Adapting to the times – Estate planning focus shifts to income taxes

Description

Abstract: As the gift and estate tax exemption has significantly increased, and the estate tax rate decreased, individual income tax and capital gains tax rates have increased. This means that those who expect to have little or no estate tax liability should shift their focus to strategies for reducing income taxes. Fortunately, many estate planning strategies are available that can help reduce income taxes. This article discusses some of these strategies, with a sidebar looking at one in particular: the estate defective trust.