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Revitalizing The Estate Tax: 5 Easy Pieces, James R. Repetti, Paul L. Caron 2014 Boston College Law School

Revitalizing The Estate Tax: 5 Easy Pieces, James R. Repetti, Paul L. Caron

Boston College Law School Faculty Papers

In a previous article, we argued that contrary to the state of the law over 35 years ago — when George Cooper wrote his seminal article on the estate tax (A Voluntary Tax? New Perspectives on Sophisticated Estate Tax Avoidance, 77 Colum. L. Rev. 161 (1977))—taxpayers today generally ‘‘can reduce the value of assets subject to transfer tax in many instances only if they are willing to assume the risk that the reduction may be economically real and reduce the actual value of assets transferred to heirs or, alternatively, in narrow situations if they are willing to incur some tax ...


Exporting Fatca, Joshua D. Blank, Ruth Mason 2014 NELLCO

Exporting Fatca, Joshua D. Blank, Ruth Mason

New York University Law and Economics Working Papers

The Foreign Account Tax Compliance Act (FATCA) represents a powerful response by the United States to flagrant offshore tax evasion. Although the new reporting regime has been criticized as unilateral and extraterritorial, this short article, prepared for a symposium hosted by Pepperdine Law Review, shows that multilateralism and cooperation so far have been the keys to implementing FATCA. In addition to spurring bilateral Intergovernmental Agreements (IGAs) to implement FATCA, and copycat legislation in other jurisdictions, for many countries, the FATCA reporting requirements represent an aspirational new global standard for automatic exchange of information – one that would supplement, if not replace ...


Advising Estate Planning Clients After The 2012 Tax Act, Dennis I. Belcher, Charles D. Fox IV 2013 College of William & Mary Law School

Advising Estate Planning Clients After The 2012 Tax Act, Dennis I. Belcher, Charles D. Fox Iv

William & Mary Annual Tax Conference

No abstract provided.


What's Wrong With A Federal Inheritance Tax?, Wendy Gerzog 2013 SelectedWorks

What's Wrong With A Federal Inheritance Tax?, Wendy Gerzog

Wendy Gerzog

Scholars have proposed a federal inheritance tax as an alternative to the current federal transfer tax system, but there are serious flaws with that idea. Those problems include: (1) different tax rates and exemptions based on the decedent’s relationship to the beneficiary; (2) the lack of a tax on lifetime gratuitous transfers, including gifts with retained interests or control; (3) the persistence of most current valuation distortion abuses; and (4) significantly decreased compliance rates and increased administrative costs inherent in a system that taxes transferees on transactions that may be largely unmonitored.

This article reviews common characteristics of existing ...


What's Wrong With A Federal Inheritance Tax?, Wendy Gerzog 2013 SelectedWorks

What's Wrong With A Federal Inheritance Tax?, Wendy Gerzog

Wendy Gerzog

Scholars have proposed a federal inheritance tax as an alternative to the current federal transfer tax system, but there are serious flaws with that idea. Those problems include: (1) different tax rates and exemptions based on the decedent’s relationship to the beneficiary; (2) the lack of a tax on lifetime gratuitous transfers, including gifts with retained interests or control; (3) the persistence of most current valuation distortion abuses; and (4) significantly decreased compliance rates and increased administrative costs inherent in a system that taxes transferees on transactions that may be largely unmonitored.

This article reviews common characteristics of existing ...


Protecting Those Who Need It Most: A Call For Change To The Tax Application Of Qualified Domestic Relations Orders When Placed Into Special Needs Trusts, Conor Francis Linehan 2013 SelectedWorks

Protecting Those Who Need It Most: A Call For Change To The Tax Application Of Qualified Domestic Relations Orders When Placed Into Special Needs Trusts, Conor Francis Linehan

Conor Francis Linehan

This note calls for a change to the way the Internal Revenue Code is applied towards qualified domestic relations orders when used to fund or partially fund special needs trusts, specifically irrevocable (d)(4)(B) trusts created under § 1396p.

The current status of the law is that an individual can roll over a qualified domestic relations order into a new retirement account in a tax-free transfer. If an individual elects to not roll over into a new retirement fund, some additional exemptions to various early termination penalties and lump sum payments have already been carved out of the Code.

This ...


Who Killed The Rule Against Perpetuities?, Grayson M. P. McCouch 2013 Pepperdine University

Who Killed The Rule Against Perpetuities?, Grayson M. P. Mccouch

Pepperdine Law Review

During the last two decades more than half the states have either abolished or substantially weakened the traditional rule against perpetuities. The increased demand for perpetual trusts is widely attributed to the ability of such trusts to avoid federal wealth transfer taxes. Furthermore, recent empirical studies confirm a correlation between repeal of the rule against perpetuities (coupled with favorable state income tax treatment) and increased personal trust assets and average account size. This symposium article discusses the asymmetric benefits and drawbacks of perpetual trusts and concludes that the decline of the rule against perpetuities cannot be explained solely in terms ...


Occupy The Tax Code: Using The Estate Tax To Reduce Inequality And Spur Economic Growth, Paul L. Caron, James R. Repetti 2013 Pepperdine University

Occupy The Tax Code: Using The Estate Tax To Reduce Inequality And Spur Economic Growth, Paul L. Caron, James R. Repetti

Pepperdine Law Review

Inequality has been increasing in the United States. We should care about this increase because inequality contributes to a variety of adverse social consequences that persist across generations. There is also substantial empirical evidence that inequality has a long-term negative impact on economic growth. For many decades, federal tax policy has played an important role in reducing inequality, although the impact of federal taxes on inequality has waxed and waned depending on the focus of elected officials. We argue that the estate tax is a particularly apt vehicle to reduce inequality because inheritances are a major source of wealth among ...


Distracted From Distraction By Distraction: Reimagining Estate Tax Reform, Edward J. McCaffery 2013 Pepperdine University

Distracted From Distraction By Distraction: Reimagining Estate Tax Reform, Edward J. Mccaffery

Pepperdine Law Review

Recent legislation has left a gift and estate tax that will apply to far fewer than 1% of all decedents each year. This Article, prepared for a symposium on Tax Advice for the Second Obama Administration, argues that the estate tax has become largely irrelevant, except ironically as a spur to the creation and perpetuation of dynastic wealth via 'Dynasty Trusts.' The tax no longer meets any compelling policy rationale, such as raising revenue, 'backing up” the income tax, injecting progression into the tax system, or breaking up large concentrations of wealth. It is time to move on, and to ...


How To Accomplish A Successful Tax-Free Pension Plan Rollover, Steven T. Graham 2013 Pepperdine University

How To Accomplish A Successful Tax-Free Pension Plan Rollover, Steven T. Graham

Pepperdine Law Review

Advising a client how to accomplish a tax-free rollover from one pension plan to another has been an area of confusion for the general practitioner. In order to end this confusion the author examines recent statutory amendments, Internal Revenue Service rulings and the Employee Retirement Income Security Act. The author then outlines, in conjunction with the recent changes in the law, potential pension plan rollover scenarios that can aid the client. After a thorough discussion of the available rollovers and the benefits and drawbacks of each, the author concludes with a chart designed to provide quick identification of the most ...


Recent Legislative Changes As To The Reporting And Payment Of The Gift Tax: A Step Toward Tax Simplification, Harry F. Byrd Jr. 2013 Pepperdine University

Recent Legislative Changes As To The Reporting And Payment Of The Gift Tax: A Step Toward Tax Simplification, Harry F. Byrd Jr.

Pepperdine Law Review

The overly complex nature of the nation's tax laws has spurred congressional action to simplify the tax code. United States Senator Harry F. Byrd, Jr. has demonstrated his commitment toward this goal by his recent introduction of the Annual Gift Tax Return Act. This measure, enacted as part of the Economic Recovery Tax Act of 1981, provides a return to the system of annual gift tax reporting. More significantly, it demonstrates that simplification of the tax laws can be achieved without sacrificing other goals, and without additional costs to the taxpayer.


It Pays To Give It Away - Sometimes: Inter Vivos Charitable Remainder Unitrusts In Estate Planning, Robert G. Popovich 2013 Pepperdine University

It Pays To Give It Away - Sometimes: Inter Vivos Charitable Remainder Unitrusts In Estate Planning, Robert G. Popovich

Pepperdine Law Review

No abstract provided.


Distracted From Distraction By Distraction: Reimagining Estate Tax Reform, Edward J. McCaffery 2013 BLR

Distracted From Distraction By Distraction: Reimagining Estate Tax Reform, Edward J. Mccaffery

University of Southern California Law and Economics Working Paper Series

Recent legislation has left a gift and estate tax that will apply to far fewer than 1% of all decedents each year. This Article, prepared for a symposium on Tax Advice for the Second Obama Administration, argues that the estate tax has become largely irrelevant, except ironically as a spur to the creation and perpetuation of dynastic wealth via “Dynasty Trusts.” The tax no longer meets any compelling policy rationale, such as raising revenue, “backing up” the income tax, injecting progression into the tax system, or breaking up large concentrations of wealth. It is time to move on, and to ...


What’S Wrong With A Federal Inheritance Tax?, Wendy Gerzog 2013 SelectedWorks

What’S Wrong With A Federal Inheritance Tax?, Wendy Gerzog

Wendy Gerzog

Scholars have proposed a federal inheritance tax as an alternative to the current federal transfer tax system, but there are serious flaws with that idea. Those problems include: (1) different tax rates and exemptions based on the decedent’s relationship to the beneficiary; (2) the lack of a tax on lifetime gratuitous transfers, including gifts with retained interests or control; (3) the persistence of most current valuation distortion abuses; and (4) significantly decreased compliance rates and increased administrative costs inherent in a system that taxes transferees on transactions that may be largely unmonitored. This article reviews common characteristics of existing ...


The Mandatory Disclosure Provisions Of The Uniform Trust Code: Sill Boldly Going Where No Jurisdiction Will Follow - A Practical Tax-Based Solution, John S. Treu 2013 SelectedWorks

The Mandatory Disclosure Provisions Of The Uniform Trust Code: Sill Boldly Going Where No Jurisdiction Will Follow - A Practical Tax-Based Solution, John S. Treu

John S. Treu

Twelve years have passed since NCCUSL first proposed the Uniform Trust Code ("UTC") which has now been adopted in twenty-five jurisdictions. Notwithstanding the successful adoption of the majority of the provisions of the UTC in each of these jurisdictions, the mandatory disclosure provisions of the UTC have been universally rejected. These mandatory disclosure provisions are reform-based and beneficiary-friendly and have been widely criticized for contradicting the settlor's intent as stated in the plain language of the trust instrument. The majority of UTC adopting jurisdictions have simply deleted the mandatory disclosure provisions altogether and have adopted only the default disclosure ...


Dodging The Draft (Tax): How China's Draft Inheritance Tax Law Turns A Blind Eye To The Rich, A Good Eye To The Masses, And How A Reorientation Can Be Realized, Justin T. Brown 2013 Washington University School of Law

Dodging The Draft (Tax): How China's Draft Inheritance Tax Law Turns A Blind Eye To The Rich, A Good Eye To The Masses, And How A Reorientation Can Be Realized, Justin T. Brown

Washington University Global Studies Law Review

This Note will examine the 2004 Draft Inheritance Tax Law and provide suggestions for improving the law. Part II provides a background of the social and political context leading up to the Draft Law and of the developments since 2004. Part III examines the Draft Law itself and comments on its shortcomings, omissions, and areas needing improvement. Finally, Part IV summarizes the arguments for and against the tax examined in Part III and concludes that a wealth transfer tax could be a useful tool to achieve China’s numerous social objectives. The Draft Law of 2004, however, requires many serious ...


Occupy The Tax Code: Using The Estate Tax To Reduce Inequality And Spur Economic Growth, James R. Repetti, Paul L. Caron 2013 Boston College Law School

Occupy The Tax Code: Using The Estate Tax To Reduce Inequality And Spur Economic Growth, James R. Repetti, Paul L. Caron

James R. Repetti

Inequality has been increasing in the United States. We should care about this increase because inequality contributes to a variety of adverse social consequences that persist across generations. There is also substantial empirical evidence that inequality has a long-term negative impact on economic growth.

For many decades, federal tax policy has played an important role in reducing inequality, although the impact of federal taxes on inequality has waxed and waned depending on the focus of elected officials. We argue that the estate tax is a particularly apt vehicle to reduce inequality because inheritances are a major source of wealth among ...


Rethinking The Penalty For The Failure To File Gift Tax Returns, Jay A. Soled, Paul L. Caron, Charles Davenport, Richard L. Schmalbeck 2013 Duke Law

Rethinking The Penalty For The Failure To File Gift Tax Returns, Jay A. Soled, Paul L. Caron, Charles Davenport, Richard L. Schmalbeck

Faculty Scholarship

In this article, the authors argue that Congress must reform the penalty structure associated with the failure to file gift tax returns if it wants to maintain the integrity of the transfer tax system.


Occupy The Tax Code: Using The Estate Tax To Reduce Inequality And Spur Economic Growth, James R. Repetti, Paul L. Caron 2013 Boston College Law School

Occupy The Tax Code: Using The Estate Tax To Reduce Inequality And Spur Economic Growth, James R. Repetti, Paul L. Caron

Boston College Law School Faculty Papers

Inequality has been increasing in the United States. We should care about this increase because inequality contributes to a variety of adverse social consequences that persist across generations. There is also substantial empirical evidence that inequality has a long-term negative impact on economic growth.

For many decades, federal tax policy has played an important role in reducing inequality, although the impact of federal taxes on inequality has waxed and waned depending on the focus of elected officials. We argue that the estate tax is a particularly apt vehicle to reduce inequality because inheritances are a major source of wealth among ...


The Creeping Federalization Of Wealth-Transfer Law, Lawrence W. Waggoner 2013 University of Michigan Law School

The Creeping Federalization Of Wealth-Transfer Law, Lawrence W. Waggoner

Law & Economics Working Papers

This paper, titled “The Creeping Federalization of Wealth-Transfer Law,” is prepared for a symposium on the role of federal law in private wealth transfer. The symposium is to be held at Vanderbilt University Law School on February 21, 2014, and is sponsored by the American College of Trust and Estate Counsel Foundation. Symposium papers will be published in volume 66 of the Vanderbilt Law Review (Nov. 2014 issue).

This paper surveys areas of federalization of wealth-transfer law. Federal authorities have little experience in making law that governs wealth transfers, because that function is traditionally within the province of state law ...


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