ARLINGTON, Va., June 30, 2011 /PRNewswire-USNewswire/ -- While estate planners began facing new challenges after the enactment of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 back in December, new opportunities were opened up as well, according to Estate Tax Planning in 2011 and 2012, a new guide for estate planners from BNA.
Due to the temporary nature of the legislation, which expires on December 31, 2012, estate planning clients may have a limited window during which to use the extended estate, gift and generation-skipping transfer taxes for 2011 and 2012, which included an expanded $5.0 million exemption and reduced 35% tax rate, according to authors Alan S. Gassman, Christopher J. Denicolo, and Kenneth J. Crotty, all of Gassman, Bates and Associates in Clearwater, FL. The legislation also added portability of the estate tax exemption between married couples, also a new tool for estate planners.
"The authors, all seasoned practitioners, offer many useful strategies for modifying estate plans in the next year and a half," says George Farrah, Executive Editor at BNA. "In particular, their book analyzes the impact of the legislation on traditional credit shelter planning, revocable trusts, GRATs, and qualified personal residence trusts."
The book also discusses how the increased gift tax and GST tax exemptions can be used in 2011 and 2012 to facilitate the creation of long-term asset protection trusts that shelter client assets from both transfer tax and creditor claims for generations.
In addition, Estate Tax Planning in 2011 and 2012 describes the provisions of the new law, including:
- Opportunities to shelter a larger portion of the estate from tax
- Why it makes sense to make gifts now
- Planning for the moderately wealthy client
- Why this is the time to consider a dynasty/asset protection trust
- The continued role of life insurance
- The new portability provision and why it is not a panacea for planners
- Many examples, client letters, trust language, and more.
About the Authors
Alan S. Gassman, J.D., LL.M. practices law in Clearwater, Florida. Each year he published numerous articles in publications such as BNA Tax & Accounting, Estate Planning, Trusts and Estates, The Journal of Asset Protection, and Steve Leimberg's Asset Protection Planning Newsletters. Mr. Gassman is a fellow of the American Bar Foundation, a member of the Executive Council of the Tax Section of the Florida Bar, and has been quoted on many occasions in publications such as The Wall Street Journal, Forbes Magazine, Medical Economics, Modern Healthcare, and Florida Trend magazine. He is the senior partner at Gassman, Bates & Associates, P.A. in Clearwater, Florida, which he founded in 1987.
Christopher J. Denicolo, J.D., LL.M. is an associate at the Clearwater, Florida law firm of Gassman, Bates & Associates, P.A., where he practices in the areas of estate tax and trust planning, taxation, physician representation, and corporate and business law.
Kenneth J. Crotty, J.D., LL.M. is a partner at the Clearwater, Florida law firm of Gassman, Bates & Associates, P.A., where he practices in the areas of estate tax and trust planning, taxation, physician representation, and corporate and business law. Mr. Crotty has co-authored several handbooks that have been published in BNA Tax & Accounting, Steve Leimberg's Estate Planning and Asset Protection Planning Newsletters and Estate Planning Magazine
About BNA Tax & Accounting
BNA Tax & Accounting is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants. For more than 50 years, BNA Tax & Accounting has offered practitioners expert insights and guidance on every significant issue in tax and accounting planning and compliance. Written by practitioners for practitioners, BNA's award-winning Portfolios offer topic-driven, in-depth guidance on transactions designed to help tax professionals achieve new levels of excellence and client service. For more information about our products and services, visit BNA Tax & Accounting online at www.bna.com.
SOURCE BNA Tax & Accounting