The passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has changed the estate planning playing field. Professional advisors and authorities now have the opportunity to employ new strategies for their clients based upon changed circumstances brought about by this new law, and must get their arms around how to handle estate tax planning in light of the dramatic changes to the estate tax law landscape.
Many clients need document updates in order to help assure that credit shelter trust assets may receive a “stepped-up” basis on the surviving spouse’s death if the estate tax will as much of a concern as the income tax. Clients want to know how to make the best use of the temporary $4,000,000 increases in gifting and GST allowance, what to do with life insurance and life insurance trust situations, and what other opportunities that their planners can recommend for them based upon the changes to the tax law.
This webinar provided participants with: • Estate and income tax planning changes needed for clients with estates both above and below the new $5,000,000 thresholds• How to update credit shelter trust documents to allow for a possible “stepped-up” basis on the surviving spouse’s death, with applicable forms. • A working knowledge of the new rules, and how to work with them and to avoid traps for the unwary• 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 additional benefits for dynasty trust settlors • The pros and cons of tax exemption portability in 2011 and 2012, and how to make credit shelter trust planning more flexibleParticipants learned:• How the new rules change the estate planning playing field• Why credit shelter trust planning continues to have merit in light of exemption portability provided by the new law• How to leverage the increased estate and gift exemptions by the use of dynasty trusts, grantor retained annuity trusts (GRATs) and other estate planning techniques• How to advise clients on generation-skipping transfers in 2011 and 2012• Why this is an opportune time to review and update estate plans• How to analyze and advise on life insurance policies and trusts that may not be needed for 2011 and beyond.
Alan Gassman, J.D., LL.M., Christopher Denicolo, Esq., and Kenneth Crotty, Esq.
Alan Gassman, J.D., LL.M.
Admitted to Bar,1983, Florida.
Education: RollinsCollege (B.A., with distinction, 1980); University of Florida (J.D., withhonors, 1982; LL.M., Taxation, 1983).
Listed in: FloridaTrend's 2004 "Top 1.8% of the Best Lawyers in Florida"; Who's Who inAmerican Law, 1991-1998; Who's Who in America, 1998; Who's Who in Science andIndustry and Law and Leading Lawyers. Mr. Gassman has received an AV rating inMartindale-Hubbell Directories, based upon confidential colleague survey, whichis the highest rating available.
Author: Articlespublished in Journal of Asset Protection: "Implementing Asset ProtectionStrategies to Protect the Medical Practice," Nov./Dec. 1996 and "TaxPlanning for Offshore Trust Arrangements," July/Aug. 1997; Articlespublished in Medical Staff Counselor: "Structuring Group MedicalPractices: Shareholder and Partnership Agreements," Fall 1992 and"Structuring Group Medical Practices: Tax Planning Aspects; Articlespublished in Estate Planning Magazine "The 10 Most Common Mistakes thatEstate Planners Make in Asset Protection Matters"; and over 200 morearticles.
Member: Board ofAdvisors, 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 BarFoundation. Member, National Association of Estate Planers & Councils.
Continuing EducationPrograms: Co-Chairman and Presenter of the Florida Bar's annual PhysicianRepresentation Seminar, and Vice Chairman and Presenter of the Florida Bar'sannual Wealth Conservation Seminar. Mr. Gassman's outlines on Asset ProtectionIn the Estate Plan, Physician Disaster Avoidance, and What Every Doctor ShouldKnow About Asset Protection have and continue to be presented each year atnumerous continuing education and professional seminar conferences, includingthe ALI-ABA Sophisticated Planning Techniques Seminar in Boston, Massachusetts,The Midwestern Estate and Tax Planning Conference in Indianapolis, Indiana, TheFlorida Society of Osteopathic Physicians and numerous Estate Planning Councilpresentations throughout the State of Florida.
(Board CertifiedWills, Trusts and Estates Lawyer, Florida Bar Board of Legal Specialization andEducation).
Practice Areas:Estate Planning; Health Law; Tax Planning; Corporate Law; Business Law.
Christopher J. Denicolo is an associate 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.
Kenneth J. Crotty 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.