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Issue 35 – September, 2020

NAEPC Journal of Estate & Tax Planning

Editor’s Note: Estate Planning for 2020 and Beyond
Strategies and Techniques to Capture Change and Use it to Your Advantage
Author: Susan P. Rounds, JD, CPA, LL.M., AEP®, TEP

Complimentary Video: Hartman Axley: The Heart of NAEPC
This month we are offering NAEPC members a very special treat in this section of the Journal. Watch this November 2018 interview with Hartman Axley, past president and board member emeritus of NAEPC, to learn more about the history of the association and his exceptional life. Hart is often noted as the “heart of NAEPC” for his many contributions to the association and profession, historical knowledge and perspective, and ongoing contributions. We thank Kit Mac Nee, Paul Viren, and Susan Austin-Carney for their time and talent creating this video and for sharing Hart’s incredible life and service with all members of NAEPC. We welcome all members of NAEPC to subscribe to the association’s YouTube channel.

Top Pick

The Biden Estate Tax Cliff: Gifting Like it’s 2012 All Over Again (PDF)
As we get closer to the November election, more and more wealthy people will continue to hedge by making the gifts that they should have been making all along.
Reproduced courtesy of The Ultimate Estate Planner, Inc.
Author: Steven J. Oshins, JD, AEP® (Distinguished)


Note Sale to Grantor Trusts Before the 2020 Election (PDF)
The Biden 2-Step for Wealthy Families: Timing is Everything!
Reproduced courtesy of Leimberg Information Services, Inc. (LISI)
Authors: Alan S. Gassman, JD, LL.M. (taxation), AEP®; Jerome M. Hesch, JD, AEP® (Distinguished); and, Martin M. Shenkman, CPA/PFS, MBA, JD, AEP® (Distinguished)

Facing Change: Current Tax and Estate Planning Ideas (PDF)
Chock full of planning ideas covering 10 different areas, plus details on the Biden tax proposals.
Authors: Megan L. Jones, JD, LL.M., TEP and Paul Sczudlo, JD, TEP

Time Running Out on Year End Planning (PDF)
Practice Tool! A pressing message to clients: It takes time to establish strategies and structures designed to save estate taxes.
Reproduced courtesy of Leimberg Information Services, Inc. (LISI)
Author: Barry A. Nelson, JD, LL.M.

Delaware Tax Trap Opens Door to Higher Basis for Trust Assets (and Avoids GST Tax Problems with Non-exempt Indirect Skip Trusts) (PDF)
Updated especially for the Journal! Now more than ever, intentionally causing assets held in an irrevocable trust to be included in the estate of a decedent with a taxable estate below the exemption may be a wise strategy. Learn how to spring the trap and capture a basis step-up!
Reproduced courtesy of Thomson Reuters
Author: Les Raatz, JD

Estate Planning for Vacation Homes (PDF)
7.4 million Americans own a second home. Chances are your clients need guidance on structuring a plan to pass their vacation home to the next generation.
Reproduced courtesy of
Authors: Bronwyn L. Martin, ChFC®, CLU®, MBA, CFS®, CRPC®, CMFC®, AEP®, CLTC, LACP; and, Martin M. Shenkman, CPA/PFS, MBA, JD, AEP® (Distinguished)

6th Annual Non-Grantor Trust State Income Tax Chart (PDF)
Created by an eminent member of the NAEPC Estate Planning Hall of Fame®, this annual gem provides an explanation of the conditions under which each state will tax a non-grantor trust with links to state statutes.
Author: Steven J. Oshins, JD, AEP® (Distinguished)

Post-2020 Tax Policy Possibilities (PDF)
What a Biden presidency and Democratic Senate could mean for the course of tax policy.
Reproduced courtesy of Ernst & Young
Authors: Washington Council Ernst & Young

IRS Loses Tax Court Fight Over Private Stock Donation; Donors and Charities Beware (PDF)
The “all events” test is key to planning a charitable donation of appreciated stock. Citing Palmer, the Tax Court rejects the IRS position that, based on the policy of the charitable recipient, there was a pre-arranged plan for the redemption of donated stock.
Authors: Andrew M. Grumet, JD, LL.M. and Christina N. Cahill, JD

News Nook: A Compendium of Current Affairs

Life Insurance as a Charitable Donation: To Gift or Not to Gift? (PDF)
An insightful overview on including charitable giving in your estate plan using life insurance.
Authors: Bronwyn L. Martin, ChFC®, CLU®, MBA, CFS®, CRPC®, CMFC®, AEP®, CLTC, LACP; and, Eido M. Walny, JD, AEP®, EPLS

A Few Dollars the IRS Won’t Get (PDF)
A fun, firsthand account concerning Ettore De Grazia, an Arizona artist who protested taxes by burning paintings he valued at $1.5 million.
Author: Ira S. Feldman, CPA, AEP®

Emergency Remote Notarization and Witnessing Orders by State (PDF)
Updated! Practice Tool providing information on emergency Executive Orders by state.
Reproduced courtesy of ACTEC
Authors: Lauren J. Wolven, JD, and Erin M. Mayer, JD

NAEPC Monthly Technical Newsletter
Reproduced courtesy of Leimberg Information Services, Inc. (LISI)