1. Top Tax & Estate Planning Strategies
Spring 2009
2. FAMILY TRUSTS
Gift assets to a trust for the benefit of family members, and control access
to principal, further ensuring sustainability of wealth.
3. Family Trusts
Trustee
Spouse
Distributes
Income/
Principal
Grand Children
parent
Trust
Grand
children
4. Common Trust Distribution Provisions
“Discretionary” Trust
Income [and Principal, if desired] subject to an
“ascertainable standard” (for health, support, maintenance
and education only)
“Total Return” Trust
A percentage of trust assets annually, paid out of income
and capital gains
“Incentive” Trust
Distributions depend on beneficiary achievements
Often “matching” distributions based upon child’ salary or
other meritorious achievements
“Dynasty” Trust
A trust can be structured to “skip” generations and avoid
estate inclusion in the next generation
Child’s control over principal must be limited
5. GRANTOR RETAINED ANNUITY TRUST
Transfer future appreciation on assets over a short term of years, without losing
access to the current value of the underlying asset transferred, and without
paying gift tax.
6. Grantor Retained Annuity Trust
Transfer Appreciation. Retain Principal. Reduce Gift & Estate Tax.
Appreciated
Property
Senior
Family Trust
Member Annuity
For Term of
Years Remainder
Advantages:
Interest
1. Transaction is ignored for income tax purposes
2. Any appreciation in excess of IRS interest rate is Junior
effectively transferred without gift tax Family
Member
3. Taxable gift is limited to the present value of the
remainder – annuity can be set high enough to
“zero-out” the taxable gift and get back principal
entirely
7. Grantor Retained Annuity Trust
What is a GRAT?
A GRAT is an irrevocable trust
Grantor transfers appreciating property to the trust
Grantor receives an annuity amount for a short term of years
(usually 2-5 years)
Grantor continues to pay income taxes on any income or gains
earned on the property, and annuity is disregarded
When the trust term expires, the remainder interest passes to the
Grantor’s heirs, outright or in further trust
A taxable gift is computed when the property is transferred to the
trust, based only upon the value of the remainder interest
If properly structured, GRAT performance may be
enhanced with valuation discount planning
8. Grantor Retained Annuity Trust
The annuity amount may be structured to
Advantages
result in no taxable gift to the heirs
Future appreciation during the trust term in
excess of an IRS interest rate (2.4% in May
2009) is transferred to heirs free of any gift
tax
Grantor must outlive GRAT term
Income tax paid on the trust property is
essentially a tax free gift to heirs
If IRS challenges the asset valuation, the
annuity self-adjusts, resulting in no
unexpected taxable gift
GRAT is sanctioned under the Internal
Revenue Code
9. Example #1
Situation: Solution:
Parent
wants to Parent creates a $1,000,000 GRAT
“freeze” the
value of his with a three-year term
taxable
estate to the Parent receives an annual annuity
current payment for three years of $349,455
value,
because he Parent has made no taxable gift
expects
certain If the assets appreciate at 8% per
assets to
appreciate year for the three year term, the child
rapidly will inherit a tax-free gift of $125,242
10. Example #2
Situation:
Parent transfers $5,000,000 business to a 10
year GRAT
Parent owns Parent retains an annuity of $260,000, satisfied
a business from company distributions for 10 years
that he wants
to move Taxable gift of $962,650 (assuming valuation
down to his discount of 35%) is sheltered by his lifetime
children tax-free gift allowance of $1million
without
paying gift At the end of 10 years, Parent is still alive and
tax. He the business is transferred outright to children
would like a with no gift tax
retirement
At that time, at 10% growth & income, it is
cash flow
from the worth $8.8 million
business. Children can run and/or control the company
during the GRAT term, if desired
11. The Fine Details of Strategy
Get the Most
We can help with all the details to ensure
Out of Your your GRAT is protected and performs:
GRAT Trust agreement is flexible, to deal with
uncertain asset performance, a premature
death, and potential transfers
Analysis of optimal GRAT term & annuity
amount
Rollover and asset substitution options
Marital deduction planning
Accurate gift and income tax reporting
GST exemption allocations are frequent, costly
errors
Accurate and timely annuity payments
Proper computations of asset ownership
between Grantor and Trust
12. Inter-Family Loans
Transfer future appreciation on assets, without losing access to current
value of the underlying asset transferred, and without paying gift tax.
13. Inter-Family Loan (Alt. #1)
Transfer Appreciation. Retain Principal. Reduce Gift & Estate Tax.
Property
Senior Junior
Family Family
Installment
Member Member
Note
14. Inter-Family Loan (Alt. #2)
Transfer Appreciation. Retain Principal. Reduce Gift & Estate Tax.
Appreciated
Property
Senior
Family Installment Grantor
Member Note Trust
Balance of
Trust Assets
Planning Point:
This Structure Avoids the
Recognition of any Junior
Taxable Gain on the Transaction Family
Members
15. Inter-Family Loan (or Sale)
What is an Inter-Family Loan?
A parent loans cash, or sells assets to child, or to a
trust for the benefit of child
Parent receives an installment note (alternatively, a
demand note) for a term of years (usually a term less
than parent’s life expectancy)
During the note term, any appreciation above the
interest rate on the note is transferred free of gift tax
If the note amount equals the fair market value of the
assets loaned (or sold) no taxable gift results
If properly structured, loan performance may be
enhanced with valuation discount planning
16. Inter-Family Loans
Advantages Get assets to children currently without gift
tax
Future appreciation during the note term in
excess of an IRS interest rate (approx. 2%
in 2009) is transferred to heirs free of any
gift tax
If loan is between Grantor and his Grantor
Trust
Entire transaction is disregarded for tax purposes
Income tax paid on the trust property is
essentially a tax free gift to heirs
The transaction can be structured as a
generation-skipping planning vehicle
17. Example #1 Balloon Note
Parent Solution:
wants to
“freeze” the Parent sells $1,000,000 asset to child
value of his (or a trust for the benefit of child)
taxable
estate to the Parent takes back a 9-year balloon
current note for $1,000,000 with a 2% interest
value, and
wants to rate
help kids
fund an Parent has made no taxable gift
important If the assets appreciate at 8% per
purchase,
perhaps and year for the 9 year term, the child will
business inherit a tax-free gift of $749,000
(before any income tax effect).
18. Example #2 Self-canceling Note
Parent Solution:
needs to do Parent is 80 years old. She sells
estate $1,000,000 asset to a “grantor” trust for
planning to the benefit of child.
minimize
Parent takes back an 8 year note with a
estate tax.
Parent also
2.4% interest rate
wants to Note is self-canceling, if Parent dies
give her within 8 years
children a Parent receives $185,400 a year for
cash three years, then dies and note is
generating extinguished
asset.
$443,800 is transferred to heirs at
Parent’s death without gift or estate tax
19. The Fine Details of Strategy
We can help with all the details to ensure your
Get the Most transaction is protected and performs:
out of Your
Loan Loan documentation must be flexible and
Arrangement complete
Prepayment terms, adequate interest,
renegotiations, transferability, self
canceling features, downside valuation
protection
Timely payments
Capture upside appreciation
Gift and income tax reporting must be
aligned
Creative capitalization options for a trust
purchaser
20. Qualified Personal Residence Trust
Transfer your second home to your children in the future at a significantly
reduced current gift tax cost, and retain the right to use the home indefinitely
21. Qualified Personal Residence Trust
Transfer Vacation Home. Right to Use. Reduce Gift &
Estate Tax.
Vacation
Home
Senior
Family
Personal
Member Trust
Use
for term of
years
Remaining
Assets
Junior
Family
Member
22. What is a Qualified Personal
Residence Trust?
Grantor transfers home to a Trust
Grantor retains the right to use the home for a fixed period of
years
At the end of the trust term, the house passes:
To a continuing trust for the benefit of children, or for the
benefit of spouse and children, or to children outright
A taxable gift occurs when home is transferred to the trust
The taxable gift is a reduced amount, equal only to the
value of the trust remainder (after the fixed term)
If Grantor wants to continue to use the home after the fixed
term:
Grantor can rent the house back from children, or
Grantor can access the home through his surviving
spouse’s income interest in a continuing trust, if any
23. Qualified Personal Residence
Trust
Reduced upfront gift tax cost and the home is
Advantages removed from your estate
Grantor must outlive QPRT term
Any future appreciation on the home is a tax-free gift
to heirs
Grantor must outlive QPRT term
Continued use of home
Grantor may have to rent, after QPRT term ends
If home is sold and not replaced, QPRT converts to a
GRAT
Nothing changes for income tax purposes, during
the term
The QPRT can sell the home and you can still use
your income tax exemption
You still deduct all the expenses during the QPRT term
24. Example
Grantor, age 60 transfers $1,000,000 family
“heirloom” vacation home to a trust
Grantor continues to use the home for a period of
15 years
At the end of 15 years, the home is transferred to
a continuing trust for the benefit of spouse and
children
Grantor can continue to use the home rent-free
while is spouse is living, and thereafter must pay
FMV rent
Grantor’s taxable gift in year one is only $495,150
The home transferred to children free of gift tax in
year 15 is worth $2,078,000 at 5% appreciation
25. Example: Qualified Personal
Residence Trust with Continuing Trust
Step 1
Vacation Home
Senior
Family
Personal Trust
Member
Use
for Term of Step 2
Years Vacation Home
Remaining Step 4
Assets
Step 3 Junior
Spouse Family
Personal Trust Member
Use
for Life
26. The Fine Details of Strategy
Get the Most We can help with all the details to ensure
Out of Your your QPRT is protected and performs
QPRT Proper gift tax return reporting
Gift-splitting elections and GST exemption
allocations are frequent, costly errors
Flexible document to address potential “real-
life” situations in terms of what eventually will
happen to the home
Proper planning for real estate tax impact
Advanced structuring options, including
fractional share transfers, home exchanges,
and reverse QPRT arrangements, and
continuing spousal trusts
27. Charitable Remainder Trust
Reduce income and estate tax on an appreciated asset. Retain family
access to cash flow from the asset. Benefit charity in the future.
28. Charitable Remainder Trust
Sell Appreciated Asset. Reduce Income & Estate Tax. Benefit Family & Charity.
Appreciated
Property
Senior
Family
Member Annuity or
s Trust
Unitrust
Interest for
Life or Term
of Years Remaining Assets
Charitable
Organization
29. What is a Charitable Remainder Trust?
Grantor transfers an appreciated asset to a
trust
Grantor retains an income interest for life(lives)
or a term of years (20 year max), or shorter of
Income interest is based upon a fixed percentage,
trust income, or both
The
fixed percentage is either an annuity (% of initial
FMV) interest, or a unitrust (% of annual FMV) interest
At the end of the income interest the trust
assets are distributed to an outside charity, or
a family foundation
30. What is a Charitable Remainder Trust?
Different Types of CRTs:
Unitrust (CRUT): Fixed percentage of annual FMV
Annuity Trust (CRAT): Fixed percentage of initial FMV
Net Income CRUT (NICRUT): lesser of trust income or
fixed percentage
Net Income with Make-up CRUT (NIMCRUT): lesser of net
income or fixed percentage, with a make-up distribution in
years when net income exceeds % of FMV
FLIP CRUT: Lesser of income or % of FMV until a
specified event, then flips to a standard CRUT
Income interest must be 5%-50% of trust value per
year
Actuarial value of charitable remainder must be at
least 10%
31. Charitable Remainder Trust
An appreciated asset may be sold inside a CRT
Advantages without current income tax
Good business succession strategy when coupled
with a corporate redemption
Good diversification strategy for concentrated stock
position
Income and gift (and/or estate) tax charitable
deduction for the future value of charity’s interest,
if properly structured
Retirement income tool, similar to an IRA
Grantor can only access income interest
CRT is a tax-deferred vehicle, similar to an IRA
Distributions to Grantor are taxable
32. Example #1 Sale of Appreciated
Asset
Solution:
Situation:
65 year-old Grantor creates a CRT and
Grantor transfers $1,000,000 of appreciated assets
needs to sell
some CRT sells the assets and realizes a
undiversified $750,000 gain, but recognizes no gain for
holdings to tax purposes
protect her
retirement. Grantor retains the right to 7% of the annual
The income fair market value of the trust assets, totaling
tax on the
gain would
$1,290,000 (before taxes) for life (at an 8%
be significant. rate)
Grantor also Charitable deduction in year one is $357,050
needs estate
tax planning. and charity receives $1,180,000 in year 18,
at Grantor’s death
Grantor’s estate receives an estate tax
deduction for CRT assets included in estate
33. Example #2 Succession Planning
Situation: Solution:
Grantor 65 year-old Grantor creates a CRT and
wants to sell transfers $1,000,000 of XYZ stock
appreciated
business to CRT stock is later redeemed by XYZ
children. He Grantor retains the right to a % of the
doesn’t want
to pay a annual fair market value of the trust
significant assets for life
income tax.
Children can operate the business, and
He wants
retirement now own 100% of it.
cash flow.
Business can purchase life insurance on
Parent to replace redemption proceeds,
if desired
34. Charitable Remainder Trust #2
Charitable Bail-Out of Business
Cash to
XYZ Stock Redeem
Stock in
Senior
XYZ
Family XYZ
Member Annuity or
CRT
s Unitrust XYZ Stock
Interest for
Life or Term
of Years Remaining Assets
Charitable
Organization
35. The Fine Details of Strategy
Detailed analysis of income interest options:
Get the Most
CRUT, CRAT, NIMCRUT, NICRUT, FLIPCRUT –
Our of Your
the options are dizzying
CRT
“Spigot” planning with an LLC investment to
enhance strategy performance through more
income tax deferral
Business succession planning with CRT and a
subsequent corporate redemption
“Unwinding” options and analysis
Flexible document so that:
a private foundation is a remainder charity option
a charity can be switched
an income interest can be revoked
a hard-to-value or special asset is suitable
36. Charitable Lead Trust
Transfer an income interest to charity for a term of years . When charity’s term
ends, trust assets are distributed to family. Reduce or avoid significant income
and estate tax.
37. Charitable Lead Trust
Reduce Significant Income & Estate Tax. Benefit Family & Charity.
Income
Interest
for Term of
Years
Appreciated
Senior
Property Charitable
Family
Organization
Member
s Trust
Remaining
Assets
Junior
Family
Member
s
38. What is a Charitable Lead Trust?
Grantor (or Grantor’s estate) transfers assets to a
trust for the benefit of charity and his family
Charity receives a specified amount annually for a
term of years
The amount can take the form of an annuity (fixed %
of initial FMV), or a unitrust (fixed % of annual FMV)
When the term ends, assets are transferred to
heirs, or back to Grantor
May be structured to be suitable for use with a
private foundation
May be structured to be suitable for a contribution
of a closely-held business
39. Charitable Lead Trust
Advantages A CLT can produce significant estate & gift tax
savings if heirs receive the trust remainder
Taxable gift or estate is reduced by the value of
charities income interest
CLT postpones assets to heirs, which may be
desirable if heirs are young
Lifetime CLT may be structured as a “grantor trust”,
in which case Grantor receives an income & gift tax
deduction (but also pays tax on the CLT income)
Testamentary CLT can be based on a formula
designed to effectively eliminate estate tax
If properly structured, can be a tremendous way to
use generation-skipping tax exemption
40. Example #1 No estate tax plan
Grandfather Grandfather dies and his estate transfers
wants to use $4 million to a ten year, 7% CLUT
his
generation- $2 million of his Generation-skipping tax
skipping exemption is used
exemption of
$2 million at $2 million charitable deduction is created
his death
and also The CLT assets grow at 8% per year
wants to
fund his
His foundation receives a 7% unitrust
family payment per year for ten years, totaling
foundation $2.9 million
to avoid any
estate tax In year eleven, his grandchildren inherit
exposure $4.4 million without further estate tax
41. Example #1
Testamentary Charitable Lead Unitrust for Generation-Skipping
Unitrust
Interest
for Term of
Appreciated
Years
Senior Property
Family See Note 1
Charitable
Member’ Organization
s CLUT
Estate
Remaining
Assets
Grand
Note 1: A formula may be used to
children
peg the GST exemption remaining
42. Example #2 Testamentary Charitable Lead
Annuity Trust For a Family Business
Situation: Solution
Parent revises his estate planning documents to set-up a
Parent has Testamentary Charitable Lead Annuity Trust, and gives his
significant children the option to buy the business from his Estate in
estate tax exchange for a Note
exposure.
When Parent dies, children may own and operate the business
He likes the
immediately (once probate court approves of it)
idea of
forming a The children make interest payments on the Note (with cash from
family the business operations)
foundation , This cash is used to fund the Annuity to the family Foundation
but wants
When the CLAT terminates, the Note may be effectively
his kids to
extinguished because the children are on both sides of the Note
have the
family Estate tax may be effectively eliminated, and some future
business. appreciation during the TCLAT term may be an additional tax-free
gift
43. Example #2 Testamentary Charitable Lead
Annuity Trust for a Family Business
Step 3: CLAT satisfies income
Interest with Note payments
Step 2: fund CLAT
with Note
Income
Senior Installment Interest
Family Note
Member’ Charitable
s Organization
CLAT
Estate
Step 1: probate Business
court approval Remaining
Installment
and sell Assets
Note
business to
Junior
children Step 4: When term
Family
Member ends, Note is effectively
extinguished, because
s
children inherit the
CLAT remainder
The Result: estate tax elimination, and children immediately own the business
44. The Fine Details of Strategy
We can help you structure your CLT to
Get the Most ensure that it is protected and performs
Out of Your
Charitable Proper structure to accommodate the
Lead Trust funding of a family business or investment
company
Proper structure to accommodate the use of
family foundations
Creative financing structures to get family
access to CLT assets during the term
Flexible funding options, including funding
formulas and powers of appointment
Zero estate tax options and projections
45. Family Limited Liability Company
Reduce estate tax, retain control, simplify asset management across
multiple family members, protect assets from creditors.
46. Family Limited Liability Co.
Investment
Assets
Contributed
Senior
Family
Member Voting &
s LLC
Nonvoting
Interests
Received
Nonvoting
Interests
Gifted or Sold
Over Time Junior Typical Structure on
Family Day One, is 98%
Member nonvoting, 2% voting
s
47. What is a Family Limited Liability Co.?
Family members contribute investment assets to an LLC
Family members take back a membership interest in the
LLC, based upon a their share of the total value of
assets contributed
Membership interests can be voting and nonvoting
Typical structure is 98% nonvoting, 2% voting to
concentrate control among senior family members
LLC is operated by its Manager, a senior family member
Family members must abide by LLC operating
documents, which lays-out access to distributions,
transfers of ownership limitations, and liquidation
proceeds
Distributions of income or principal are generally to be
made on a prorata basis
48. Family Limited Liability Company
Advantages Asset Management Benefits to Pooling Resources:
Access to alternative investments (especially for
trusts or individuals who don’t meet the
accredited investor definition)
Opportunity for better fee arrangements
Centralize family asset management with the
most capable family members
Some investments, like private equity aren’t
transferable, so they can be “wrapped” in a family
LLC beforehand
Creditor Protection Benefits
Operating agreement restricts outsider or ex-
spousal access to underlying assets
49. Family Limited Liability Co.
Advantages, Family Acrimony
continued Arbitration, versus litigation mandates
Control Benefits
Nonvoting junior family members have little
control over LLC operations, and discretionary
access to LLC assets
Simplify gift administration of real estate or other
assets that aren’t easily divisible
Avoid out of state probate on real estate
Valuation discounts on gifts or bequests may be
possible if properly structured
IRS could challenge discount amount
50. Example
Parents contributes real estate LLCs and
Parents portfolio of securities to a family LLC
need estate
tax planning, Parents receive voting and nonvoting interests
and is willing in the family LLC
to transfer Over time, parents gift family LLC nonvoting
appreciating interests to children
real estate Parents manage the family LLC
properties
and
Valuation expert determines that a 35%
securities to
valuation discount is applicable for lack of
children over
control and marketability
time, but $1,000,000 of ownership may be taxable as
aren’t ready only a $650,000 gift .
to give up This gift can be offset by the $13,000 per person
control . annual exclusion over a period of several years
51. Fine Details of Strategy
Get the Most Does Your Family LLC have a
Out of Your business purpose?
Family LLC
We can help you structure your Family
LLC to that it is protected and performs
Careful monitoring of case law & legislation
Valuation discount historical data
Tracking of “bad fact” scenarios
Careful administration of LLC
Documentation of gifts, business meetings,
capital accounts, prorata distributions
Careful drafting of LLC to optimize control
aspects and valuation discount potential
52. Life Insurance Planning
Avoid estate taxation of life insurance proceeds. Replace wealth going to
charity. Use proceeds to fund estate tax, business buy-outs, or spousal
support.
53. Life Insurance Trust – During Life
Avoid Estate Tax on Proceeds. Benefit Spouse & Family. Provide Liquidity.
Insured
Cash Gift
for
Premiums
Insurance
Policy Insurance
Premiums Trust
54. Life Insurance Trust – After Death
Avoid Estate Tax on Proceeds. Benefit Spouse & Family. Provide Liquidity.
Insurance
Proceeds
Insurance
Policy
Trust
Income Principal
Childre
Spouse
n
55. What is a Life Insurance Trust?
Grantor transfers cash to a trust
Trust is authorized to purchase insurance on the
life of the Grantor, within the terms of the trust
agreement
Trust purchases life insurance on Grantor’s life
Grantor funds the trust every year with sufficient
cash to pay the required insurance premiums
At Grantor’s death, trust collects the proceeds,
and may use the proceeds to benefit surviving
spouse and heirs, make loans to grantor’s estate,
or buy-out a business partner
56. Life Insurance Trust
If properly structured, life insurance proceeds
Advantages
are not included in Grantor’s estate
Plan to avoid the ‘three year rule”
Leverage of insurance vehicle can pass
tremendous wealth in the event of a
premature death
Surviving family members can access trust
income and principal
Insurance premiums can be covered with
annual exclusions to avoid gift tax
Liquidity source to pay debts, death taxes,
and redemptions
Creditor protection for trust assets
57. Example
Situation:
Solution
Grantor gets pricing on a $1,000,000 insurance
Parent wants
to buy policy
insurance to Grantor funds an insurance trust with sufficient cash
protect his
spouse and to purchase the policy
provide Trust applies to buy insurance on Grantor
liquidity upon
his death to Trust pays the premiums directly to the insurance
redeem out a company
business
partner. He Grantor dies, and $1,000,000 proceeds are
already has a collected by the trust, saving $450,000 in estate tax
taxable
estate, and Trust uses cash to buy-out business partner
wants to
avoid further Trust supports spouse with income from the
exposure. business
58. Fine Details of Insurance Planning
We can help you plan to ensure your insurance
Get the Most trust is protected and performs
Out of Your
Insurance Creative structuring to avoid three-year rule for
existing policies
Trust
Creative financing structures for large premiums
Insurance leverage using qualified plan assets
Document drafting that ensures no estate tax
inclusion
Trust administration to avoid incidents of
ownership in the policy (causing estate inclusion)
Advanced planning to couple with charitable
vehicles, family LLCs, buy-sells, and dynasty
trusts
59. Concentrations in a Single Stock Position
Diversify and avoid immediate income taxation
60. Stock Diversification Strategies
Borrow Against Stock Position
Up to 50% of the value, typically
Invest loan proceeds in a diversified portfolio
Still retain upside (and downside) on stock position
Put Options
Downside protection in the event of a decline
Purchase put with cash premiums
If stock declines, you may:
Sell the stock at a put option price which is higher than
current market price, or
Sell the option at a gain
61. Stock Diversification Strategies
Variable Prepaid Forward
Effective collar around the stock, with full
downside protection and certain upside
participation
Receive substantial upfront cash advance related
to a future stock sale agreement
Stock is pledged as collateral
Cash may be invested in a diversified portfolio
Transaction stays open 3-5 years, and capital
gains tax may be deferred during that time frame
62. Stock Diversification Strategies
Zero-Cost Collar
Investor sells a call option, and purchases a put
option, so net cash outflow
Investor receives some downside protection, and
some upside participation
At maturity
If stock is below the call option exercise price you pay
cash to brokerage firm (or deliver stock) for the
difference
If price is below put option exercise price, brokerage
firm will make a cash payment for the difference
63. Stock Diversification Strategies
Exchange Fund
Investor contributes concentrated stock position
to an investment partnership
Other investors contribute stock positions, and
the result is a diversified portfolio
Limited partnership may invest in other asset
classes, like real estate to enhance diversification
After 7 years, the limited partnership terminates,
and investors receive their share of the diversified
portfolio of at least 10 stocks with incurring capital
gains tax
64. Stock Diversification Strategies
Transfer stock to a charitable trust or public
charity
Defer (or avoid) income taxation on stock
proceeds over your life
Receive income tax deduction for value expected
to go to charity
Avoid estate tax on stock
Receive an income stream for life, to support your
retirement:
Charitable Remainder Trust,
Pooled Income Fund, or
Charitable Gift Annuity.
65. Disclosures
This presentation is for informational purposes only and is not
intended to, and does not constitute tax advice.
Any U.S. federal tax advice contained in this document is not
intended or written to be used, and cannot be used, for the
purpose of (i) avoiding penalties under the Internal Revenue
Code, or (ii) promoting, marketing, or recommending to
another party any transaction or matter that is contained in
this document.
AVANT is a brand that refers to AVANT Financial, LLC and
AVANT Advisors, PLLC. AVANT Financial, LLC is not a law
firm or investment advisor and does not provide legal, tax or
investment advice. AVANT Financial, LLC is an affiliate of
AVANT Advisors, PLLC, a Michigan law firm.
Please consult your personal legal and tax professionals
before proceeding with any financial, tax or estate planning
strategy.