Using Your Estate Planning Toolbox to Fix Your Client’s Income Tax Problems©
Title: Using Your Estate Planning Toolbox to Fix Your Client’s Income Tax Problems©
Description: The presentation will focus on estate planning techniques that could be used to lower a wealthy taxpayer’s income taxes. The presentation will explore the advantages and considerations of the various strategies. Among the strategies that will be explored include the following: family partnership strategies that substantially lower or defer capital gains taxes associated with a diversification of a client’s assets; strategies in which the assets of a grantor trust will receive a step-up in basis on the grantor’s death; strategies using a single member LLC and a convertible note to increase the basis of the assets of the LLC a the note owner’s death; a strategy where for every $1 that is included in a decedent’s estate there is a $4 step-up in basis; use of multi-class partnerships and/or QSSTs to lower trust income taxes; a strategy that simulates selling a low basis asset without capital gains taxes and eliminates estate taxes for the taxpayer that would like 20% of his estate to go to charity; lifetime charitable gifting strategies that maximize tax subsidization; post mortem strategies after the first spouse dies, and a step-up in basis is obtained, to simulate a $45 million credit shelter trust; the use of a non‑grantor trust to lower federal and/or state income taxes; use of a beneficiary deemed owner trust to lower federal and state income taxes; achieving a step‑up in basis by using an older generation’s general power of appointment; and a strategy that combines the best advantages of a sale of assets to a grantor trust and a transfer of assets to a GRAT, without the considerations of either technique, in order to preserve the client’s transfer tax exemptions to use at death to receive a greater step-up in basis.
Bio: Stacy joined the firm to expand the advisory team working with Private Wealth Management clients. He currently works with private clients and their own advisors with their strategic wealth management plans, combining a variety of income tax, estate planning and gifting techniques. Prior to joining Goldman Sachs in October 2000, Stacy was a senior partner with Baker Botts, L.L.P. in Houston, Texas. Stacy received his B.S. (with Honors) from Washington and Lee and his J.D. from The University of Texas (with Honors). Stacy's professional associations include: Member of the International Academy of Estate and Trust Law; Fellow of the American College of Trust and Estate Counsel (Regent for 1992/1998 term); Member of the American Bar Association (Supervisory Council Member of the Real Property, Probate and Trust Law Section from 1990-1998); Member of the Texas Bar Association (Texas Bar Foundation Fellow); Member of the Houston Bar Association (Houston Bar Foundation Fellow). Stacy is listed in Who's Who in America and was selected to receive the Marquis Who’s Who Lifetime Achievement award in 2017. Stacy is also listed in The Best Lawyers in America (Woodward/White). He has been listed in Town & Country and in Bloomberg Personal Finance as one of the top trust and estate lawyers in the U.S. Stacy was selected as one of the ten initial recipients of the Accredited Estate Planner® award of the Estate Planning Hall of Fame® of the National Association of Estate Planners and Councils (2004). He was chosen as the 2018 Hartman Axley Lifetime Service Award recipient of the National Association of Estate Planners and Councils. He was recently named one of the "Top 100 Wealth Advisors" to ultra-high net worth individual clients in the United States by Citywealth magazine. Articles about Stacy’s estate planning ideas have also been featured in Forbes and Fortune magazines. Stacy is a prominent lecturer throughout the country.