Analyzing Revenue Ruling 2023-2: Implications for Defective Grantor Trusts and Basis Step-Up
With significant experience in the estate and business succession planning process, Michael Rickert advises business owners, farm/ranch operators, and high-net-worth individuals and families.
Michael provides guidance to clients on a vast array of estate planning, probate, and trust administration matters, from basic estate plans including a will, revocable trust, and/or durable power of attorney, to more sophisticated charitable giving, tax, and wealth-transfer planning. In addition, he regularly counsels on trust administration, probate proceedings, and estate and inheritance tax matters.
Michael partners with clients to develop pragmatic solutions to help carry out their planning objectives in an efficient manner and takes the time to analyze complicated fact patterns to identify potential issues. In addition, growing up on a family farm gives Michael additional insight into the specific needs of farmers and ranchers. That experience, combined with his in-depth knowledge of federal gift and estate taxation, is especially beneficial to clients across the Midwest.
Michael is a member of the Omaha Estate Planning Council. He earned his Juris Doctor from the University of Nebraska College of Law, with distinction. Outside of the office, Michael enjoys bicycling, golfing, watching Husker football, and spending time with his wife, dog, and two cats.
- Prepare wills, revocable trusts, durable powers of attorney, advance directives/living wills, and asset titling techniques to avoid probate.
- Prepare and implement intentionally defective grantor trusts, irrevocable life insurance trusts, premarital agreements, FLP/FLLCs, charitable remainder trusts, buy-sell agreements, and other strategies to aid in wealth transfer, business succession, and charitable planning.
- Regularly assist with post-death estate and trust administrations, including complex, multimillion dollar estates.
- Significant experience in related corporate law matters, such as business transactions, entity formation, governance, and residential and commercial real estate transactions and leasing.
- CALI Award in Property, Corporate Taxation, and Environmental Law & Water Resource Management
- Nebraska State Bar Association
- Omaha Bar Association
- Omaha Estate Planning Council
- Grand Island Young Professionals (former)
- Junior Achievement Volunteer
- Nebraska Law Review
- “The Doctor Needs an Answer. Who Can She Ask?”, The Nebraska Lawyer, May-June 2018