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Strangi III Gives New Guidelines for Using Family Limited Partnerships as a Valuation Discount Tool ( August 2005 )
For some time, family limited partnerships (FLP's) have been a vital instrument for managing and transferring family wealth. Recently, however, the IRS has been attacking their use as a discount valuation tool. In 2003, the case of Estate of Strangi v. Commissioner, T.C. Memo. 2003-145 (2003) [Strangi II], caused serious concern among estate planning professionals by casting doubt on the continuing viability of the FLP as a strategy for minimizing the taxable estate. -
Introduction to Estate Planning ( January 1999 )
Estate planning is concerned with the use, conservation and disposition of a person's property and wealth. This involves two elements: (1) minimizing the gift or estate tax consequences that occur when a person's property is passed to another either during life or at death; and (2) provisions for taking care of the decedent's spouse and family. Both elements can be enormously complex, interrelated and often operate inversely. For instance, the goal of providing more for one's children or grandchildren and less for a surviving spouse may cause adverse estate tax consequences. -
Does Elimination of the Federal Estate Tax Mean Elimination of Estate Planning? ( February 2001 )
The battle over whether to repeal or reduce federal estate and gift taxes will probably be resolved this year. For . -
Recent Developments ( November 2000 )
The following article appeared in "The Will and The Way" newsletter for the North Carolina Bar Association Estate Planning and Fiduciary Law Section (November 2000). The author reviews federal administrative and case law developments as well as North Carolina Case Law Developments relating to trust and estate law. -
Employee Benefits Regulatory Update: DOL Announces Automatic Extension for Filing 1999 Form 5500--April 2000 ( October 2000 )
The Department of Labor (DOL) has just announced an automatic 2_ month extension for filing 1999 Form 5500 for cale. -
Estate Tax Relief Legislation ( October 2000 )
On September 27, a group of Democratic House members introduced what they consider to be compromise estate t. -
Why You Should Have A Will And Estate Plan ( October 2000 )
If you die without a Will or other estate plan, state statutes will control and require division of your estate bet. -
Charitable Giving and Tax-Exempt: Organizations Handbook ( September 2000 )
This article provides an overview of individual charitable giving and the rules outlined in this handbook are based upon the tax laws in effect on January 1, 1998.
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