Step-Up in Basis in a Distribution from an Irrevocable Grantor Trust
Society of Financial Service Professionals | February 01, 2023For many planners, the ability to get a stepup in basis for income tax purposes is of more importance than estate tax concerns.The reason for this is that, with the very large exemption/credit amounts, relatively few estates pay estatetax. On the other hand, the assets of all decedents can potentially receive a step-up in basis......
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Are ILIT Trustees Ignoring UPIA Section 2(c)(2)?, Part 1
Society of Financial Service Professionals | February 01, 2023The Uniform Prudent Investor Act (UPIA) stipulates how trustees should perform their fiduciary duties in managing trust assets. Section 2(c) of UPIA provides criteria that the trustee must consider in investing and managing trust assets, including, “the possible effect of inflation or deflation.” In other words, the trustee must protect the purchasing power of assets.......
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Are ILIT Trustees Ignoring UPIA Section 2(c)(2)?, Part 2
Society of Financial Service Professionals | February 01, 2023In part 2 of the two-part article, author and editor, Gary Flotron, explores why trustees are ignoring the duty to protect the purchasing power of trust assets as prescribed by UPIA Section 2(c)(2) when it comes to life insurance. In addition, he explores the broader question of why trustees are ignoring almost all UPIA duties......
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Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property
Society of Financial Service Professionals | February 07, 2023Rev. Rul. 2023-1, 2023-2 IRB 1 (15 December 2022)Section 1274. — Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property(Also Sections 42, 280G, 382, 467, 468, 482, 483, 1288, 7520, 7872.)This revenue ruling provides various prescribed rates for federal income tax purposes for January 2023 (the current month). Table 1......
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Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property
Society of Financial Service Professionals | February 07, 2023Rev. Rul. 2023-3, 2023-6 IRB 1 (17 January 2023)Section 1274. — Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property(Also Sections 42, 280G, 382, 467, 468, 482, 483, 1288, 7520, 7872.)This revenue ruling provides various prescribed rates for federal income tax purposes for February 2023 (the current month). Table 1 contains the short-term, mid-term, and long-term applicable federal rates (AFR)......
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Funding Your Clients’ Living Legacy Dreams
Society of Financial Service Professionals | May 23, 2023A living legacy goes beyond simply leaving money to heirs; it’s about creating a lasting impact on the world, preserving core values, and ensuring that future generations benefit from your clients’ success and hard work....
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Clarity is Needed to Help Clients Plan for the Benefits of Life Insurance and Long-Term Care
Society of Financial Service Professionals | October 30, 2023Like life insurance, long-term care is a topic many people don’t talk about. Some don’t even want to think about it, preferring to avoid the uncomfortable feelings that long-term care elicits or making worst-case assumptions about what long-term care entails....
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