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Turn(er)ing Back to Basics With FLPsTurn(er)ing Back to Basics With FLPs

Tax Court decision highlights the importance of estate tax apportionment.

39 Min Read
dougherty319

With all of the political tumult, the all-time high federal exemption rate, the talk of potential new taxes on the wealthy and all of the navel gazing about what the future might bring, it’s all too easy to lose focus on the issues within the control of the estate planner. Just before Thanksgiving in 2018, those seeking a useful reminder of the importance of basics had something to be thankful for—the third installment in the Turner line of cases.1 Each of the cases in Turner addressed a distinct issue that can often come up in tax-efficient estate planning: the application of Internal Revenue Code Section 2036 to family limited partnerships (FLPs) in Turner I, the potential risk of the marital deduction mismatch in Turner II and now the...

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About the Authors

James I. Dougherty

Partner, Dungey Dougherty PLLC

James is a partner at Dungey Dougherty PLLC, practicing out of Greenwich, Connecticut and New York City. His practice focuses on the estate planning and estate administration needs of high net worth individuals and their families. James assists executors and beneficiaries alike through all aspects of the estate administration process including probate, contested estates, tax, and post-mortem estate planning issues. His estate planning practice is focused on working with affluent individuals in the development and implementation of sophisticated planning techniques to help them accumulate, preserve, and transfer their wealth.

N. Todd Angkatavanich

Principal, National Tax Department, Ernst & Young LLP, Private Client Services Group

N. Todd Angkatavanich is a principal in the National Tax Department of Ernst & Young LLP, in the Private Client Services Group. His practice is focused on tax, trusts and estates, and business succession matters for affluent individuals and their families. He regularly advises domestic and international families and family offices with respect to creating trust and related business structures to preserve, protect and grow family wealth for multiple generations in a tax efficient manner. 

Todd has been published in Trusts and Estates, Private Wealth and Estate Planning Magazine, ACTEC Journal, BNA Tax Management, Private Asset Management and other publications.  He is a member of the Editorial Board for Trusts & Estates Magazine.  He is also a member of the Advisory Board for BNA/Tax Management Estates, Gifts and Trusts Journal. 

Todd is a frequent speaker on estate planning topics such as Family Limited Partnerships, Business Succession Planning and related Chapter 14 issues.  He has given presentations, webinars and teleconferences for various organizations including the Heckerling Estate Planning Institute, the ABA Section of Real Property Trust & Estate Law Spring Symposia, Trusts & Estate Magazine, BNA/Tax Management as well as numerous estate planning councils, CPA Societies and professional organizations.  Todd has been quoted in articles that have appeared in Barron's, Bloomberg Businessweek, The Boston Globe, The Miami Herald, MSN Money and other publications.

Todd is the recipient of the 2012 "Private Client Lawyer of the Year" Award, FOR (Family Office Review) Awards, North America, Chicago.

Todd is a vice-chair of the Business Planning Group - Business Investment Entities Committee of the American Bar Association, Real Property, Trust & Estate Law Section.