Chairs: George D. Karibjanian, Franklin Karibjanian & Law PLLC, Boca Raton, FL / Washington, DC and Hannah W. Mensch, Ehrenkranz Partners, New York, NY
This panel will review developments in federal estate, gift and generation-skipping transfer tax laws since October 2019.
Panelists: Megan M. Curran, McCutchen Group LLC, Seattle, WA; Ashley Sawyer, Loeb and Loeb LLP, Washington, DC; Catherine V. Hughes, Office of Tax Policy, Department of Treasury, Washington, DC
Optimizing Lifetime Gifts: Advising Clients in Uncertain Times.
This program will discuss how to design, implement, and report lifetime transfers in the midst of an ever-changing legislative climate. Specifically, this program will examine strategies and provisions that are often overlooked by advisors and practitioners when designing and implementing their clients’ tax and non-tax objectives. The supporting outline is designed to leave the reader with practical examples of how to enhance their relationships by adding flexibility and value to their clients’ gifting strategies.
Panelist: Jeffrey Chadwick, Winstead PC, The Woodlands/Houston, TX
Florida Homestead – A Primer.
Welcome to Florida… the home of no state or local personal income tax, no estate tax, plenty of transplanted Northeasters and Midwesterners, palmetto bugs, Burmese pythons… and Article X, Section 4 of the Florida Constitution granting homestead protection to the resident owner. Many out-of-state – and in-state – practitioners fall victim to the homestead “sinkhole for the unwary”, so this program will present an overview of the three areas of homestead – ad valorem taxes, descent and devise and bankruptcy – about which all advisors with client contact in Florida should be aware.
Panelist: George D. Karibjanian, Franklin Karibjanian & Law PLLC, Boca Raton, Florida/Washington, DC
Generation-Skipping Transfer Tax Exemption Allocation: Often Automatic, But Rarely Straightforward.
The automatic allocation of generation-skipping transfer (“GST”) tax exemption is an area that is implicated often with trust planning, but is a source of confusion for many accountants, attorneys and tax preparers. This is an important and nuanced area of the law, where what may seem like a relatively innocuous (and easy to make) mistake on a tax return can significantly and adversely impact the client. Automatic allocation of GST tax exemption has been a topic that has been addressed in a number of recent IRS rulings seeking to correct tax preparer mistakes, and it is imperative that attorneys and accountants who prepare Forms 709 pay close attention to these rules, particularly when transfers to trusts are involved. This presentation will review common missteps that tax preparers often make (together with suggestions for how to avoid them), as well as some recent IRS rulings involving the automatic allocation of GST tax exemption.
Panelists: Michael S. Schwartz, Curtis Mallet-Prevost Colt & Mosle LLLP, New York, NY; Brad Dillon, Brown Brothers Harriman & Co., New York, NY