THE MOVING TARGET: PLANNING FOR CLIENTS WITH NET WORTH OVER $11 MILLION
For clients with a net worth of over $11 million, estate planning is as complicated as ever and, in some cases, more so. For these clients, we must skillfully juggle three interrelated issues: maximizing basis step-up if it turns out estate tax is not a concern; minimizing the value of the gross estate if estate tax remains or is a concern; and whether plans can be easily modified if and when transfer tax laws change (assuming the client is alive when they do change). Among the most important considerations for these clients are:
- Whether to make gifts and, if so, the most strategic ways to do so
- Clayton QTIPs
- Design and uses of long-term, multi-generational trusts
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®.