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Estate Tax Law Changes in 2011

Product Code - TMAU93
Speaker(s): Alan Gassman
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Ever since the passage of EGTRRA in 2001, estate planners have had to deal with the uncertainty of a changing estate tax. The repeal of the estate tax in 2010 and its reintroduction in 2011 with a smaller exemption and higher rates had the effect of discouraging planners and their clients from engaging in long-term planning.

The recent passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has changed the playing field, but with only a temporary two-year fix. The Act has resolved the uncertainty for estates of decedents dying in 2010 by giving them a choice between no estate tax, but with carryover income tax basis, or the imposition of an estate tax with a $5.0 million exemption.

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 will focus on the opportunities offered for planners by these changes in 2011 and 2012.

What will be covered:

This 60-90 webinar will provide participants with a conceptual understanding and practical application of the following:

1. Options available for estates of decedents dying in 2010

2. How generation-skipping transfers made in 2010 are affected by the new legislation

3. The new exemptions and rates for the estate, gift and generation-skipping taxes

4. The opportunities for tax-free gifting programs in 2010 and 2011

5. How the increased exemptions favor the creation of dynasty trusts

6. The availability of estate tax exemption portability in 2011 and 2012

Education Objectives:

Participants will learn:

1. How to advise estates of decedents dying in 2010 on whether to accept the estate tax or to elect the carryover basis regime

2. The continued merit of credit shelter trusts versus exemption portability

3. Leveraging the increased estate and gift exemptions by the use of dynasty trusts and grantor retained annuity trusts (GRATs)

4. How to advise clients on generation-skipping transfers in 2011 and 2012

5. Why this is an opportune time to review estate plans.

Alan Gassman

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.