Topic: Death Bed Planning: What You Can Do This Side of Paradise
Speaker: Andrew Katzenstein, Esq., Proskauer
When a client’s family contacts you and says “dad just got word from the doctor that he has two weeks to live”, what tax planning can you do? Join us to discuss the following strategies:
- Avoiding 1014(e) and obtaining a step up in basis
- Family limited partnerships and discount planning
- Loans to children to convert cash to a discountable note
- Sales of insurance policies to intentionally defective irrevocable trusts (IDITs)
- Renegotiating outstanding notes to create larger valuation discounts
- Annual exclusion gifting
- Paying off IDIT notes to avoid income tax on post death payoff
Andrew M. Katzenstein is a Partner in the Personal Planning Department in the Los Angeles office of Proskauer Rose LLP where he assists high net worth individuals, companies and charitable organizations with all aspects of tax and estate planning. He focuses his practice on tax planning matters, which include estate, gift and generation-skipping tax planning, as well as income tax of trust planning, probate and trust administration matters, resolving disputes between fiduciaries and beneficiaries, and charitable planning.
Andy graduated from the University of Michigan magna cum laude with a Bachelors degree in Political Science in 1979 and from the University of Michigan Law School in 1982 with high honors. He received his LL.M in Taxation from the University of San Diego School of Law in 1990.
Andy has served as Chair of the Beverly Hills Bar Association’s Probate and Trust Law Section, and the Los Angeles County Bar Association’s Estate and Gift Tax Committee. He also taught Estate and Gift Tax at UCLA Law School for more than 15 years. Andy currently teaches the Estate and Gift Tax course at USC Gould School of Law and is a member of the American College of Trust and Estate Counsel.