ORANGE COUNTY ESTATE PLANNING COUNCIL

Calendar year 2022 introduced many Americans, and their estate plans, to inflation. AFR interest rates are up, the 7520 Rate is up causing retained interests have more value (e.g. unitrust interest in CRT) and future interests have less value (e.g. GRAT and QPRT remainders). Inflation is also causing transfer tax exclusions and exemptions to rise, yet 2026 looms large. In 2022, we also saw an important tax cases, including a transfer tax case all practioners should read, confirmation on how NOT to make lifetime gifts of cash, and anticipatory assignment of income. On the regulatory side, we saw developments in estate tax clawback, extended time to file portability only Forms 706, and proposed regulations under IRC section 2053. We will explore transfer tax developments from 2022 to guide our planning in 2023 and beyond.

Notes:  This program qualifies for 1-hour of continuing education credit for Attorneys, CPA's, Planned Giving Specialists and Professional Fiduciaries. This program is pending approval with the CFP Board of Standards, California Department of Insurance and American Bankers Association.

Speaker Bio:

John’s law practice focuses on providing advice in wealth planning, estate and trust administration, and tax. His clients include individuals, private fiduciaries, institutions, and other business and non-profit entities. The wealth planning portion of John’s law practice emphasizes advising individuals and fiduciaries in estate planning, wealth preservation, tax, and business matters. John also advises fiduciaries and beneficiaries in trust and probate administration matters, with emphasis in complex administrations. John’s law practice includes representing taxpayers in all levels of federal tax controversy, including IRS examination and Appeals, and before the U.S. Tax Court. Clients, their families, and other practitioners rely on John for dispute resolution in these arenas, including serving as a mediator. Read more.

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