The complexity of ethical responsibility and the estate planner

Article Abstract:

Life insurance agents specializing in estate planning that work with other estate planning professionals should be aware of the ethical standards that control their own conduct as well as the differing standards that their colleagues may follow. Ethical considerations are particularly important in estate planning because of the personal nature of the work done. Attorneys, accountants, bankers and life insurance professionals may all be involved in the estate planning process. Each profession is subject to conflict of interest, confidentiality, continuing education and conduct standards.

Ethical aspects, Insurance agents

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Passive activity losses and their effect on decedents, estates and trusts

Article Abstract:

Tax practitioners and estate planners need a working knowledge of the effect of passive income and losses on trust taxable income, the effects of IRC Section 469 on distributable net income, trust throwback rules, and the treatment of loss carryforwards on a decedent's final income tax return. Tax advisors similarly must evaluate the effects of gifting or distribution of passive activities. Since decedents' estates and trusts are subject to high income tax rates, careful planning is needed to minimize tax liability while avoiding trust throwbacks or other unintended effects.

Other Financial Vehicles, Trusts, not elsewhere classified, Trusts ex Ed, Religious, Charitable, Taxation, Decedents' estates, Trusts and trustees, Trustees, Trusts (Law), Passive activity (Taxation), Carryforward losses, Carryover losses

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Family business valuations and Chapter 14 of the Internal Revenue Code

Article Abstract:

Buy-sell agreements are an important vehicle for interfamily transfers of closely held businesses and stock valuation is essential. IRC section 2703 establishes requirements for buy-sell agreements in addition to pre-Oct 8, 1990 rules, such as that they must be bona fide, arm's length-transactions with fair value for stocks. Therefore, professionally prepared stock valuations are crucial to prevent major tax liability.

Valuation, Family-owned business enterprises, Family-owned businesses, Buy-sell agreements

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