What is State Fiduciary Income Taxation - Kaestner 1992 Family Trust Case?2 mins
State Income Taxation of Business Income - How did State Income Taxation of Business Income get influenced with business investment income?13 mins
Which are the key Recent Developments in S Corporation Ownership and Shareholder Agreements?41 mins
How to get Basis Step-up?71 mins
Key tools to cover basis step-ups75 mins
Which are the tax consequences of modification?83 mins
Important considerations for General Power of Appointment91 mins
Consequences of Trust Modification100 mins
Query session102 mins
The U.S. Supreme Court decided Kaestner regarding a state’s ability to impose income taxation on a trust. We will discuss the holding and its context when trusts hold business interests. Recent regulations and rulings regarding S corporation ownership are worth noting. Finally, basis step-up is becoming more important than estate tax planning for many taxpayers; we will discuss trust modifications (including a possible formula general power of appointment) and other tools.
Steve has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also drafted organizational documents for limited liability companies, corporations, and partnerships to implement their owners' wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies.
Steve enjoys helping clients structure their affairs to achieve their achieve their personal, business, and financial goals while trying to reduce the drag that taxes impose on them. His firm provides full service to businesses; however, he also act as counsel on specialized matters while cooperating and facilitating the continued involvement of an existing legal, accounting, and financial services team. Steve maintains his CPA license but prefer to refer income tax returns to practicing CPAs.
Steve Gorin is former president and an ongoing contributor to strategic initiatives of Covenant Place, a senior affordable housing community with a groundbreaking model for integrated residents with the surrounding community and facilitating holistic services to enrich their lives.
To know more about Steve Gorin, kindly click on the link below:
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