2011 Estate Planning Update

Estate Planning Update - The Impact of the 2010 Tax Relief Act Brian T. Whitlock, CPA, JD, LLM

2010 Tax Relief Act – Transfer Tax Highlights ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

How does the Tax Relief Act Impact 2010 Deaths? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Carryover Basis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Example of Carryover Basis ,[object Object],Description FMV Basis Lower of FMV or Cost Chicago Residence $ 1,000,000 $ 150,000 $ 150,000 Florida Condo $ 300,000 $ 50,000 $ 50,000 Stock $ 7,500,000 $ 6,200,000 $ 6,200,000 Bonds $ 2,000,000 $ 2,200,000 $ 2,000,000 IRA $ 6,000,000 $ 0 $ 0 Personal Property $ 200,000 $ 250,000 $ 200,000

Example of Modified Carryover Basis ,[object Object],* Allow for Section 121(b)(11) exclusion of $250,000 ** Loss on Personal assets would not have been deductible under Section 165, if sold during life Description FMV Basis Election Adj. Basis Chicago Residence $ 1,000,000 $ 150,000 $ 600,000 $ 750,000* Florida Condominium 300,000 50,000 250,000 300,000 Common Stocks 7,500,000 6,200,000 1,150,000 7,350,000 Bonds 2,000,000 2,200,000 n/a 2,000,000 IRA 6,000,000 0 0 0 Personal Property 200,000 250,000 n/a** 200,000 Total $ 17,000,000 $ 8,850,000 $ 2,000,000 $ 10,600,000

Step up and Estate tax vs. Carryover basis ,[object Object],[object Object],[object Object]

How does the Tax Relief Act Impact 2010 Gifts? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

How does the Tax Relief Act Impact 2010 GST Gifts? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

How does the Tax Relief Act Impact 2011 Transfers? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

2011 Estate and Gift Tax Rates ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Applicable Credit Amount – Section 2010(c) ,[object Object],[object Object],[object Object],[object Object],[object Object]

Unused Credit of Spouse Section 2010(c)(5) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Other Provisions extended ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

State of Illinois ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Illinois It’s a nice place to live, just don’t die here.

Planning Options ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Key Strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Key Strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Questions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

2011 Estate Planning Update

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