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\nBrent chats with Steve Gorin about the Beneficiary Deemed Inheritor’s Trust (BDITs). They talk about the structure of these irrevocable trusts, their potential benefits in estate planning, and risks involved in these trusts. they give practical ideas about analyzing whether to use BDITs.
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\nSteve Gorin in a Partner at Thompson Coburn LLP. Steve crafts estate plans for individuals, keeping in mind their financial security and desire to save income and estate tax. In his work for businesses, Steve helps owners plan for the eventual sale (to co-owners, employees, or third parties) or transfer (to family members), and provides a legal framework for an orderly transition while strategically saving income, transfer, and FICA taxes.
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\nDrawing on his background as an accountant \u2014 and his still-current CPA license and Chartered Global Management Accountant credential \u2014 Steve structures businesses to achieve business objectives and save income or estate tax. He has helped fledgling businesses organize, thriving businesses restructure to save hundreds of thousands of dollars of income tax when planning a transition to the next ownership group, and mature multi-million or billion-dollar businesses plan tax-saving transfers to the next generation.
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\nOver the course of his 30-year career, Steve has amassed a deep knowledge of nearly every aspect of tax strategy for privately held businesses and freely shares that knowledge with others in the field. His quarterly newsletter, \u201cBusiness Succession Solutions,\u201d is considered essential reading for hundreds of CPAs and attorneys, who describe it as \u201ca fantastic contribution to the field.\u201d Steve also maintains a blog, Business Succession Solutions, intended to help business owners \u2014 and those who advise or support them \u2014 consider smart tax strategies.
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\nSteve is a highly visible member of the ABA\u2019s Real Property, Trust & Estate Law Section and the American College of Trust & Estate Counsel, which regularly directs its members to Steve\u2019s quarterly newsletter. He has represented both groups in comments to the IRS, the U.S. Treasury, and tax lawmakers.
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\nYou can learn more about Steve here: https://www.thompsoncoburn.com/people/steve-gorin. You can sign up for Steve\u2019s newsletter here: https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about.
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\nThis material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of the speaker\u2019s firm or its affiliates.
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\nLegal Disclaimer: https://wealthandlaw.com/legal-disclaimer/