Trusts and Estates
Ca. Trs. & Estates Quarterly Volume 10, Issue 4, Winter 2004
- Breaking Up Is Easy To Do: Avoiding Mistakes That Unravel Settlements
- Divorce Complications In Estates and Estate Planning: Together With the Unraveling of Common Provisions For the Former Spouse
- Planning Multi-generation Trusts With the Client
- Protecting and Moving Wealth Forward—An Important Factor Is the Jurisdiction You Select
- THE DOCTRINE OF VIRTUAL REPRESENTATION OF INCAPACITATED, MINOR, UNBORN AND UNASCERTAINED BENEFICIARIES IN RELATION TO NOTICE OF AND REPRESENTATION IN A PROBATE CODE § 17200 PROCEEDING
- Trust and Estates Section Executive Committee
- Ode To the Estate Tax Return...a Poetic Approach To Form 706, Audits and Estate Planning
ODE TO THE ESTATE TAX RETURN…A POETIC APPROACH TO FORM 706, AUDITS AND ESTATE PLANNING
By Keith Schiller*
While estate tax returns remain with us, it is altogether fitting and timely to integrate pragmatic practice pointers in a poetic setting. So I take this unique, and hopefully joyful approach, to reminders for effective estate planning with each pointer set-off in rhyme.
I. WHEN A QTIP TRUST IS PART OF THE PLAY, EXTEND THE TIME TO FILE AND PAY
Generally, it is preferable to pay no estate tax on the death of the first spouse. Taxes are often best deferred, and with the potential repeal of the estate tax, the eventual tax on the death of the surviving spouse may never arise. Furthermore, estate taxes are the "kids’ problem" because the tax can be deferred until the death of the surviving spouse.