X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Joseph Frabizzio of Robson and Robson. Joseph Frabizzio of Robson and Robson.

Estate planning strategies such as family limited partnerships and gifts to charitable trusts are part of an estate planning professional’s toolbox to achieve client goals such as minimizing taxes, effectuating philanthropic plans, teaching younger generations about a family business and passing on wealth. In the best-case scenario, attorneys and their clients have time to review how the plan will work, allow younger generations to evaluate their role in the plan, evaluate the goals it will achieve, and recognize any risks associated with the plan. Whether a client’s estate is of a significant amount or of a more modest size, recent experience with COVID-19 highlights the need for individuals to take care of their planning while they have time to consider all issues involved versus rushing to implement a plan when there is a serious illness or fear of one driving their actions. These concerns are magnified, of course, when one must consider federal estate and gift tax issues. A recent memorandum opinion by the U.S. Tax Court provides an example of a last-minute, complex plan that may have been doomed from the start or headed off the rails in its implementation. See Estate of Howard V. Moore v. Commissioner of Internal Revenue, Docket Nos. 21209-09, 22082-09 (U.S. Tax Ct. April 7, 2020).

Want to continue reading?
Become a Free ALM Digital Reader.

Benefits of a Digital Membership:

  • Free access to 3 articles* every 30 days
  • Access to the entire ALM network of websites
  • Unlimited access to the ALM suite of newsletters
  • Build custom alerts on any search topic of your choosing
  • Search by a wide range of topics

*May exclude premium content
Already have an account?

 

Pennsylvania Tax HandbookBook

Pennsylvania Accountants, Tax Attorneys, and other Tax Professionals: If you're gearing up for the tax season just ahead, make sure the state's top tax book is in your ...

Get More Information
 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.