proposed for modification or worse. Another planning elixir sought by many taxpayers is the gifting of assets that qualify for valuation discounts because of the many proposals to restrict or eliminate discounts. When evaluating these discounts a host of tax and intra-family issues must be considered.