The Demise of the AB and ABC Trust.
During the times when the estate tax was prevalent in the U.S. many estate planners would use either an AB or ABC Trust to avoid paying estate taxes. If a married couple had an AB Trust estate plan, then when the first spouse dies an amount equal to the federal estate tax exemption will be funded into the B Trust and anything over this amount will be funded into the A Trust. The ABC Trust used to be used if a state had a separate estate tax. In this case, the B Trust would hold the state estate tax exemption, the C Trust will hold the difference between the state estate tax exemption and federal estate tax exemption, and the A Trust will hold what's left. And then in 2012, portability was introduced, and in 2013 it was made permanent. Portability, has to be elected, and effectively doubles a couple’s personal estate tax exemption. Thus rendering these trusts ineffective for most people. Watch this video for details on how these trusts still work for blended families and what it the taxable effect.
Agenda
Faculty
Craig W. Smalley, MST, EA
CWSEAPA®, PLLC
Craig W. Smalley, MST, EA, CWSEAPA®, PLLC
- CEO and co-founder of CWSEAPA®, PLLC, and Tax Crisis Center®, LLC
- Has been in practice since 1993
- Well versed in U.S. tax law and U.S. tax court cases; specializes in taxation, entity structuring and restructuring, corporations, partnerships and individual taxation, as well as representation before the IRS regarding negotiations, audits and appeals
- In his many years of practice, he has been exposed to a variety of businesses and has an excellent knowledge of most industries
- Has been a tax columnist for AccountingWEB, Accounting Today, CPA Practice Advisor, EA Journal, and has publish twelve books
- His articles have also been featured in the Chicago Tribune, New York Times, Yahoo Finance, Nasdaq, and several other newspapers, periodicals, and magazines
- Has been interviewed and been a featured guest on many radio shows and podcasts
- Has been admitted to practice before the Internal Revenue Service as an enrolled agent
- Currently seeking a Juris Doctorate degree
- Can be contacted at 844-CWSEAPA (844-297-3272), [email protected], www.cwseapa.com or on Twitter® @cwseapa
- Can be contacted at 844-CWSEAPA (844-297-3272), [email protected], www.cwseapa.com or on Twitter® @cwseapa
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