ESTATE PLANNING. Michael A. Dalton Thomas P. Langdon CHAPTER 7: TRANSFERS DURING LIFE AND AT DEATH

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1 7 th Edition ESTATE PLANNING Michael A. Dalton Thomas P. Langdon CHAPTER 7: TRANSFERS DURING LIFE AND AT DEATH

2 Lifetime Transfers (1 of 2) See Exhibit 7.1 Summarized on the next slide 2

3 Lifetime Transfers (2 of 2) Transfer Type Effect on Gross Estate Gifts and Lifetime Transfers Bequests at Death Sales During Life Support Excluded Included N/A Qualified Transfers Excluded N/A N/A Annual Exclusion Excluded N/A N/A Future Appreciation Excluded Included Excluded Income on Transferred Assets Excluded Included Excluded Gift Tax Paid Excluded Included N/A Income Tax Paid N/A N/A Excluded 3

4 Arm s Length Transactions Sale direct transfer of property from one person to another for money or property of equal value Installment Sale note from buyer to seller Strangers will usually have interest rate; loved ones will usually have imputed rate. Exchange mutual transfer of assets 4

5 Transfers to Loved Ones Transfers not subject to gift tax Gifts outright and in trust Partial sales/gifts Full consideration transfers/sales SCIN vs. private annuity Grantor retained annuity trust (GRAT) Family limited partnerships (FLP) 5

6 Transfers Not Subject to Gift Tax Legal Support Qualified Transfers Below-Market Rate Loans Transfers to U.S. citizen spouses will generally result in no tax because of the unlimited marital deduction. 6

7 Gifts Outright and in Trust Can be used to: Utilize annual exclusion Present interest? Remove future appreciation Reduce gross estate 7

8 Partial Sale-Gift Transactions The sale of an asset for less than the fair market value The difference between the Fair Market Value and the sale price will be a gift 8

9 Full Consideration Transfers / Sales (1 of 2) Private Annuities Transaction between two private (but usually related) parties Unsecured promise from the buyer to make payments to the annuitant for the remainder of the annuitant s life Effective when the actual life expectancy is less than the IRS life expectancy table Used when the seller is in poor health Can t be terminally ill but if the seller lives > 18 months then it is presumed that the annuitant was not terminally ill Risk that the seller/annuitant will live longer 9

10 Full Consideration Transfers / Sales (2 of 2) SCIN Installment sale with payments of interest and principal over term SCIN premium paid to cancel note at seller s death No gift if the PV of the note is = to the value of the underlying property & the SCIN premium is appropriate Interest can be deductible Used when the seller is in poor health 10

11 SCIN vs. Private Annuity See Exhibit 7.4 Feature SCIN Private Annuity Term of Payment Determined by Seller Life of Annuitant Deductibility of Interest Buyer s Adjusted Basis Depends on Property Purchase Price of Property* None Sum of Annuity Payments Paid Collateral Interest Yes No * Buyers adjusted basis is the purchase price regardless of how much actually paid but concomitantly the difference between sellers adjusted basis and the purchase price is deemed income of the estate on the estates first income tax return. 11

12 Grantor Retained Annuity Trust (GRAT) Pays fixed annuity to grantor for defined term Remainder to noncharitable beneficiary at the end of term Gift = Present value of remainder interest If grantor dies during term, then value of trust is included in gross estate, so no tax saved Use property that is expected to appreciate at a rate greater than the Section 7520 rate Risk grantor dies too early 12

13 Grantor Retained Unitrust (GRUT) Similar to a GRAT except that GRUT pays a fixed percentage of assets each year that are revalued on an annual basis GRUTs are not suitable for hard to value assets GRUTs are used infrequently 13

14 Qualified Personal Residence Trust (QPRT) A specialized form of a GRAT for personal residence Grantor receives use of the house transferred QPRT is ideal if house is appreciating faster than the Section 7520 rate and family plans to keep the home Gift = PV of the remainder interest If grantor dies during QPRT term then the entire asset is included in grantor s gross estate 14

15 Tangible Personal Property Trust (TPPT) Similar to QPRT, but funded with personal property Gift = PV of the remainder interest If grantor dies during the trust term then the full FMV is included in grantor s gross estate 15

16 Family Limited Partnerships (FLP) Partnership created to transfer assets to the younger generation There are two interests: general and limited 1% general partner transferor 99% limited partner gift these to the child (make use of annual exclusion) Takes advantage of business discounts Used when transferor is intent on gifting the assets while maintaining control of the entity 16

17 Transfers to Charities Discussed in Chapter 9 See Exhibit

18 Transfers at Death Transfers by will Property transferred at death by contract Transfers at death by operation of law Charitable transfers at death 18

19 7 th Edition ESTATE PLANNING Michael A. Dalton Thomas P. Langdon

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