LexisNexis® Legal Newsroom
Estate Planning In A New Environment

By Adam J. Gottlieb While interest rates continue to stay low and values of marketable securities and real estate are down, opportunities abound for estate planning to minimize the tax cost of transferring assets. In this entry we discuss three options that may be useful in current estate planning...

Is That Irrevocable Trust Really Irrevocable? – Perhaps Not

By Adam J. Gottlieb I. Introduction. Even under normal circumstances, at some point after an irrevocable trust is created and funded, it may no longer serve the purpose for which it was originally intended. But what options are available to the grantor and trustees? In this entry, we will explore...

Intrafamily Loans – IRC Sec. 7872

By Adam J. Gottlieb Before 1984, a high-income taxpayer could loan money to a lower income taxpayer without charging interest on the loan and the loan terms would be respected on their face. For example, a parent could loan money to his or her child without charging interest. The child could earn...

Can you Move a Uniform Transfers to Minors Act Account to a 529 Plan?

By Adam J. Gottlieb Introduction As the Beneficiary of an UTMA account approaches the age when the account will terminate (“Termination Age”, usually 18 or 21), the UTMA Custodian may be considering his or her options as to the UTMA account, knowing that the Beneficiary may not be...

Can You Move An UTMA Account To A Trust?

By Adam J. Gottlieb In February, I wrote about moving an UTMA account to a qualified Tuition Program under §529 of the Internal Revenue Code (a "529 Plan"). Other options may also exist. For example, a Custodian of an UTMA account may want to create a Trust and move the UTMA property...

Can You Move An UTMA Account To An LLC?

By Adam J. Gottlieb In February and June, I wrote about two options available to an UTMA Account Custodian. A Custodian may consider moving the UTMA property to a 529 Plan or to a Trust. Here I will discuss moving UTMA property to a Limited Liability Company ("LLC") or Limited Partnership...

Disclaimer Wills: The Petition for Letters of Trusteeship

By Adam J. Gottlieb A stable married couple with no serious family issues has several planning options when they consider the death of one or both spouses. Upon the death of one spouse, a question arises as to how to provide for the remaining life of the surviving spouse in a tax-advantaged way...

Using Grantor Trusts to Transfer Assets

By Adam J. Gottlieb In this entry, I will discuss transfers to an intentionally defective grantor trust ("IDGT"). An IDGT is a trust which provides no direct financial benefit to the transferor. It is a grantor trust under the income tax rules. A grantor trust is a legal trust under...

Compulsory Accountings – Necessary Parties

By Adam J. Gottlieb Settling an accounting for an Estate or Trust can be accomplished in three ways: 1. Informal accounting using receipts and releases; 2. Obtaining a decree upon filing receipts and releases with the court; and 3. Judicial settlement of the account, which can be initiated...

What Happens at the Termination of a QPRT?

By Adam J. Gottlieb In this entry I will discuss using Qualified Personal Residence Trusts and the need for further planning at the end of a QPRT. There are a few preliminary matters to cover. The principal asset inside the QPRT must be a personal residence. The reason for creating the QPRT is to...

Gifts in Difficult Financial Times

By Adam J. Gottlieb If a person has any desire to make any gifts at all, now may be the best time to make those gifts. I wrote a blog entry here more than a year ago which described certain gifting techniques and the reasoning therefor. I now revisit that concept now to update the financial benefit...

Discovery Proceedings in Estate Administration

By Adam J. Gottlieb The duty of an executor includes marshaling, or obtaining control over, the estate's assets. In certain circumstances, the executor cannot get control over all estate assets because another person may have possession of an asset. If the executor believes that another person...

Federal Government Access to Real Estate Transfer Information

By Adam J. Gottlieb There are many positives of the information and technological advances that private citizens have enjoyed over the past several decades. For example, we can now access information at break-neck speed on our handheld phones. We can watch a movie on a very small electronic device...