Special Tax-Planning Window for Car Collectors

2010 was a difficult year for tax planning. The federal estate and generation-skipping taxes were repealed, but the gift tax exemption was stuck at $1m to keep people from taking too much advantage.

Plus, there was talk all year long about a retroactive reimposition of both taxes. We saw an epic battle over the continuation of the Bush Tax Cuts, which morphed into a battle over the Bush Tax Cuts for the Wealthy–even though no one Read More

John Draneas

John Draneas - SCM Columnist

John practices law in the Portland, OR, suburb of Lake Oswego, where he focuses on tax and estate planning, business organizations and transactions, and representation of collector-car owners. He is a past president of the Oregon region of the Porsche Club of America and served as the chairman of the PCA’s 2006 parade. His collection includes two Porsches, a Ferrari, an Alfa, a Lotus, a BMW daily driver, a John Deere tractor — and one increasingly famous Jaguar E-type. This month’s “You Write, We Read” on p. 20 is full of SCMer advice on whether Draneas should restore his Jag.

Posted in Legal Files