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Estate Taxes

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The U.S. Exit Tax

Bye-Bye U.S., Hello Exit Tax! If you are a U.S. citizen thinking about relinquishing your U.S. citizenship, or if you are what is defined as a “long-term” green card holder and thinking about giving it up, you may be in for a surprise. The U.S. has a sinister parting gift for you, called an “exit…

Dynasty Trusts

This is a part in a series of articles I have written on various types of irrevocable trusts. What is a Dynasty Trust? Many people refer to dynasty trusts to mean an irrevocable trust that is built so that after the death of the grantor, the trust benefits the grantor’s descendants.  I don’t disagree with this…

Sales to IDGTs

This is a part in a series of articles I have written on various types of irrevocable trusts. Intentionally Defective Grantor Trust What is a sale to an Intentionally Defective Grantor Trust (IDGT)? Why would a trust be “intentionally defective”? And what is so popular about this strategy? Intentionally Defective Grantor Trust An IDGT is a…

Why file a Form 706?

IRS Form 706 is commonly known as an “Estate Tax Return.” It is not well-known even by most accountants and is rarely filed. But estate planning lawyers will swear by them! So what’s the deal? Why are they so elusive to some, and yet so important to file according to others? Usually, there is a…

What is an ILIT?

This is a part in a series of articles I have written on various types of irrevocable trusts. Irrevocable Life Insurance Trusts Why set up an irrevocable life insurance trust (ILIT)? An irrevocable life insurance trust (referred to as an ILIT) is a type of irrevocable trust that typically is used to own life insurance policies…

What is the gift and estate tax?

This is Part 1 in a two-part series about Transfer Taxes. In Part 2, I discuss what is the generation skipping transfer tax. Understanding the Estate and Gift Tax There are two types of federal taxes.  The first, and more well-known one, is called income tax. The second type of tax is known as transfer taxes. …

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