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Articles
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Whether or not an estate is to be taxed, estate planning is important for more reasons than simply avoiding those taxes. The goals and objectives for the management, preservation, and transmission of assets must be addressed. This article summarizes non-estate tax aspects of estate planning.
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Section 1031 of the Internal Revenue Code allows investors to defer (postpone) paying income taxes on the gains from the sale of business or investment property if the proceeds are reinvested into "like-kind" property. Clients who own and plan to dispose of rental property, business or other income-producing property may benefit by using a tax-deferred exchange as part of their estate plan, and doing so may potentially avoid all the income taxes from tax-deferred exchanges.
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The unpredictable environment, due to the current combination of tax rates and transfer tax exemptions and exclusion amounts, and the uncertainty of whether Congress will enact new law, causes profound uncertainties for estate planning in 2010 and beyond; and most existing estate plans should be reviewed because of this.
