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Thursday, April 08, 2010
United States: House Votes To Limit GRATs
A GRAT is often a useful and tax-efficient technique for transferring to children property that the transferor expects to appreciate in value. In taking advantage of this technique, the transferor (the "grantor" of the trust) creates an irrevocable trust, places property into the trust as a gift, and retains the right to a fixed payment each year until the GRAT term ends. Often the payments are described as percentages of the initial fair market value of the property transferred to the GRAT, and often those payments increase each year in order to reduce the amount of the taxable gift and to keep the largest amount of the appreciating assets in the GRAT as long as possible. Read more...posted by Charles Monat Associates at 11:39 AM | 0 comments
United States: Issues (and opportunities) caused by the repeal of the Estate Tax
When the Economic Growth and Tax Relief and Reconciliation Act of 2001 ("EGTRRA"), was signed into law back in the summer of 2001, almost no one seriously thought that the law would ever be given its full effect – that is, the ultimate repeal of the federal estate and generation-skipping transfer taxes on January 1, 2010. However, through Congressional inaction for almost eight and a half years, the federal estate and generation-skipping transfer taxes are, indeed, no more . . . at least until January 1, 2011, when due to the "sunset" of EGTRRA they are scheduled to be reinstated with a mere $1 million exemption and a top rate of 55%. Notwithstanding repeal of the federal estate and generation-skipping transfer taxes, however, the federal gift tax remains in effect in 2010, with a $1 million exemption and a top rate of 35% (down from 45% in 2009). Furthermore, state level estate, gift and generation-skipping transfer taxes remain unchanged. Read more...posted by Charles Monat Associates at 11:37 AM | 0 comments
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