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Another common basis maximizing technique is to borrow money on appreciated assets and gift the borrowed funds away.This is particular useful to avoid tax in a decoupled state that has no gift tax (e.g., New Jersey).There are also a host of modifications or precautions you can consider: defer your right to receive any distributions for 10 years (the bankruptcy laws permit a trustee in bankruptcy to set aside transfers to self-settled trusts with 10 years); instead of having yourself listed as a beneficiary let a trusted person acting in a non-fiduciary capacity (i.e., not a trustee or trust protector) have the power to appoint descendants of your grandparents.Thus, you are not a beneficiary when the trust is created, so arguably the trust is not a self-settled trust.Other states permit self-settled-like trusts (you can set up a marital trust for your spouse and on his or her demise the assets come flow into a credit shelter trust that you are a beneficiary of).All told there is a significant number of states that permit self-settled trusts.The latest salvo will be regulations negating discounts on FLPs/LLCs (perhaps only on those not operating an active business) what should you be doing? If discounts are nixed and your estate is under the federal exemption amount, you might do a happy jig! Because the IRS will have done most wealthy, but not ultra-wealthy, taxpayers a favor.You may have created an FLP or LLC to achieve valuation discounts.
While there is lots of talk about this how much cost and complexity are you willing to tolerate to accomplish this?
If you borrow million using the highly appreciated stock as collateral, you can gift the M to a grantor trust.
You will grow the value of those assets outside your estate, you’ll pay the income tax on trust income reducing your estate, and your estate will be reduced by interest charges. What if the securities the trust invests in with the fund borrowed plummet in value?
Most folks seem to feel that once the documents are signed their good to go. If you meet your wealth manager semi-annually, at least one of those meetings should have your CPA and attorney in attendance.
Few plans will have much chance of success without periodic professional involvement.