Comments Off on Death, Gifts, and Other Transfers as Realization Events (7-23-21)
Death, Gifts, and Other Transfers as Realization Events (7-23-21)
$20.00 – $35.00
July 23, 2021 12:0 PM to 1:00 PM
Tax Law Committee Live Zoom Program
Co-Chairs: Magda Szabo & Luke Tashjian
Panelist / Presenter:
Ronald D. Aucutt, Esq., Senior Fiduciary Counsel, Bessemer Trust
Expansive deemed-realization rules were proposed in the Treasury Department’s “Greenbook” of May 28, 2021.
Beginning January 1, 2022, unrealized appreciation in property transferred by gift or upon death would be subject to capital gains tax.
So would unrealized appreciation in property in trust at the time of certain distributions, apparently including all distributions from an irrevocable pre-existing trust, and at the time a revocable trust becomes irrevocable.
There would be a cumulative lifetime-and-at-death exclusion of gains up to $1 million (portable between spouses), rather narrow exceptions for transfers to charity and to a “U.S. spouse” (not defined), and deferral options for family businesses and other illiquid assets.
Live video conference via Zoom
1 transitional & non-transitional NY & CT Area of Practice credit.
The Fairfield County Bar Association is an accredited provider for CT & NY state CLE
Information on financial assistance is available upon request
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Regular Members, Reduced Rate FCBA Members (legal administrators, paralegals, law students & law clerks), Non-Members