Partner in Charge - Charles Inderieden, CPA
2010 Estate Tax Update
The Economic Growth and Tax Relief Reconciliation Act of 2001 (2001 Act) repealed the estate tax and the generation-skipping transfer (GST) tax for estates of individuals dying in 2010. To comply with budgetary rules, the 2001 Act contained a so-called “sunset rule” under which the pre-2001 Act rules return after 2010 unless Congress provides otherwise at some future time.
Unless Congress acts, the estate, gift, and generation skipping transfer (GST) taxes as they existed before 2002 will be reinstated in 2011.
This leaves estate planning in a confused state. Apart from the concern that some heirs will face increased tax costs if Congress does not take action, there is another looming concern. Wills and Trusts using formula clauses that work well when the estate tax is in force may produce unintended consequences when there is no estate tax—such clauses could be construed to leave spouses with far less than the decedent intended, and in some cases, even nothing.
If you have not reviewed your estate planning documents recently with your attorney/professional advisor you should set up an appointment immediately to be sure that the documents still accomplish your plans and goals under the current law.
For more information, see the following Blogs:
How Do You Protect Your Estate After You're Gone?
Henry & Horne's estate planning professionals can assist you in your estate and business succession planning, no matter what stage you're in. If you don't know where to begin, we will assemble a team of Arizona's most respected estate planning attorneys and other financial advisors tailored for your situation. We can help conduct family meetings to address your family business succession objectives.
If you've already started your planning, we will work with your existing advisors to help you meet your goals. We can maximize the chances that the IRS will accept your estate planning strategies, from the administration of family limited partnerships to reporting your gifts with adequate disclosure necessary to start the statute of limitations.
Maybe you have charitable intentions. We can find creative ways to maximize the impact of your charitable gift both on your tax return and to the recipient charity. We can advise you about running your private foundation and offer alternatives for reaching your charitable goals.
When our clients lose a loved one, they turn to Henry & Horne. Our compassionate advisors guide you through the many required tax filings and post-death transfers. Using our inventive post-mortem planning strategies, our clients have saved millions.
Income Tax Planning for High Net Worth Individuals
As a high net worth individual, your needs go beyond annual income tax preparation. You need sound income tax planning advice coupled with a strong knowledge of how everything fits together with your estate plan.
That's why we take a look at your complete financial picture to better advise you regarding complex tax planning. We also vigilantly avoid estate tax traps, which we identify through the process of serving as your income tax advisor.
- Stock Option Planning
- Cash Flow Planning
- Retirement Income Planning
- Promissory Note Accounting
Commitment
Our commitment to excellence is equaled only by our dedication to client service. We provide our clients with current, cost-effective and practical advice based on today's available estate planning techniques. We work closely with some of Arizona's most respected estate planning attorneys and trust officers through our active involvement in the Central Arizona Estate Planning Council, Valley Estate Planners, East Valley Estate Planners, and other estate planning study groups.
Estate, Trust & Gift Services:
- Estate Tax Return Preparation and Estate Administration
- U.S. Gift Tax Return Preparation
- Trust and Estate Income Tax Return Preparation
- Fiduciary Accounting Under the Principal and Income Act for Trusts
- Probate Court-Approved Accounting Format for Estates and Conservatorships
- Charitable Remainder Trust Tax Returns and Related Administration
- Private Foundation Compliance Administration and Tax Returns
- Business Succession Planning
- Family Limited Partnership and Limited Liability Company Tax Returns and Consulting
- Charitable Gift Planning
- Retirement Planning, including Roth Conversion Analysis
- Sales to Defective Grantor Trusts