Income, estate, and gift tax effects of spousal joint trusts

Article Abstract:

The spousal joint trust would appear to be a useful planning vehicle to maximize use of both spouses' $600,000 exemptions and provide basis step-up for all assets, but powers retained by the predeceased spouse may result in gift tax liabilities. The step of all assets at the death of each spouse can be particularly beneficial to residents of common law states. The spousal joint trust is typically a single trust holding all the couple's assets. The general power of appointment retained by the predeceased spouse can be characterized as dominion and control under the gift tax laws.

Taxation, Decedents' estates, Estate tax, Estate taxes, Gift tax

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Anticipated sale of donated assets may cause gain to charitable donor

Article Abstract:

Charitable gifts of appreciated property can result in recognition of gain to donors by operation of the step-transaction or assignment-of-income doctrines. Pre-arranged sales or the appearance of such sales are triggers for application of the doctrines and resultant taxation. Reviewing relevant case law and IRS rulings is advisable before making charitable gifts.

Recognition of gain or loss (Taxation), Recognized gain or loss (Taxation), Charitable contributions, Charitable donations

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Metamorphic estate planning: the results when a transfer changes value

Article Abstract:

The author examines court cases involving property transfers subject estate or gift taxes in which the value of an asset changes upon transfer.

Transfer taxes, Valuation

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