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Undivided fractional interests in real estate held as tenants-in-common (TIC) may be exchanged for likekind property under Section 1031 of the Internal Revenue Code. The availability of Section 1031 taxdeferred treatment for transfer of TIC ownership interests presents today's investors with expanded investment opportunities but comes with new type...

This paper explores the tax-management strategy of realizing long-term capital gains in a portfolio of equities and quantify how much it can add to after-tax performance. This approach is counter to the more common strategy of deferring the realization of capital gains as long as possible while only realizing capital losses. It also evaluates the a...

This article deals with the legal status of prenuptial agreements under English law.

The lifetime credit shelter trust offers a way to lock in the benefits of the increased lifetime gift exemption of $5 million per person, as provided in the Tax Relief Act of 2010, without giving that much away immediately. One spouse can set up the tax-sheltered trust for the other without paying any gift tax, or they each can set up a trust of as...

Expected changes in gift, estate, and generation-skipping taxes after 2012 has led many families and advisors to conclude that 2011-2012 presents a valuable, two-year window of opportunity to update estate plans. However, certain developments suggest the best results may be obtained by acting sooner rather than later.

The increase in the lifetime gifting limit, combined with the temporary nature of the current estate and gift tax law, open a window of opportunity for wealth transfer. Leveraged gifts can safeguard the benefits of this situation by compressing the value of the gift for tax purposes while amplifying the impact of the wealth transfer.

President Obama's proposed budget for fiscal year 2012 includes a reduction in the real estate exemption, a minimum 10-year term for new GRATs, and restrictions on valuing family-controlled entities as well as higher tax rates and reduced savings from itemized deductions for higher-income individuals.

This paper addresses a planning technique designed to allow taxpayers to take advantage of the increased exemptions available for the next two years while maintaining some control over the ultimate disposition of wealth.

The Tax Relief Act forestalled tax increases for this year, but the future tax environment remains uncertain. Investors need to optimize current tax breaks while considering the impact of potential tax increases on everything from broad wealth management strategies to leveraging debt for tax efficiency.

Because certain tax rules are only in place through 2012, flexibility in estate planning documents is important to make sure that your executor can adapt your plan to changing circumstances. And because these changes only apply to federal estate tax, the impact of state estate taxation should be included in your planning.

Estate planning can encompass more than addressing your potential tax exposure. It frequently requires protection of a “fragile beneficiary,” who can include family members with disabilities, individuals struggling with addiction, spendthrifts, and even minors. With planning options available through various trusts, there are ways in wh...

Managing family wealth over the long-term requires careful thought and a well-structured estate plan. Before making specific decisions about what’s best for your wealth, it’s wise to spend time considering what it is you really want to see happen with it. There are steps you can take—including considering trust options—to help create a legacy plan ...

Ultimately, how well your wealth transfer plan fulfills your legacy and meets the needs of the next—and future—generations depends on whom you name as your trustee(s). This makes your trustee selection one of the most critical aspects of an already complex wealth planning process. To help navigate this selection process, work with a framework built...

When seeking to preserve the family legacy and wealth, families can create custom-tailored trusts to meet their specific needs and goals. In this overview, learn about why families form trusts, the different types of trusts available, the essential role of trustee, and why families might choose a bundled trust structure versus a Directed Trust stru...

The two-year window is closing on opportunities for families to capitalize on gift, estate, and generation-skipping tax provisions of the 2010 Tax Act. In this 2012 Financial Executives Forum session, Susan von Herrmann, a partner in Schiff Hardin’s private clients and trusts and estates group, looked at gifting strategies in light of the Act's imp...