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  • Jim Benedek | inTRUST

A 2021 ESTATE TAX PLANNING ALERT

Updated: Nov 10, 2021

AND IMPORTANCE OF TRUSTEE SELECTION


This was one of many recent headlines warning of the prospective tax hikes proposed by the Biden administration. Here are two other examples:

While it has now been announced that changes to the Estate Tax will not be considered immediately in the new tax proposals, most of the other changes, such as the step-up in cost basis at death, remain. It is only a matter of time before the estate and gift tax is put back on the agenda. Unfortunately, there are still more questions than answers:

  • Will there be a “de-unification” of gift and estate tax exemptions?

  • What will happen to the proposed step-up in cost basis?

  • Will grantor trusts become includible in the grantor’s estate?


All these headlines and questions, plus countless webinars on the need to plan for massive tax hikes, may well precipitate the need for new trusts, and the need for a highly competent, flexible trustee. T & E professionals whose practice embraces the need for creative tax planning utilizing trusts for their clients (not just the wealthy ones), you will be addressing the question of trustee selection.

  • A family member is usually not the best choice, especially considering the risk for disqualification of many trusts under the new laws.

  • A bank trust department may have minimums and restrictions on the types of trusts they will administer.


Consider another great option; me, a Florida-based Professional Individual Trustee, I can serve as trustee or co-trustee for small trusts and large, ILITs and SNTs.

Read more about a Professional Individual Trustee here.


Jim Benedek,

JD, MBA, CPA®, CLU®,



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