Court Cases Top List of Hot Financial and Estate Planning Developments

Financial and estate planners saw a lot of action in 2004 with court cases on family limited partnerships. A discussion of the significant cases in this area and how they will affect future estate planning kicked off the recent annual meeting of the CCH Financial and Estate Planning Editorial Advisory Board. Cases from 2004 continue to fill in a critical roadmap of what will and won’t work when it comes to setting up family limited partnerships. Advisory Board members took a close look at these cases and offered their opinions on what the cases mean as well as what they think may have been left unsaid in the recent court rulings on this often fact-intensive area of tax practice.  While the cases, like all those involving family limited partnerships seem to, present specific sets of facts to consider, board members note that the cases as a group provide some important instruction for making sure a family limited partnership meets IRS muster. A review of FLP case law was just the beginning of a busy session for the CCH Financial and Estate Planning Advisory Board, however. Here are some of the topics they discussed:

  • State law impact on estate planning and decoupling under federal changes in death taxes
  • The effect of regulation drafting on Sec. 643 and state principal and income acts
  • Advanced planning techniques
  • Planning for retirement benefits
  • Insurance trend updates
  • Charitable giving trends
  • 529 plans

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This story is from the CCH’s monthly Focus on Tax newsletter, which provides advise and guidance on federal and state tax issues for tax and accounting professionals.

Read this article from CCH’s Journal of Taxation of Financial Products.


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