Tax Planning With Consensual Community Property: Alaska’s New Community Property Law
This Article analyzes Alaska’s new community property law, which permits married residents to elect a community property regime. This Article analyzes the tax aspects when a resident establishes a community property trust. Specifically, this Article discusses qualification of transfers to the trust for the federal estate and gift tax marital deduction and the consequences of classification of the trust as a grantor trust for federal income tax purposes.
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Mr. Blattmachr is a Principal in ILS Management, LLC and a retired member of Milbank Tweed Hadley & McCloy LLP in New York, NY and of the Alaska, California and New York Bars. He is recognized as one of the most creative trusts and estates lawyers in the country and is listed in The Best Lawyers in America. He has written and lectured extensively on estate and trust taxation and charitable giving.
Howard M. Zaritsky is an attorney who consults exclusively with other attorneys and estate planning professionals on estate tax and estate planning issues and serves as an expert witness on estate and trust administration and planning and related income, estate, gift and GST tax questions. He was for 20 years a partner in the Fairfax, Virginia law firm of Zaritsky & Zaritsky, where his practice was limited to estate planning and administration, and related tax matters.
