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Gassman crotty den
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Cost Free
Presentation Length 1.0 hour

Recorded DateNovember 11, 2020
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

Change in control of the presidency is causing concern for many high net worth taxpayers. Many assumed that the $10,580,000 estate tax exemption, discount planning, and other techniques were permanent (notwithstanding the law that provides the exemption to be reduced by half on January 1, 2026). While very unlikely, it is possible that the exemption could be reduced as early as January 1, 2021, if such a law is passed during the calendar year 2021. Fortunately, there are ways to gift large amounts without needing to transfer specific current assets. Instead, assets can be sold to an irrevocable trust in exchange for a note that may be gifted or forgiven.

Learning Objectives:

  • Identify the essential components of the Biden 2-Step planning protocol, including the most efficient way to transfer assets to a trust in exchange for a note and how to reduce, transfer, or contribute the note to use significantly more than half of a taxpayer’s estate tax exemption

  • List special considerations concerning the timing of a sale

  • Identify what needs to be disclosed on a gift tax return

  • Identify the value of a long-term note issued at the applicable federal rate

  • Recognize how to use a lifetime QTIP Trust to make a transfer in 2020 and then decide later whether to consider the transfer complete, unwind the transfer, or make it incomplete in the second half of 2021

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Gassman crotty den

Alan S. Gassman, J.D., LL.M., is a board-certified estate planning and trust lawyer who practices in Clearwater, Florida. He has an LL.M. in taxation from the University of Florida and practices in trust and estate planning, tax, wealth preservation, and the representation of physicians and medical practices.

Mr. Gassman speaks at many tax conferences, national programs, and webinar platforms, including Bloomberg BNA Tax and Accounting and the Notre Dame Tax and Estate Planning Institute.


Gassman crotty den

Brandon Ketron is an associate at the law firm of Gassman, Crotty, and Denicola, P.A. and practices in the areas of Estate Planning, Tax, and Corporate and Business Law. Brandon graduated from the University of Florida in May of 2016, where he received his LLM in Taxation. He received his JD from Stetson University College of Law and graduated cum laude. Brandon received his undergraduate degree from Roanoke College, where he graduated cum laude with a Business Administration degree and concentrations in accounting and finance. Brandon is licensed to practice law in Florida and is a licensed CPA in Florida and Virginia.

About Our Presenter

Gassman crotty den

Our firm was formed in 1987 with one lawyer and a shared secretary and receptionist to provide representation to professionals, business owners and retirees in their estate and related tax and personal planning, business and corporate needs.

Since then we have grown to 6 lawyers and over 20 staff, which we have found over the past two decades to be the best size for us. We are very proud of our team, our systems, and our dedication to providing the best and most appropriate legal services for all clients, whether big or small. Our lawyers meet together almost every morning to discuss and work together on cases, strategies and practice improvement projects in order to work the most efficiently and effectively for our clients. We like what we do and enjoy working together.