Innovative Planning

By definition, "Innovative" means: being or producing something like nothing done or experienced or created before; "stylistically innovative works"; "innovative members of the artistic community"; "a mind so innovational, so original".

When it comes to estate planning, "innovative plans" are not only helpful, but they flirt with being a requirement. While tax is certainly a requirement we'd all prefer to avoid, the "Art of War" tell us that when we can't win a war, all we can do is arm ourselves for battle; arm ourselves with knowledge and innovative planning.

For decades estate planning has largely been about the avoidance of a confiscatory federal transfer tax. Because the basic purposes of income taxes and transfer taxes differ, the rules governing the income taxation of trusts, grantors and beneficiaries differ marketability from the rules governing the transfer taxation of trusts, grantors and beneficiaries. This gap creates creative planning opportunities. See the following articles for information regarding these creative (innovative) planning opportunities: