MATTHEW S. BEARD, P.C.
––––––––TAX ATTORNEY––––––––
TAX, ESTATE, TRUST, AND PARTNERSHIP

Legal representation

and advice for the

transfer and taxation

of property

Estates follow a life cycle pattern of growth, maturity, and termination. With proper planning and administration, this cycle occurs over multiple generations.

We work with clients and their advisors on tax and other legal issues for estates, trusts, and partnerships.

New

The Tax Toll at Death

Most agree that the only certainties in life are death and taxes. The surprise for many lies in the rate that is imposed, and for others the broad application of the tax.

Vacation Home

Favorable income tax rules incentivize debt on a second home. With probate avoidance planning, other expenses are also reduced.

Growth

Income tax rules favor growth of estates over time. Unfortunately, new entity reporting requirements have also increased.

Tax Considerations for April

April brings an end to the tax season, and a start to the home selling season.

New

Disclaimer Planning: No Coin Toss Needed for Unpredictable Tax Law

A disclaimer provides flexibility in estate planning to address unpredictable tax law, particularly with respect to the basic exclusion amount under I.R.C. § 2010(c) that is in a state of flux. The focus of disclaimer planning is to provide the surviving spouse with an option to arrange for favorable income tax results, such as a new basis under I.R.C. § 1014(a), where no estate tax is due. This article reviews requirements for a qualified disclaimer under I.R.C. § 2518, presents components of a disclaimer trust structure, and analyzes implementation of a disclaimer for small, medium, and large estates. With disclaimer planning, a coin toss is not needed to address unpredictable tax law.

Curing Basis Discrepancy

This two-part article examines (1) three approaches to cure the discrepancy between I.R.C. § 1014 and I.R.C. § 1015 and accomplish a step up in basis under I.R.C. § 1014 for appreciated property transferred from a trust to a grantor and then held by the grantor at death; and (2) drafting and reporting considerations for the exercise of a grantor's power to substitute appreciated property of a trust for other property of equivalent value.

Addressing Tax Liens in Estate Administration

The personal representative of a decedent's estate is subject to a potential risk of personal liability for paying a debt of the estate before paying a claim of the U.S. With proper planning and estate administration, the risk of personal liablity is avoided. This article summarizes the federal priority statute, recurring fact patterns, and options for addressing liens and the risk of personal liability.

Process

The path forward presents both opportunities and pitfalls. The planning process anticipates and addresses them.

Academia

Good advice draws from years of study, teaching, and publications. We are committed to contributing to the academic side of the law.

Treatise

The Internal Revenue Code provides favorable income tax rules that impact all individuals. There is a risk, however, of inadvertently foregoing favorable results. This treatise provides a resource for income tax considerations in estate planning.

Office

The office is located in Turtle Creek Village in Dallas, Texas, minutes from Love Field and downtown.

Matthew S. Beard, P.C.

3838 Oak Lawn, Suite 1220

Dallas, TX 75219

(214) 434-1813