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Taxation-Federal Estate and Gift Commons™
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Articles 1 - 9 of 9
Full-Text Articles in Taxation-Federal Estate and Gift
The Moving Target Of Tax Reform, Karen C. Burke, Grayson M.P. Mccouch
The Moving Target Of Tax Reform, Karen C. Burke, Grayson M.P. Mccouch
UF Law Faculty Publications
In 2000, Professor William Turnier proposed a package of three reforms to make the estate tax more “equitable” and “taxpayerfriendly.” All of his proposals—allowing a surviving spouse to inherit a deceased spouse’s unused exemption, replacing the state death tax credit with a deduction, and indexing the exemption for inflation—were eventually enacted. Today, the estate tax remains on the books, but changes in rates and exemptions have severely curtailed its role in the larger federal tax system. Income tax rate reductions for capital gains and dividends have further lightened the tax burden on capital income, and international pressure to reduce the …
Who Killed The Rule Against Perpetuities?, Grayson M.P. Mccouch
Who Killed The Rule Against Perpetuities?, Grayson M.P. Mccouch
UF Law Faculty Publications
This article examines the relationship between the federal wealth transfer taxes and the rule against perpetuities. The decline of the RAP is often attributed primarily to the GST tax amendments enacted in 1986. However, while perpetual trusts were available long before 1986, their estate tax avoidance possibilities were not widely used. Even after 1986, simple repeal of the RAP leaves perpetual trusts exposed to potential estate taxation. In addition, settlors should consider non-tax considerations in assessing the attractions of perpetual trusts.
A Malthusian Analysis Of The So-Called Dynasty Trust, William J. Turnier, Jeffrey L. Harrison
A Malthusian Analysis Of The So-Called Dynasty Trust, William J. Turnier, Jeffrey L. Harrison
UF Law Faculty Publications
Select financial institutions and members of the Bar have seized upon the presence of the limited exemption from the generation skipping transfer tax provided under the Internal Revenue Code to promote so-called dynasty trusts as a means whereby individuals can build dynastic wealth for a family forever free from transfer taxes. To realize such benefits, state law that does not impose the Rule Against Perpetuities must govern the trust. The promise of dynastic wealth is unlikely to be realized due to several factors. Administrative and tax costs are likely to reduce the yield on such trusts to a level where …
A Comment On Unification, Grayson M.P. Mccouch
A Comment On Unification, Grayson M.P. Mccouch
UF Law Faculty Publications
This Article discusses recent proposals aimed at unifying the law of wills and nonprobate transfers. The author notes that default rules of construction present the strongest case for unification, but contends that distinctions between wills and nonprobate transfers remain important in the areas of formalities and restrictions affecting third-party rights. The author concludes that the policy goal should be to allow wills and nonprobate transfers to operate smoothly as complementary methods of deathtime wealth transmission.
The Empty Promise Of Estate Tax Repeal, Grayson M.P. Mccouch
The Empty Promise Of Estate Tax Repeal, Grayson M.P. Mccouch
UF Law Faculty Publications
The terms of the debate over the estate tax have been framed largely by abolitionists who have propounded an antitax message that portrays the estate tax as unambiguously harmful and threatening to ordinary families and small businesses. The attack on the estate tax is linked to a larger agenda of eliminating taxes on capital and capital income and dismantling the progressive elements of the federal tax system. The slogan of estate tax repeal, while effective in mobilizing antitax sentiment, makes no sense as a matter of tax policy because it downplays revenue costs, distributional effects, administrative concerns, and consequences for …
The Matthew Effect And Federal Taxation, Martin J. Mcmahon Jr.
The Matthew Effect And Federal Taxation, Martin J. Mcmahon Jr.
UF Law Faculty Publications
The “Matthew Effect” is a synonym for the well-known colloquialism, “the rich get richer and the poor get poorer.” This Article is about the Matthew Effect in the distribution of incomes in the United States and the failure of the federal tax system to address the problem. There has been a strong Matthew Effect in incomes in the United States over the past few decades, with an increasing concentration of income and wealth in the top one percent. Nevertheless, there has been a continuing trend of enacting disproportionately large tax cuts for those at the top of the income pyramid. …
Family Limited Partnerships: Discounts, Options, And Disappearing Value, Karen C. Burke, Grayson M.P. Mccouch
Family Limited Partnerships: Discounts, Options, And Disappearing Value, Karen C. Burke, Grayson M.P. Mccouch
UF Law Faculty Publications
Family partnerships have been become increasingly popular as a means of avoiding estate and gift taxes. As other estate freezing techniques have been closed off by statutory anti-abuse rules, estate planners have increasingly resorted to partnerships as a vehicle for transferring assets within a family at deeply discounted values. Discounts ranging from one-third to over one-half of the value of the underlying assets are routinely claimed, and often allowed, based on lack of marketability and lack of control, even where these disabilities have no lasting or ascertainable economic effect. Nevertheless, the use of family partnerships to suppress value for transfer …
Estate Tax Repeal: Through The Looking Glass, Karen C. Burke, Grayson M.P. Mccouch
Estate Tax Repeal: Through The Looking Glass, Karen C. Burke, Grayson M.P. Mccouch
UF Law Faculty Publications
The Economic Growth and Tax Relief Reconciliation Act of 2001 promises dramatic reductions in income and estate taxes over a nine-year phase-in period, culminating in 2010 with complete repeal of the estate tax and introduction of a new carryover basis regime for inherited property. The Act's sunset provision automatically terminates these substantive changes at the end of 2010 and reinstates prior law for 2011 and subsequent years. In effect, the sunset provision transforms the large-scale tax cuts into a temporary measure and leaves open the question of whether to make those cuts permanent. Since the Act was signed into law, …
Death Without Taxes?, Karen C. Burke, Grayson M.P. Mccouch
Death Without Taxes?, Karen C. Burke, Grayson M.P. Mccouch
UF Law Faculty Publications
In recent years the role of the estate, gift and generation-skipping transfer taxes within the federal tax system has become increasingly controversial. The future of the transfer taxes remains unsettled, despite recently enacted legislation that moves in the direction of repeal with a delayed effective date. This paper looks at transfer tax repeal in terms of its repercussions on the rest of the tax system, with special emphasis on the income tax treatment of property transferred by gift or bequest. Repeal of the transfer taxes would reduce the progressivity of the overall tax system, exacerbate existing inequities with respect to …