Beware Indirect Gifts! Is YOUR Planning Creating Them?
The long arm of IRC Sec. 2511 has quite a reach, and sometimes it can reach into your client’s pocketbook. The IRS has successfully asserted an indirect gift in some seemingly innocuous situations. In his exclusive 90 minute webinar, Paul will briefly review IRC Sec. 2511 and examine situations that can result in an indirect gift if the planning is not properly done, including:
- Foregone interest on an intra-family interest-free or below market loan.
- Corporate reorganization that benefits one side at the expense of the other.
- Failure to protect corporate interests.
- Failure to cause the redemption of preferred stock when the failure to redeem allowed the preferred stock to be converted into more valuable common stock
- Simultaneous redemption and sale of stock.
- Failure to enforce a buy-sell agreement.
- Assignment of the benefits of an insurance policy.
- Transfer of property to a trust.
- Improvements to jointly owned real estate by only one co-owner.
And much, much more!!! Don’t miss this important webinar and make sure that you avoid these traps.
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A native of Louisiana (and a double LSU Tiger), Paul Hood obtained his undergraduate and law degrees from Louisiana State University and an LL.M. in taxation from Georgetown University Law Center before settling down to practice tax and estate planning law in the New Orleans area. Paul has taught at the University of New Orleans, Northeastern University, The University of Toledo College of Law and Ohio Northern University Pettit College of Law. The proud father of two Eagle Scouts and LSU Tigers, Paul has authored or co-authored seven books and hundreds of professional articles on estate and tax planning and business valuation. He was with The University of Toledo Foundation for over four years as Director of Planned Giving, leaving in January 2018. He can be contacted at