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Understanding Physician Estate Planning
By Lawrence E. Howes; CFP™
By Joel B. Javer; CFP™
The IRS has discretion under Internal Revenue Code § 6161 to grant an extension to a physician, or any estate, for up to 10 years to pay estate tax upon a showing of “reasonable cause.”
Interest Still Charged
The IRS charges interest of course, but if the estate does not have the money to pay all the estate taxes when initially due, then § 6161 is a potential opportunity to reduce the immediate payment burden on the estate.
Assessment
Unfortunately, this extension does keep the estate open for the duration of the payment plan and will incur additional accounting and administrative costs.
Conclusion
Please opine and comment if you have ever considered or used this strategy; and what was the result?
Book info: http://www.jbpub.com/catalog/0763745790/
Linguistics: www.HealthDictionarySeries.com
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Filed under: Estate Planning | Tagged: Estate Planning |
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