The estate tax is voluntary. There is no reason for anyone's heirs to pay it. Those who fail to plan; plan to fail. The tools needed to reduce the taxable estate to zero are readily available.
In 1977 Columbia Law Professor George Cooper wrote an article for the law review entitled "A Voluntary Tax? New Perspectives On Sophisticated Estate Tax Avoidance." In 42 years nothing has changed.
Eliminate the need to pay a 40% estate tax and undergo an estate tax audit. Examine California's proposed 22% estate tax for estates over $5,490,000. We'll examine common situations involving real estate, closely held businesses, and highly liquid portfolios.
Upon completion of the course the attendee will recognize the following estate planning techniques:
usage of a private annuity
generational split dollar life insurance
family limited partnerships and the other tools used to get an estate to zero
The continuous need to file IRS Form 709 as you whittle the estate down to zero
The different aspects of private annuities, including the exhaustion ratio
The use of family limited partnerships to gain valuation discounts and to eliminate property tax reassessment on the surviving parent's death
The use of SCIN-GRATs in combination; the use of GSD
The use of a children's trust as a tool for the parents to remain in control
This course is designed for CPAs who wish to guide their clients away from mere estate tax reduction to the Nirvana of estate tax elimination. The techniques are easy enough to understand. Mastering the techniques, of course, only comes with repetition.
An understanding of the general features of the estate and gift tax