From Sunset to Sunrise…The New Tax Bill

Tax Bill

On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”) into law. The Act extended the Bush tax cuts for an additional two years making significant changes to the laws governing estate, gift, and generation skipping transfer taxes. Provided below is a summary of a … [Read more...]

The Estate Tax “Compromise” Bill


There has been a great deal of discussion over the past couple of weeks regarding the Bush Era Tax Cuts, also known as the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”).  While most are focused on the income tax benefits of the bill (as they should be) there are number of estate planning practitioners focused on the estate … [Read more...]

A Cautionary Tale for Trust Owned Life Insurance (TOLI)

Life insurance may often be central to a insured’s plans. It can help provide for surviving family, build cash values, provide liquidity to pay estate taxes, and help provide a source of funds for family liquidity. In many situations, an insured chooses not to directly own the life insurance. Instead, their planning is executed through a trust … [Read more...]

Steven Brasner and Stranger Owned Life Insurance

Life insurance is often viewed as a necessary evil to protect families and their estates. With consumers already suspect of whether or not the insurance agent is selling the coverage for themselves or for the client has entered more than one person’s thoughts. With that said, the insurance industry and its agents have done very little to change … [Read more...]

House Passes Legislation with GRAT Limitations

HR 5486 – Small Business Jobs Tax Relief Act of 2010 On June 15, 2010, the House of Representatives passed HR 5486, the “Small Business Jobs Tax Relief Act of 2010,” by a vote of 247–170. One of the revenue raising provisions in HR 5486 is the same as the provision contained in HR 4849 on Grantor Retained Annuity Trusts (GRATs), a revenue raising … [Read more...]