Recently I gave a lecture on the valuation of trusts. While I am not an accountant nor am I a valuation expert, I live and breathe trusts… and frequently the question comes up, what is value of a particular beneficiary’s interest in a trust. Keep in mind, just because a trust is worth $1M, it […]
A number of years ago I wrote about the dangers of accidentally triggering a Compromise Tax in New Jersey and in Pennsylvania. It occurs to me that most dynasty trusts are set up to go to children, grandchildren and more remote descendants, but there is also boilerplate that says if the Grantor doesn’t have any living […]
One area of estate administration that often gets overlooked on tax returns is the compromise tax. When a decedent transfers assets that are subject to a contingency or are otherwise difficult to value, the taxing jurisdiction and the estate must compromise on the tax due. There are a variety of reasons an asset may be […]
I just got back from an interesting lecture sponsored by the Mercer County Estate Planning Council. The keynote speaker was a representative from the New Jersey Department of Inheritance and Estate Taxation. Unfortunately I can’t remember his name, but he mentioned a few things that I thought were important enough to highlight and share. It […]