Lawyers and wealth managers who specialize in passing assets to the next generation love to brag about their ultra high net worth clients. But privately they admit that many (or most) of those who seek their help with wills and trusts don’t fall in this category. And lately they would have us believe that tax planning for these folks, most notably those with assets in the $5 million to $10 million range, is very, very, challenging.
That was one of the continuing themes at the 2014 Heckerling Institute on Estate Planning in Orlando, the annual Super Bowl on the subject. The catalyst for the discussion among the 2,900 lawyers, accountants and insurance pros gathered there, was a planning device that Congress introduced on an interim basis starting in 2011 and made permanent with the American Taxpayer Relief Tax Act of 2012. Tax geeks dubbed it “portability.”…
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