Leveraging Defined Value Clauses to Mitigate Estate and Gift Tax
Drafting Formula Clauses and Donee Selection Post-Petter
Recording of a 110-minute CLE teleconference with Q&A
Conducted on Tuesday, May 31, 2011
Recorded event now available
This CLE webinar will provide guidance on using defined-value clauses in estate planning, estate administration, and intra-family sales, offer examples of Petter-type clauses, analyze pros and cons of alternative recipients for excess value, and discuss strategies for dealing with risks of IRS challenges.
Description
The IRS has challenged certain formula clauses in estate planning and related party sales transactions for hard to value assets. Recent taxpayer victories using defined value clauses provide individuals with techniques including charitable lid planning to limit transfer tax liability.
The prior landscape set by Comm’r v. Procter was dramatically changed by cases including Estate of Petter v. Comm’r and Estate of Christiansen, which provide guidance for minimizing gift and estate tax risks associated with intra-family sales, gift transfers and estate bequests.
Care must be taken in structuring transactions involving interests in closely held businesses and other assets whose value may be subject to dispute. Using charitable vehicles and non-charitable trusts as recipients of excess value can play an important role in estate planning strategies.
Listen as our authoritative panel of estate planning specialists offers best uses for Petter-type clauses, suggests alternative recipients for excess value, and discusses strategies for dealing with IRS challenges.
Outline
- Defined value clauses
- Definition
- Case law
- Statutes and regulations
- Updates
- Uses of defined value clauses
- Wills
- Gifts
- Sales
- Trusts
- Disclaimers
- Alternative recipients for excess value under Petter-type formula allocation
- Public charity
- Donor advised fund
- Private foundation
- GRAT
- CLAT
- Intervivos QTIP
- Strategies for dealing with IRS challenges
- Documenting transactions
- Appraisals
- Decisions about reporting transactions on gift tax returns
Benefits
The panel will review these and other key questions:
- How can defined-value clauses best be used in estate, gift and inter-family sale transactions?
- What are the best strategies to avoid invalid disclaimers?
- What provisions should be included in trust agreements and purchase agreements?
Upon completing this teleconference, you will have received a thorough briefing on how defined-value clauses can be used in estate planning, gifting, and inter-family sales. You will be prepared with guidance on the best uses for Petter-type clauses, suggestions of alternative recipients for excess value, and strategies for dealing with IRS challenges.
Faculty
Michael Whitty,
Shareholder
Vedder Price, Chicago
He concentrates his practice in estate planning, taxation, and estate and trust administration. He is a Fellow of the American College of Trust and Estate Counsel, and serves on the American Bar Association Section Council. He recently served as Chair of the Wealth Planning and Nontax Issues Group of the Probate and Trust Division of the Section of Real Property, Probate and Trust Law.
Susan M. Holzman,
Shareholder
Orloff Lowenbach Stifelman & Siegel, Roseland, N.J.
Her focus is on tax and estate planning, including business succession planning, generation-skipping transfer tax planning, and the implementation of gift programs, life insurance arrangements, and intra-family sales. She is a Fellow of the American College of Trust and Estate Counsel and is on the Board of Consultors of the New Jersey Bar Association Real Property, Trust and Estate Law Section.
David J. Slenn,
Akerman Senterfitt, Naples, Fla.
He is Co-Chair of the ABA's Asset Protection Planning Committee. He speaks nationally on the topic of asset protection planning and was featured in publications such as Bloomberg Law Reports, Leimberg Information Services and the ABA's Probate & Property magazine. He has more than eight years of experience in estate planning, life insurance planning, trust and estate settlement, and taxation.
Ordering
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Customer Reviews
The webinar offered excellent insight into some specific areas.
Beth Ann R. Lawson
Virginia Beach Law Group
The program was well organized and discussed the major issues.
Roxy Hammett
Wolff & Samson PC
The seminar was very informative and easy to understand.
Amy Allison
Anderson Hunter Law Firm
Another great job by Strafford!
Jessica Brown
Gibson Dunn
A focused presentation offering practical information in a concise format.
Una Kang
Saiber
Estate Planning Advisory Board
Partner
Annino & Ligon
Partner
McArthur Franklin
Partner and Practice Group Leader - Tax
Waller Lansden Dortch & Davis
Partner
Fitzgerald Abbott & Beardsley
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