Doug Youmans

What to Do Before the $5 Million Gift Tax Exemption Amount is Reduced

November 15, 2011

On August 2, 2011, the Budget Control Act of 2011 (the “Act”) created the Joint Select Committee on Deficit Reduction (the “Super Committee”), a 12 member bipartisan select Congressional committee tasked with reducing the federal deficit by at least $1.5 trillion on or before 2021. The Super Committee is supposed to be making its recommendations […]


QPRTs for Dummies (and Other IDITS?)

July 30, 2011

IRREVOCABLE TRUSTS Functions.  An irrevocable trust can shift property value and income to: Build an educational fund for a child; Provide current income for an adult child; Provide current income for an aged parent; or Provide asset protection for others. If the beneficiaries do not have immediate access to trust funds, those funds are unavailable […]


Asset Protection Planning – A Primer

January 30, 2011

This article explains what asset protection planning is–structuring financial affairs to minimize the burden of future unforeseen liabilities–and best practices for implementing such plans. Click here to download a PDF copy of this article.


Don’t Rock the Section 2053 Boat – You’ll Tip the 706 Over

January 15, 2011

Recent Cases Dealing with Administrative Expenses Turner v. U.S., 306 F.Supp.2d 668 (January 30, 2004), Deductions for Interest Paid on Delayed Pecuniary Bequest The will of Sally Jackson will left $10 million to a charity, the Juliette Fowler Homes, Inc., provided that the charity was an organization described in IRC §2055(a).  The decedent’s independent administratrix […]


Tax Legislative Update – Obama Administration Tax Laws

December 30, 2010

On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009 (“ARRA”) into law.  ARRA contained $787 billion of tax incentives and spending provisions intended to revitalize the economy.  The provisions ranged from significant relief for businesses that restructure their debt to those that encourage individuals to make investments in houses […]


Exit Strategies in Estate Planning & Pertinent Tax Issues

May 30, 2010

Sale of Stock or Assets. Stock.  A stock sale is simpler than an asset sale, and will result in one level of tax to the selling shareholders of a C-corporation.  With an S-corporation that does not have C-corporation earnings and profits, or in the case of an unincorporated business treated as a partnership for federal […]