Bill and Hillary Clinton are worth an estimated $45 million. Since today’s exclusion from estate and gift taxes is $5.45 million each, that leaves them well into taxable estate territory. If they died without significant planning, they would have $45 million, less $10.9 million in exclusions, for $34.1 million subject to tax at 40%. They would owe $13.64 million in estate tax at the death of the survivor of them. Bill and Hillary are smart people. They are doing estate planning and are using a … [Read more...] about Clintons Spotlight Estate Planning Technique
I recently returned from Atlanta and the Carter Center. I am pleased to serve on the National Planned Giving Advisory Board of the Carter Center with many nationally recognized leaders in the fields of Estate Planning and Philanthropy. In our recent meetings, we explored the intricacies of charitable gifts of tangible property, including both real and personal property. We noted that, while now is not a particularly good time to do a Qualified Personal Residence Trust (“QPRT”), it is an … [Read more...] about Charity Begins at Home
When we think of asset protection planning, we think of many things….like heading South to Florida or Texas, for example. But most estate planning attorneys do not think of QPRTs for asset protection. Rather, we think of them as a way of getting value out of the estate and down to the children or other beneficiaries at a discount. However, in a recent newsletter (Asset Protection newsletter #219) on Steve Leimberg’s website , author Jay Adkisson discusses a bankruptcy case from the Eastern … [Read more...] about QPRTs for Asset Protection?
In my last two posts, we’ve been looking at James and Susan, married business owners in their late 50’s. James and Susan have a net worth of just under $20 million, and they’ve come to you with some pretty simple estate planning goals: they want to provide first for each other, and then for their two children, Mark, 35, who is married with three children, and Emily, 33, who is a newlywed with no children. Of course, they also want to minimize their overall tax bill as much as possible. One of … [Read more...] about New Law, New Strategy: QPRTs