THE NEW "MODERATELY WEALTHY”: PLANNING FOR CLIENTS WITH NET WORTH UNDER $11 MILLION
The 2017 Tax Act has shifted the focus of estate planning clients who used to be concerned about minimizing transfer taxes. Within the context of current law, clients with a net worth of under $11 million are more concerned with issues such as the following:
- Whether trusts are a necessary part of an estate plan
- Utilizing powers of appointment for income tax and non-tax purposes
- Minimizing trust level income taxes
- Ensuring the availability of basis step-up
Charles A. Redd
Charles A. ("Clary") Redd is a partner in the St. Louis office of Stinson Leonard Street LLP. Clary concentrates his practice in estate planning, estate and trust administration and estate and trust-related litigation. He is an elected member of The American Law Institute, a Fellow of The American College of Trust and Estate Counsel and an Adjunct Professor of Law at Northwestern University School of Law. He also serves as Co-Chair of the Editorial Advisory Board of, and writes a regular column in, Trusts & Estates magazine. He is listed in The Best Lawyers in America and is nationally ranked by Chambers USA in its “Wealth Management” category.
Turney P. Berry
Turney P. Berry is a Member of the Executive Committee and the Chair of Wyatt, Tarrant & Combs’ 22 lawyer Trusts, Estates & Personal Planning Service Team. Turney is a Fellow of the American College of Trust and Estate Counsel and the American College of Tax Counsel, a Uniform Law Commissioner and member of the Joint Editorial Board for Uniform Trust and Estate Acts, a Trustee of the Southern Federal Tax Institute and a member of the Advisory Council of the Heckerling Institute on Estate Planning as well as a Member of the Advisory Board of Trusts and Estates Monthly and a Vice-Chair of the Charitable Planning section for the ABA Section of Real Property, Trust and Estate Law. He is listed in Woodward/White’s The Best Lawyers in America®.