What To Do in a Heated Negotiation

Event: ProVisors Panel on Negotiation
Venue: Calabasas Country Club
Location: Calabasas, Los Angeles, Ca
Speaker: Attorney Douglas Schreiber of Anker, Hymes & Schreiber, LLP

Business Attorney Doug Schreiber of Anker, Hymes and Schreiber, LLP answers the question of what to do when things get heated in a negotiation.

Transcription:

Mediator: What do you do in a contentious situation? This sounds like everybody’s having a great time and you can figure out must haves, and you can walk away. What do you when it’s contentious?

Attorney Doug Schreiber: That happens a lot. You try to backup and find some form of agreement.   If it’s a situation where you are arguing over an amount of money, maybe you back away from the amount and talk potential about terms. (more…)

Removing Assets from your Estate to Reduce the Estate Tax

Removing assets from your estate is a great way to reduce estate taxes before you die.

So, spend some and enjoy it!

Also, you probably know whom you want to have your assets after you die. If you can afford it, why not give them some assets now and save estate taxes? It can be very satisfying to see the results of your gifts– something you can’t do if you keep everything until you die. Appreciating assets are usually best to give, because the asset and future appreciation will be out of your estate.

Assets you give away keep your cost basis (what you paid), so the recipients may have to pay capital gains tax when they sell. But the top capital gains rate is only 15% (assets held at least 12 months). That’s a lot less than estate taxes (45-46%) if you keep the assets until you die.

Some of the most commonly-used strategies to remove assets from estates are explained below. Note that these are all irrevocable, so you can’t change your mind later.

  1. Tax-Free Gifts
  2. Irrevocable Life Insurance Trust (ILIT)
  3. Qualified Personal Residence Trust (QPRT)
  4. Grantor Retained Annuity Trust (GRAT) and Grantor Retained Unitrust (GRUT)
  5. Family Limited Partnership (FLP) and Limited Liability Company (LLC)
  6. Charitable Remainder Trust (CRT)
  7. Charitable Lead Trust (CLT)
  8. Buying Life Insurance

Detailed explanations of each of these strategies for removing assets from your estate will be explained in the upcoming blog entries.  For questions on reducing your estate tax, please contact our experienced Estate Planning Attorney in Woodland Hills.

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Welcome to Anker Reed HSC’s Blog

Hello and welcome to Anker Reed HSC’s Blog. Here we will be posting articles and commentary regarding various aspects of business, real estate, estate planning, probate, trusts, wills, intellectual property and civil litigation.

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