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Webinar Transcript: “Securing use of $13 Million Estate, Gift and GST Tax Exemption before Sunset"

January 16, 2024

Topic: “Use it or Lose it - Securing the use of the $13 Million+ Federal Estate, Gift and GST Tax Exemptions before Sunset” (1/16/2024 @ 8:30am)


Host: Jonathan I. Shenkman, President & Chief Investment Officer, ParkBridge Wealth Management


Speakers: Jay J. Scharf, Esq., LL.M, Partner, McDermott Will & Emery LLP ( and John S. Kiely, Esq. LLM, Counsel, McDermott Will & Emery LLP (



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Jonathan Shenkman: Good morning and welcome to the Park Bridge Wealth Management, Winter Webinar Series. This program is entitled, Use it or Lose It, securing the use of the 13 million plus Federal estate gift and Gst. Tax exemptions before sunset



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Jonathan Shenkman: for those who don't know me. My name is Jonathan Shankman. I'm the president and chief investment officer of Parkbridge wealth management. In that role I serve in a fiduciary capacity to help my clients achieve their financial objectives. The goal of my programs is to bring professionals together to help them better serve their clients. This is done by educating attendees on the latest topics in wealth, planning, and by encouraging collaboration between a client's attorney, Cpa. And financial Advisor, where appropriate



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Jonathan Shenkman: my practice focus is on working with high net, with families, businesses, and not for profits. I manage individual investment portfolios, trust accounts, corporate retirement plans, and endowments that my clients achieve their financial goals. In addition to the 20 or so events, I run every year. I also do a fair amount of writing on the topics of investing and financial planning, and you can read my work in a variety of periodicals, including Barry and Cnbc. Forbes, Kiplinger, the Wall Street Journal, the Cpa. Journal, and trust in Estates Magazine to name just a few.



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Jonathan Shenkman: You could see all my work on my website at Parkbridge, forward slash articles, or by following me on social media at Jonathan on money. Additionally, you could check out my weekly podcast, which is also called Jonathan on money. And you can listen to that on apple spotify or wherever you get your podcast today, we're privileged here from J. Sharp and Sean Kylie, both attorneys at Mcdermott, will and Emory.



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Jonathan Shenkman: J. Sharp is based in the firm's Miami office and advises high net worth and ultra high Networth individuals, families, and family offices. He delivers customized strategies to help his clients attain their personal and safe planning goals



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Jonathan Shenkman: and minimize income and transfer taxes. Jake guides clients through the design and implementation of sophisticated estate plans with a focus on preserving a family wealth family wealth in a manner that meets each client's unique goals. A significant part of Jay's practice involves trust in the State administration. He advises clients in all aspects of internal revenue service and State tax compliance with respect to trust in estates, including the preparation of Federal and State estate, tax returns and defense of fiduciaries



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Jonathan Shenkman: in estate and gift tax audits. John Keile is based in the firm's New York office, where he focuses his practice on advising high net worth individuals and families on a full range of estate, planning gift planning issues, including the preparation of wills, revocable trust, basil, lifetime, access, trust, Grantor retained annuity, trust, life, insurance, trust and qualified Personal Resident Trust.



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Jonathan Shenkman: John frequently lectures on Diverse estate planning topics, such as gift planning for qualified small business stock under section 1202. The income, tax aspect of estate, planning international estate, planning Options for illiquid estates and significant estate tax liabilities and proposed legislative and regulatory actions that could affect wealthy individuals and families



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Jonathan Shenkman: today Jay and John will speak on, use it or lose it, securing the use of the 13 million dollar plus Federal estate gift and Gst tax exemptions before sunset, and with that introduction I'll now turn the program over to John and Jay.



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John Kiely: Thank you, Jonathan, for that introduction, and thank you everyone for joining us on. Bright and early in the morning after this holiday weekend. Nice snowy day here in in New York. Good time to go through, use it or lose it.



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John Kiely: So



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John Kiely: before we get into the portion of our program that will go over how exactly we use it or lose it. It's important to have a background understanding of the tax law.



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John Kiely: The Tax Cuts and Jobs Act of 2017 temporarily doubled the State and gift tax exclusions and generation skipping transfer Gst tax exemption amount and indexed them for inflation.



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John Kiely: Now, to give you some context before we get into the current numbers



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John Kiely: the alright. In the under the current rules we have an exemption of 13,610,000, and that is the exclusion for both state tax gift tax and Gst. Tax exemption amount.



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John Kiely: the gift tax annual exclusion amount is now $18,000,



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John Kiely: and to the extent that a person goes over those exemption amounts. The tax is imposed at a flat rate of 40%.



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John Kiely: Now, to give you some context for those numbers, and why we feel they are so significant and so historically generous. Back in 2,004, the Federal estate tax exclusion amount was a mere 1.5 billion dollars.



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John Kiely: and the gift tax exclusion was a million, and the annual exclusion amount was 11,000. That increase of 11,000 to 18,000 is solely the result of inflation adjustments over that period



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John Kiely: fast forward to 2017 the exemption has increased to 5.4 9



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John Kiely: 2018. The next big seminal event. Those exemptions double to 11,180,000 before we get to the current level of approximately 13.6 million that we have, as of January 1, 2024.



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John Kiely: Now, major Caveat, to that 13.6 million exemption. that exemption will sunset on December 30, first, 2025,



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John Kiely: at which time it will be cut in half, as of January 1, 2026.



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John Kiely: So the way this works is it goes back to the 5.4 9. Then there are series the series of inflation adjustments that would have applied over the intervening years.



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John Kiely: bringing that to at least 6,805,000 plus another inflation adjustment



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John Kiely: to bring it up to whatever it will happen to be.



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John Kiely: In on January one 2026.



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John Kiely: Now you might wonder why on earth would there be this this crazy increase in in the exemption to just be followed a few years later by it being cut in half



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John Kiely: this is classic Congressional accounting magic



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John Kiely: when they are scoring the revenue cost of legislation such as this.



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John Kiely: They assume that all of these sunsets do, in fact, come into place



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John Kiely: which allows the legislation to look cheaper, at least on paper, and the problem is kick down the road and potentially it gets resolved. Unless there is that



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John Kiely: quite foreseeable possibility of of inaction in in DC,



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John Kiely: so how exactly do we go about calculating this tax?



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John Kiely: Well, it's a funny tax.



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John Kiely: The Federal estate and gift tax exclusion amounts



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John Kiely: can be thought of as an integrated running tally. Now we went over at the beginning. The exemption is now 13.6 million.



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John Kiely: Suppose John DOE makes a gift of 5 million in 2022,



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John Kiely: and dies in 2024, with 12 million dollars in assets remaining.



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John Kiely: so is his estate free and clear, because the 12 million is certainly under the 13,610,000.



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John Kiely: The answer is no, because the gift amounts are added back.



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John Kiely: and the tax is computed on 17 million, and the tax will be 40% of the 3,390,000 that exceeds the exemption amount, or 1.3 5, 6



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John Kiely: as shorthand.



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John Kiely: You can think of lifetime gifts as using up a portion of a person's Federal estate exclusion. You can think of the 5 million dollar gift as having used 5 million of the 13,000,610 exemption.



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John Kiely: leaving 8,610,000 in exemption.



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John Kiely: And there being a 40% tax on the difference between 20,000,610 getting you to that same 1,000,003 56.



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John Kiely: So with this paradigm might make a gift. Well, one reason is that post get depreciation escapes future trait. Transfer tax.



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John Kiely: For example.



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John Kiely: if gifted property is worth 20 million dollars in 2024. The 15 million in appreciation that would have been in the taxable state



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John Kiely: has escaped transfer tax and that would be in that example, about 6 million dollars in transfer tax savings.



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John Kiely: There's another critically important reason, and it is relates to this scheduled sunset of the exemption.



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John Kiely: There had been a concern that



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John Kiely: the that if the exemption was cut in half, that there would be a claw back if a person had fully utilized their exemption, and then died when the exemption amount was lower. Fortunately, the Irs has clarified that such a claw back will not take place. So it. It provides the opportunity to utilize the exemption without that lingering concern that there could be a problem in an in a State tax administration.



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John Kiely: Also.



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John Kiely: don't forget that States want their piece of the pie as well.



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John Kiely: There's a State level estate tax in certain States.



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John Kiely: In New York there's a 6,940,000 state tax exclusion and a progressive rate structure that technically starts at 3% and is 16% on amounts in excess of $10,100,000.



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John Kiely: However. that is not as generous as it sounds. There's a rapid phase out of the benefit of the exemption for states that are slightly in excess of the exemption.



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John Kiely: and in a State that is more than 5% over the exemption amount will receive absolutely no benefit from the New York exemption amount.



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John Kiely: for example, in a State worth 6,930,000, just 10,000 under the limit owes no estate tax.



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John Kiely: but in a State worth 7,300,000 will owe $678,000 in a state tax, an effective tax rate of over 100%.



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John Kiely: This is referred to as the New York Estate Tax Cliff.



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John Kiely: new York does not have a gift tax so a lifetime gift can make a lot of sense. If someone is hovering on that margin, they're in the mid. There's 7 and a half to 8 little over that. If they're trying to bring themselves under that cliff amount.



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John Kiely: Watch out, though, because gifts in excess of the annual exclusion amount within 3 years of death



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John Kiely: are brought back into the New York taxable estate



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John Kiely: Connecticut has both a gift tax and an estate tax



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John Kiely: and currently matches the Federal exclusion amount of 13,610,000.



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John Kiely: Now New Jersey has eliminated their estate tax. However, there is an inheritance tax that can apply.



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John Kiely: Fortunately, spouses, descendants, parents, grandparents, and stepchildren are exempt.



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John Kiely: So who is not exempt.



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John Kiely: Well, siblings



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John Kiely: in-laws, nieces and nephews, cousins and just garden variety friends



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John Kiely: are subject to the inheritance tax.



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John Kiely: Florida, looking attractive on a nice snowy day like this also does not have an estate tax or an inheritance tax.



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John Kiely: Now that we have this primer on the background of the law. I'm going to turn it over to Jay to talk about some of the really neat planning strategies



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John Kiely: that can be utilized to take advantage of these exemption amounts and preserve these important tax exemptions.



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Jay Scharf: Thank you, John. For that great overview. And thank you everyone for joining us this morning. Just to put a little bit in perspective. The taxes that John mentioned for New York, resident between the Federal State tax and the New York estate tax could be an effective 53% tax rate.



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Jay Scharf: meaning, if somebody has 100 million dollar State, 53 million dollars of that will be going to the Government without adequate planning.



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Jay Scharf: So, taking that into consideration, I'll go through briefly some of the popular techniques to secure the use of one's 13.6 million dollars exemption. And then there's more sophisticated planning that could help so help reduce taxes on assets that exceed the exemption.



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Jay Scharf: As I'm going through these techniques. Please keep in mind that generally these strategies can be implemented using not only cash and marketable securities, but also real estate interests. Many other types of investments and family businesses.



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Jay Scharf: So the first technique is the use of spousal lifetime. Access trusts to secure the use of the exemption, or if somebody used a portion of his or her exemption. The slash can be used to secure the use of the remaining exemption.



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Jay Scharf: As John mentioned, gifting also removes those assets entirely from the New York estate tax base. As long as a donor lives. For 3 years after making the gift. The way the slats work is that the grantor creates an irrevocable trust.



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Jay Scharf: But the grant or spouse is a beneficiary of the trust. Typically the trustees would add full discretion to distribute income and principal, and the spouse can be either the sole beneficiary during the spouse's lifetime, or typically the grantors. Descendants are also discretionary beneficiaries of the trust



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Jay Scharf: the benefit of the slide is that it provides a grantor. The opportunity to secure the use of the granter's exemption while still providing some degree of access and control to the grantor by one of 2 ways. First, since the spouse is a beneficiary of the trust, distributions of trust, property can be made to the spouse and make its way to the grantor if necessary.



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Jay Scharf: Secondly, the granter can have the unilateral right to borrow from the trust, as my mentor says, the slats are the darling of estate planning. So this is a technique where you really get to have your cake and eat it too.



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Jay Scharf: However, there's still a small chance that this, at risk of being eliminated sometime soon as we know it's on the minds of Congress which I might touch on later in the presentation. So



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Jay Scharf: it's a good idea to complete transfers to slots as soon as possible. If slats are their appropriate vehicle, also, spouses can create slats for each other as long as they are non reciprocal, which is critically important, so both spouses exemptions can be used, and both spouses can have access to the trust. So these slats are really great vehicles, is purely use of the exemption and still have access to the trust assets. Another powerful technique to build on the slot, or it could be a Standalone trust is the Dynasty Trust.



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Jay Scharf: The Dynasty Trust is attended to last for multiple generations, and the assets will continue in trust by allocating gst exemption to the trust on a timely filed gift tax return.



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Jay Scharf: This would allow the Trust access to be protected from a state gift and Gst taxes for multiple generations. So if you run the numbers on a dynasty trust with eliminating a state tax and multiple levels, you gain at least a generation or 2 of additional wealth just by preserving the taxes so to trust the dynasty stress, can also provide great creditor protection and could also be a technique to avoid pre marital agreements for your children and grandchildren.



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Jay Scharf: The next technique involves life's insurance trust.



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Jay Scharf: A life insurance trust is generally an irrevocable trust that allows the trustees to own and maintain wonder. Lord life insurance policies on the grant or and allows the trustees to pay premium using the trust assets.



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Jay Scharf: We also have a bit more creativity when using islets, and that if appropriate, we have them funded with fund interests or other income producing assets that generate cash flow to pay for the premiums within the trust.



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Jay Scharf: Generally the primary benefit of the Life Insurance Trust is that



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Jay Scharf: people tend to think that life insurance is tax free. It's not really tax free. It's generally income tax free. But it's still subject to a state tax.



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So the Life Insurance Trust allows the life insurance policy and the proceeds to be excluded from the Grantors taxable estate.



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Jay Scharf: The Life Insurance Trust beneficiaries can also be a spouse, so that can be a slat as long as the policy is a single life policy. If the policy is a second to die policy and the spouse is one of the insured, then it cannot be a slack. So it's very important to remember.



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Jay Scharf: And we see this sometimes not complied with. So it's really important to remember that if you're dealing with a second to die policy, that the spouse is not a trustee or beneficiary of the trust, as that would create an estate tax inclusion issue



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Jay Scharf: also, very importantly, in order for the Life Insurance Trust to work to keep the policy out of the Grantors estate. The Trust needs to have the policy issued to the trust initially, or if the policy already exists, there are ways of getting the policy into the trust, with little to no gift, tax or use of exemption. The third technique is the use



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Jay Scharf: of a grants or retained annuity trust or grant.



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Jay Scharf: The grad is a trust to which a grantor transfers an asset that's intended to appreciate, and the grant to receives an annuity over a minimum of 2 years. That's equal to the fear market value of the asset being transferred to the grant on the date of the transfer. So the grad allows you to basically freeze the value of the asset and all the appreciation passes to the remainder beneficiaries of the grant after the annuity term.



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Jay Scharf: without using any of the granters of state and gift tax exemption, because the granter is taking back an annuity equal to the firm market value of the assets. Transfer to the trust. There is a risk, however, if the granter dies during the annuity term. Then the Grant assets are included on the grantors of state.



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Jay Scharf: Some of the great benefits of the grad is that it? Stat. It's a statutory trust, so that if there's a gift tax audit that adjusts the value of the asset being transferred to the grant, then, under the Treasury regulations. The annuity being paid back to their grantor is self adjusted, so there would be no additional gift tax in the event of an audit.



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Jay Scharf: But it is critical that the initial valuation of the assets is a qualified appraisal for Federal gift tax purposes. Recently the Irs took the position that an entire grad would be disqualified, resulting in a huge tax liability because of a defect in the appraisal.



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Jay Scharf: Also, when funding these trust with real estate interests, you need to be mindful and analyze any real estate transfer tax costs because the annuity can be treated as consideration



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Jay Scharf: for purposes of the real estate transfer tax.



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Jay Scharf: The next technique is the ability for the grantor of a Grantor trust to engage in leverage sales with selling assets to the Grantor Trust.



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Jay Scharf: Generally speaking, this means selling an asset to a grant, or trust in exchange for a promissory note. And this does not use a Grant's exemption because it's being sold for its fair market value, and it's not being gifted.



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Jay Scharf: So this works, if either the grantor has exhausted his, is her exemption, or for other technical reasons, the grantor cannot give the interest in question, and since the Grantor and the Grantor Trust are the same income tax owners for income tax purposes, there is no gain recognition on the sale



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Jay Scharf: from an estate tax standpoint. All the future appreciation of the asset being sold to the Trust grows outside of the Grantor's taxable estate and within the Grantor Trust, which is hopefully a Dynasty trust, so maximizes the benefits of the grants, exemptions, and transfers the future appreciation outside of the Grantors estate for multiple generations.



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Jay Scharf: Here, too, when dealing with real estate interest, you need to be mindful and analyze any real estate transfer tax costs because the sale and the note, even though it's being made to a grant or trust, can be treated as consideration for purposes of the real estate transfer tax.



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Jay Scharf: So these are very big picture, very effective techniques that should be carefully considered, and if appropriate, be implemented as soon as possible.



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Jay Scharf: If time permits, I will run through some of the recent Green book proposals made by the Biden Administration that puts some of these strategies at risk.



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Jay Scharf: Now I'll turn it back to John to discuss gift acts reporting.



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John Kiely: Thank you, Jay.



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John Kiely: So let's say a client, or you have implemented one of these fantastic planning strategies.



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John Kiely: Next step is



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John Kiely: filing gift tax return because the taxpayer is obligated to file a gift tax, return. If they use any portion of their exemption, amount



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John Kiely: the gift tax return, form 709 is due on April fifteenth, after the year of the gift.



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John Kiely: and that deadline can be extended by 6 months.



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John Kiely: fortunately filing for an extension of time. For to file a personal income tax return automatically puts the gift tax return on extension.



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John Kiely: The gift tax return is also used to claim the allocation of taxpayers. Generation skipping, transfer, tax exemption, amount. cautionary note.



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John Kiely: Do not rely on the return itself for proper Gst tax exemption, allocation.



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John Kiely: A rider will need to be attached that makes a formula allocation to take into account that values may change upon audit.



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John Kiely: A taxpayer and their spouse



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John Kiely: must file, gift tax returns if they wish to split gifts in order to take advantage of both of their exemptions.



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John Kiely: This is true, even if it's merely annual exclusion gifts.



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John Kiely: Gift splitting is a tax fiction that treats a gift from one spouse as being made from both of them, so that they can each use their annual exclusion amounts, plus their full exemption amounts.



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John Kiely: So what does a gift tax return include? Well, cash is, of course, the simplest item to report.



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John Kiely: Okay, little more complicated transfer stock in a closely help corporation. We're all used to seeing brokerage statements that say what the stock was at the end of the day



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John Kiely: is that the value. If it's closed at $25 today.



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John Kiely: you might be surprised that no, it's not the gift tax value will be the average of today's high and low trading prices. This is a common thing that's often done incorrectly on gift tax returns



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John Kiely: a gift of real estate will require an appraisal from a qualified real estate appraiser which must be attached to the return. The interest in a closely held entity will require a business level appraisal



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John Kiely: which will consider whether valuation discounts could apply that business appraisal starts by determining the full value of the business.



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John Kiely: and then determines if a percentage of the ownership is worth less than a pro rata share of the full value of the business.



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John Kiely: taking into account discounts for lack of marketability and lack of control.



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John Kiely: lack of marketability takes into account that there's no publicly traded market for a minority interest in a closely held enterprise.



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John Kiely: even one that is very successful also, black Control. You are subject to the whims



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John Kiely: of the controlling shareholders. absent, egregious misconduct. And even then



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John Kiely: you have to prove it.



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John Kiely: And so it is. There are really economic reasons why a minority interest that doesn't have control



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John Kiely: is, in fact, worth less than a pro rata share of the company.



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John Kiely: Now suppose it a client is told the appraisal is gonna cost X dollars. They say that's outrageous. I already know what the company is worth.



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John Kiely: They go ahead and assist on filing a gift tax return without any supporting appraisals for the real estate or for the gift of the minority interest in a closely held business.



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John Kiely: The taxpayer marks the calendar and feels pretty good when 3 years have passed



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John Kiely: and says, Alright, I'm out of the audit period. Is that taxpayer, in fact.



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John Kiely: free and clear if they made it to that point.



00:25:19.370 --> 00:25:22.929

John Kiely: Well, watch out for the adequate disclosure rules.



00:25:23.200 --> 00:25:26.210

John Kiely: If the gift is not adequately disclosed.



00:25:26.450 --> 00:25:38.209

John Kiely: then the statute of limitations on assessment never begins to run. The failure to adequately disclose a gift may be raised on an audit of an estate tax. Return



00:25:38.510 --> 00:25:46.770

John Kiely: at that point. The taxpayer, who may have been the best witness to support a legitimately low value is dead.



00:25:46.800 --> 00:25:57.870

John Kiely: and the relevant records may be missing. It is very difficult to get financial records that go back more than 6 years from a financial institution.



00:25:58.180 --> 00:26:12.660

John Kiely: The taxpayers heirs may then end up paying an unnecessary amount of transfer tax. In addition to substantial professional fees negotiating the resolution of the audit.



00:26:13.480 --> 00:26:16.200

John Kiely: Also another cautionary note.



00:26:16.480 --> 00:26:27.479

John Kiely: Appraisals take time and business appraisals typically take months to be finalized. Taxpayers should not wait until November first, 2025



00:26:27.620 --> 00:26:31.090

John Kiely: to start thinking about appraising assets



00:26:31.140 --> 00:26:32.610

John Kiely: and making gifts.



00:26:32.890 --> 00:26:41.939

John Kiely: It takes a number of months to gather their information the appraisers will need. and to get those appropriate appraisals.



00:26:41.960 --> 00:26:52.179

John Kiely: You do not want to be in the situation of having to guess about whether you have gone over the exemption amount while there are formula methods to try and avoid



00:26:52.280 --> 00:26:56.979

John Kiely: accidentally giving an amount that's over the exemption amount.



00:26:57.100 --> 00:27:00.150

John Kiely: Those methods carry some their own risks.



00:27:00.330 --> 00:27:03.350

John Kiely: and it's really better not to go there.



00:27:03.730 --> 00:27:04.520

John Kiely: Aye.



00:27:04.790 --> 00:27:13.330

John Kiely: now I'll turn it back to Jay again, for some quick thoughts on some of the other legislation that could potentially be coming down the pike.



00:27:15.600 --> 00:27:24.629

Jay Scharf: Thanks, Shawn, just to Piggyback on John a bit. These transactions that I mentioned are relatively painless type of strategies.



00:27:24.720 --> 00:27:48.969

Jay Scharf: and they're very effective. But they're really only as good as report them on the gift tax return properly, and they hold up in an audit. So what John presented really helps close the loop on the strength of these strategies. We have 3 min left. So I'm gonna run through briefly. Showing you have these strategies that I mentioned this last, the Dynasty trust irrevocable life insurance trust the grass



00:27:49.140 --> 00:27:55.739

Jay Scharf: sales to intentionally defective grant to our trust are at risk by being eliminated



00:27:55.930 --> 00:28:10.780

Jay Scharf: and by Congress, or the time to act as now. If they are appropriate vehicles for you or your clients. So the first item on in the green book pro, and there are more. This is just a couple of ones that we bad on me. But gifts are inheritances now of appreciated property.



00:28:10.930 --> 00:28:30.650

Jay Scharf: Is proposed that they would be realization events for tax purposes. So somebody wants to gift 100 shares of Microsoft that's now trading at $200, and they originally bought it for $150. That gift will be a trigger event. Realization, event and result in $50 of gain takes a lot of the benefit out of gifting.



00:28:30.660 --> 00:28:34.710

Jay Scharf: Secondly, there would be gain recognition on unrealized appreciation



00:28:34.820 --> 00:28:47.810

Jay Scharf: of assets just sitting in a trust or partnership for another non non corporate entity. If they're just sitting there for years and haven't been subject to a recognition event within 90 years, then the Government would automatically apply a deemed utilization



00:28:47.960 --> 00:28:58.479

Jay Scharf: sale and would charge capital gains on those assets, even though they're not being sold, and good luck coming up with liquidity. Liquidity to pay those taxes when the asset isn't sold, but it's considered to be sold.



00:28:58.510 --> 00:29:23.899

Jay Scharf: Another big one in the real estate industry is to eliminate 1031 like kind exchanges for real estate, for gains, and x. 6 is $500,000 or for a joint return a million dollars a 10 year. Minimum term for grants. Right now, there's a 2 year minimum term for grats which makes it fairly easy. And there's no minimum percentage for remainder. Under the green book proposals will be a 25% minimum remainder, meaning a 25% minimum gift or exclusion amount?



00:29:23.900 --> 00:29:30.170

We have 1 min left, so the last item is gain recognition on leverage sales with grant or trust. The last strategy I mentioned.



00:29:30.170 --> 00:29:55.190

Jay Scharf: but selling assets to a grant or trust for a note, and I said there would not be any income tax, because it's a grant or trust to grant her sale well under the green with proposals. This would be a realization event and subject to income and capital gains taxes as appropriate. Just want to thank everybody for joining us today. And Jonathan will mention our contact information to please reach out anytime with any questions or comments. Thanks again.



00:29:55.730 --> 00:30:03.550

Jonathan Shenkman: Great. Thank you so much. Thank you, John and Jay. If anyone has any specific questions, new business opportunities, or any other issues they like to discuss.



00:30:03.570 --> 00:30:23.950

Jonathan Shenkman: Please feel free to reach out to John Jay or myself where appropriate, and I'll be sure to include their contact information in the Follow up email tomorrow morning to this program. As I mentioned at the onset, the goal. These programs stay up to date on timely wealth management related topics and to collaborate where appropriate, and I think we can all agree that the clients who are best prepared are the ones that are served by team of knowledgeable advisors



00:30:23.950 --> 00:30:53.149

Jonathan Shenkman: 3 more quick items before I let you go first. My Winter Webinar series continues on February first on spousal lifetime, access, trust for mass affluent one to 10 million dollar taxpayers featuring Martin M. Shankman, of Shankman Law. I'll send out an invitation to this program in the coming days. In the meantime, if you have a friend colleague, your client, who like to be notified of my upcoming webinars. They can email me with the word webinar in the subject line. I'll add them to my webinar distribution list. My email is Jonathan at Parkbridge,



00:30:53.400 --> 00:31:10.570

Jonathan Shenkman: Second, you can follow all my work on Twitter and Instagram at Jonathan on money. You can also listen. Listen. Listen to my weekly podcast also call Jonathan on money, which is available on apple spotify wherever you get your podcast and you can watch my new daily financial planning clips by following me on Youtube at Jonathan, on money as well.



00:31:10.570 --> 00:31:25.569

Jonathan Shenkman: Third, please take 30 s to fill out my survey. If ends program, it helps me improve my webinars and provide timely and interesting content to attendees. I thank you in advance for that. Well, that this concludes today's session. Please stay safe and healthy and have a wonderful day. Everybody.