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The solutions offered include: living trusts, bypass trusts, QTIP trusts (lifetime and postmortem), QPRTs, intentionally defective grantor trusts (IDITs), beneficiary defective grantor trusts (BDITs), dynasty trusts, self-settled trusts, off-short trusts, gifting trusts, medicaid qualification trusts, discounting strategies to devalue assets for transfer tax purposes, "estate freezes," family limited partnerships and many more tax saving and asset protection devices.
Note that bypass trusts can only benefit from a lump sum, which will always be taxed at 45 per cent.
Often, some of the most valuable estate planning results are achieved not by using the big-picture items like bypass trusts, discounts, or note sales, but rather by the aggregate of a variety of seemingly less significant planning steps.
Bypass trusts may have been abandoned in some estate plans in the wake of the American Taxpayer Relief Act of 2012 (ATRA), with "some clients [.
It opens up new possibilities for how you handle bypass trusts and, in that context, gifting strategies.
This "deceased spousal unused exclusion amount" (DSUEA) provision gives couples an additional way to preserve both spouses' full exclusions, besides traditional credit shelter and bypass trusts.
Certain bypass trusts allow the trust to make an interest free loan from trust funds to the surviving spouse or partner that can be offset against the surviving spouse's estate for IHT purposes and reduce the tax liability.
These issues, for example, include reviewing the bypass trusts, gifting to grandchildren because of the absence of a generation-skipping transfer tax and carry-over basis issues.
Review current values where assets have been allocated between spouses in order to take maximum advantage of the applicable exclusion amount with bypass trusts.
Clients will now be asking if they should use their traditional IRAs or Roth IRAs to fund bypass trusts.
However, Rehl notes, many couples set up bypass trusts that were written for the era of the $600,000 exemption.
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