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re: Avoiding the inheritance tax
Posted on 5/9/12 at 6:40 pm to GoCrazyAuburn
Posted on 5/9/12 at 6:40 pm to GoCrazyAuburn
IDK man I'm not trying to get into a political argument with you about it, agree to disagree.
1
Posted on 5/9/12 at 6:43 pm to kfizzle85
I wasn't either. I guess we are just on different levels on what we think is going to happen in the next year
Posted on 5/9/12 at 6:51 pm to TheHiddenFlask
quote:Yep. Could well happen.
Also, it's about to drop to $1MM in a year, which is whay I'm interested in addressing this issue now.
Predominately cash/security based estates function well as Trusts. Business do well transferred as FLPs. Were I passing on that farm to my kids, I'd assume an FLP to be a good option.
Posted on 5/9/12 at 7:19 pm to kfizzle85
Have you done any work with WTAS or clients of WTAS?
Posted on 5/9/12 at 7:28 pm to TheHiddenFlask
HIDDENFLASK
i just went through this. My dad just passed on 10/28/11.
We decided on a "Revocable Living Trust". There is also a irrevocable Living trust.
A few notes.
If Mom and Dads estate totals less than 1mill....no reason to do this unless you have a unruly sibling. (Which was our case)
Basically all of the properties and LLC's become owned by the trust. Surviving spouse has power of the purse. Forced heirship would be next to impossible and taxes can be avoided as long as items stay in the trust. I believe its good for one surviving generation so your kids would have to plan.
If you need a good recommendation to a Estate Planning Attorney ours is awesome.
Now you owe me some investing advice.
i just went through this. My dad just passed on 10/28/11.
We decided on a "Revocable Living Trust". There is also a irrevocable Living trust.
A few notes.
If Mom and Dads estate totals less than 1mill....no reason to do this unless you have a unruly sibling. (Which was our case)
Basically all of the properties and LLC's become owned by the trust. Surviving spouse has power of the purse. Forced heirship would be next to impossible and taxes can be avoided as long as items stay in the trust. I believe its good for one surviving generation so your kids would have to plan.
If you need a good recommendation to a Estate Planning Attorney ours is awesome.
Now you owe me some investing advice.
This post was edited on 5/9/12 at 7:28 pm
Posted on 5/9/12 at 7:31 pm to MoreOrLes
Revocable= included in estate.
Posted on 5/9/12 at 7:33 pm to Poodlebrain
I haven't, but I'm just a peon, so I don't know every one we work with. The lawyers I've worked with on the estate side most regularly are from Ropes & Gray, Vinson Elkins, Kirkland and Ellis, McGuireWoods, Fulbright and Jaworski, Baker Botts, Andrews Kurth based in Houston, Boston, NYC, and Chicago (to my knowledge).
Posted on 5/9/12 at 7:46 pm to kfizzle85
quote:
Y'all got $5MM+ in assets? WTF are you working for man?
Kfizz, $5 million is not that much money anymore, especially if there are several children to split the money among.
Posted on 5/9/12 at 8:01 pm to LSURussian
The split is what gets you.
Because I can do just fine on 65,000 a year for 75 years if I had no debt or kid anchors.
Because I can do just fine on 65,000 a year for 75 years if I had no debt or kid anchors.
Posted on 5/9/12 at 8:24 pm to LSURussian
Oh I'm not saying it is, I just know THF IRL and I didn't know he was that loaded. (or "well off" if you prefer)
(or "well off" if you prefer)
Posted on 5/9/12 at 8:34 pm to kfizzle85
quote:
I didn't know he was that loaded.
Posted on 5/9/12 at 8:43 pm to kfizzle85
It doesn't count when it is land.
Posted on 5/9/12 at 9:17 pm to Athanatos
When it's land, it's called "well endowed".
Posted on 5/9/12 at 9:28 pm to Athanatos
The good thing about land (in this context) is that when its non-distributing its gets an enormous discount.
Posted on 5/9/12 at 11:56 pm to kfizzle85
quote:
The good thing about land (in this context) is that when its non-distributing its gets an enormous discount.
Land and closely held businesses are the favorite assets of lawyers and accountants everywhere. Their values are such subjective matters that they provide lawyers and accountants endless opportunities to make money trying to ascertain the value as a whole, and then broken into pieces.
Posted on 5/9/12 at 11:59 pm to Poodlebrain
I personally haute when we have to do valuations with land because I think its bullshite, but thats a different story altogether.
Posted on 5/10/12 at 12:28 am to kfizzle85
Given that every piece of land is unique there is only one way to truly deterine its value, and that is in an arms length sale or exchange. Since those don't happen with great frwquency in the estate planning context land valuations are essential. And the opportunities for lawyers and accountants are limitless. And the bullshite that is land valuation is money to the attorneys and accountants who can shovel the bullshite to their clients' benefits.
Posted on 5/10/12 at 1:40 am to TheHiddenFlask
Gift it in amounts of 10k (non taxable) before his death
Posted on 5/10/12 at 6:07 am to kfizzle85
I was talking to a client of mine that owns an oil company in Houston. I was asking him about his estate planning and whether or not I should recommend someone for him to meet. He told me that his CPA said he does not have an estate tax problem because most of his wealth is tied up in oil and gas under the ground. Since it under the ground and they really don't know how much is there then they can't put a value on it. I found that strange, but he insisted.
Posted on 5/10/12 at 7:23 am to kfizzle85
quote:
The link just says what happens if they don't change it, I don't see anything that would suggest that's likely, which is all that you and I are currently talking about?
When it comes to the Estate Tax, it's such a political football, that after the complete clusterf*ck/debacle of 2010, I've given up trying to even hazard a f'ing guess.
I went to tons of seminars by all the leading Estate Tax gurus from 2008-2010. Without a single exception, they ALL said that Congress would do something about the Estate Tax prior to 2010, i.e., there was NO F*CKING WAY they were going to let the estate tax just go away for one year.
Well, guess what -- THEY F'ING DID!
And, for big money people who died in 2010, this was the biggest f'ing windfall for the decedents in our lifetime.
Just look at the Steinbrenner children. They got the Yankess (valued at more than $1 Billion) for f'ing free just because George died in 2010.
Who the f*ck would have predicted that?
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