Post-Death Income TaxesPost-Death Income Taxes

H. Allan Shore, and Seth R. Kaplan, shareholders, Akerman Senterfitt, Miami

Sophisticated estate plans generally include certain types of family entities, such as family limited partnerships (FLPs), family trusts or combinations of the two. Often, a senior family member creates these types of structures in the hope that, after his death, his family will be protected from creditors to the greatest extent possible; have a degree of continuity in the management of family assets; and save on gift, estate and generation skipping taxes. More significantly, such intra-family planning in many cases involves senior family members selling an interest in a family entity to a trust in exchange for a promissory note or other type of deferred payment o...