The year 2020 was a wild ride with a tremendous volume of transfer tax planning, especially close to the end of the year. All gift transfers have to be reported, but non-gift transfers might (or might not) be reported.
This program will review many of the standard 2020 planning transactions practitioners used and how they might be treated on gift (and income) tax returns: gifts of a promise; note sale transactions with defined value mechanisms of various types; gifts with Wandry clauses; double Wandry gifts; two-tier King type price adjustment clauses; transfers to trusts with disclaimer provisions or possibilities; etc. This program will also discuss what should be reported on income tax returns when a valuation adjustment clause is used.
This webinar will be a practical “how-to” focused on everyday 2020 transactions.
Attendees may also be interested in Steve Gorin's Formula Transfers for Estate Planning webinar.
Martin M. Shenkman, CPA, MBA, PFS, AEP (distinguished), JD, is an attorney in private practice in Fort Lee, New Jersey, and New York City, New York with Shenkman Law. His practice focuses on estate and tax planning as well as planning for closely-held businesses and estate administration. Throughout his career, Mr. Shenkman received awards and acknowledgments from the New Jersey Bar Association, Worth Magazine, CPA Magazine, the American Cancer Society, and the AICPA. Mr. Shenkman holds a Bachelor of Science from the Wharton School at the University of Pennsylvania, an MBA from the University of Michigan, a law degree from Fordham University School of Law. He is admitted to the bar in New York, New Jersey, and Washington D.C.
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 personal, business, and financial goals while reducing the drag that taxes imposed on them. His firm provides full service to businesses; however, he also acts 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 prefers to refer income tax returns to practicing CPAs.
Steve Gorin is the former president and an ongoing contributor to Covenant Place’s strategic initiatives. It is a senior affordable housing community with a groundbreaking model for integrated residents with the surrounding community and facilitating holistic services to enrich their lives.
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For various free resources Steve offers, see https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about
Joy Matak, JD, LLM, leads the firm’s Trust and Estate Practice. Joy has more than 20 years of diversified experience as a wealth transfer strategist with an extensive background in recommending and implementing practical tax strategies to accomplish estate and business succession goals. She also performs tax compliance, including gift tax, estate tax, and income tax returns for trusts and estates. Joy Matak holds her Masters of Laws in Taxation from Georgetown University and is admitted to the bar in New Jersey.