Trust and Leaseback Can Be Implemented With Care

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In years past, there were many techniques in estate planning that could be utilized to reduce or eliminate taxes, such as Clifford trusts, Crown loans, grantor retained income trusts, trust and leaseback transactions and estate freeze devices including buy/sell agreements, all of which have either been curtailed or eliminated as a result of acts of Congress, the judiciary and the Department of the Treasury including the Internal Revenue Service, whose actions have restricted or eliminated the techniques. What these and other techniques had in common is that they were implemented largely to reduce the impact of income, gift and estate taxes on the wealth of a family.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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