Register here for the July 12 webinar!
The passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has changed the playing field, and professional advisors and authorities have been working to get their arms around how to handle the new estate tax planning world brought about by this.
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 allowed participants to focus on the opportunities offered for planners by these changes, and brought clarity where there has been much confusion.
What was covered:This live webinar provided 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 • 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, with back up benefits for the donors• 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 plansEducation Objectives:Participants learned:• How to advise estates of decedents dying in 2010 on whether to accept the estate tax or to elect the carryover basis regime• The continued merit of credit shelter trusts versus exemption portability• Leveraging the increased estate and gift exemptions by the use of dynasty trusts and grantor retained annuity trusts (GRATs) • How to advise clients on generation-skipping transfers in 2011 and 2012• Why this is an opportune time to review estate plans
Alan Gassman, Kenneth Crotty, and Chris Denicola
Alan Gassman, J.D., LL.M.
Admitted to Bar, 1983, Florida.
Education: Rollins College (B.A., with distinction, 1980); University of Florida (J.D., with honors, 1982; LL.M., Taxation, 1983).
Listed in: Florida Trend's 2004 "Top 1.8% of the Best Lawyers in Florida"; Who's Who in American Law, 1991-1998; Who's Who in America, 1998; Who's Who in Science and Industry and Law and Leading Lawyers. Mr. Gassman has received an AV rating in Martindale-Hubbell Directories, based upon confidential colleague survey, which is the highest rating available.
Author: Articles published in Journal of Asset Protection: "Implementing Asset Protection Strategies to Protect the Medical Practice," Nov./Dec. 1996 and "Tax Planning for Offshore Trust Arrangements," July/Aug. 1997; Articles published in Medical Staff Counselor: "Structuring Group Medical Practices: Shareholder and Partnership Agreements," Fall 1992 and "Structuring Group Medical Practices: Tax Planning Aspects; Articles published in Estate Planning Magazine "The 10 Most Common Mistakes that Estate Planners Make in Asset Protection Matters"; and over 200 more articles.
Member: Board of Advisors, Journal of Asset Protection (1994-1997), Law & Leading Attorney, 1996-2000. Contributing Author, Leimberg Information Services (LISI). President, Pinellas County Estate Planning Council, 1994. Fellow, American Bar Foundation. Member, National Association of Estate Planers & Councils.
Continuing Education Programs: Co-Chairman and Presenter of the Florida Bar's annual Physician Representation Seminar, and Vice Chairman and Presenter of the Florida Bar's annual Wealth Conservation Seminar. Mr. Gassman's outlines on Asset Protection In the Estate Plan, Physician Disaster Avoidance, and What Every Doctor Should Know About Asset Protection have and continue to be presented each year at numerous continuing education and professional seminar conferences, including the ALI-ABA Sophisticated Planning Techniques Seminar in Boston, Massachusetts, The Midwestern Estate and Tax Planning Conference in Indianapolis, Indiana, The Florida Society of Osteopathic Physicians and numerous Estate Planning Council presentations throughout the State of Florida.
(Board Certified Wills, Trusts and Estates Lawyer, Florida Bar Board of Legal Specialization and Education).
Practice Areas: Estate Planning; Health Law; Tax Planning; Corporate Law; Business Law.
Kenneth J. Crotty, J.D., LL.M. is a partner at the Clearwater, Florida law firm of Gassman, Bates & Associates, P.A., where he practices in the areas of estate tax and trust planning, taxation, physician representation, and corporate and business law. Mr. Crotty has co-authored several handbooks that have been published in BNA Tax & Accounting, Steve Leimberg’s Estate Planning and Asset Protection Planning Newsletters and Estate Planning Magazine
Christopher J. Denicolo, J.D., LL.M. is a partner at the Clearwater, Florida law firm of Gassman, Bates & Associates, P.A., where he practices in the areas of estate tax and trust planning, taxation, physician representation, and corporate and business law. He has published several articles in various publications, including BNA Tax & Accounting, the Florida Bar Journal and the LISI Network.