Wealth Transfer Planning Opportunities Ahead of the Sunset (from Annual Virginia Conference on Federal Taxation 2024)

A pre-recorded streaming VIDEO replay of one session from the June 2024 live seminar, 75^th Annual Virginia Conference on Federal Taxation.

Virginia’s Premier Tax Conference for Attorneys and Accountants Sponsored by the Virginia Tax Foundation

This presentation discusses planning opportunities (and pitfalls) associated with the scheduled reduction of the estate, gift, and GST exemption amounts from $10 million (as adjusted for inflation) to $5 million (as adjusted for inflation) in 2026. The session explores planning strategies, such as the use of so-called “Spousal Lifetime Access Trusts,” along with planning considerations such as split-gift elections. It also reviews strategies to avoid application of the step transaction and reciprocal trust doctrines, along with best practices for gifting hard-to-value assets with defined value transfer clauses.

Faculty

Farhad Aghdami, Williams Mullen / Richmond