The “vision thing.” The purported lack of it helped keep President George H.W. Bush from proceeding to a second term. It’s a given that successful people have a vision – or so it seems. But if you don’t have a clear vision for your estate planning practice, and it’s gnawing at you, don’t despair.

C corporations are often the best planning option for business entities. However, fears of the dreaded “double-taxation” may lead some to reject C corps without a closer look. But double taxation can be reduced, and in some cases avoided, making it an option worth considering. Attorneys seeking to maximize tax savings for their clients should investigate whether C corps are a good option for their estate planning. Simply put, double taxation means that the C corp is taxed on its income at the corporate level, and then its shareholders are taxed on the same income when it is distributed to them in the form of dividends.  Understandably, this is a situation most want to avoid or minimize.

In our last post, we considered how swap powers were a strategic way to minimize tax liabilities on assets in trusts. Recall that swap powers grant the right to substitute—or swap—property of equal value in a trust. This adjusts the cost basis of the property to the FMV at the time of death.