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Trust, Estate, and Gift Taxation: Recent Developments, Allocation of GST Exemption, Preserving Asset Basis, and More

Recording of a 90-minute CLE/CPE video webinar with Q&A

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Conducted on Tuesday, April 18, 2023

Recorded event now available

or call 1-800-926-7926

This CLE/CPE webinar will provide estate planners guidance on recent developments in trust, estate, and gift taxation and their impact on estate planning strategies. The panel will discuss the generation-skipping transfer tax and allocation of GST exemption, trust division to preserve asset basis and other tax attributes, gifts or bequests of appreciated property, and other key issues.

Description

The rules concerning trust, estate, and gift tax planning are continually changing. Recently, the IRS issued Revenue Procedure 2022-32 which extends the time frame to elect portability of the deceased spouse's unused exemption to five years from the date of death. However, not all estates are eligible for this relief.

The Treasury issued final anti-clawback regulations in 2019. These regulations provide assurance that completed gifts made under a record-high exemption would not later be pulled into a decedent's estate when the exemption sunsets in 2026 or if the current exemption is otherwise reduced. In response to perceived abuses, proposed regulations issued in 2022 outline exceptions to the relief granted under the regulations. Most notably, exceptions include gifts where the donor retains an interest in the asset transferred.

In addition to Revenue Procedure 2022-32 and the proposed anti-clawback exception regulations, there are also proposed regulations addressing administrative expense claims against an estate and other matters, IRS Letter Rulings covering issues with GST allocations and exemptions, trust division and modification's impact on preserving basis, and other issues impacting trust, gift, and estate tax. Trust and estate advisers must stay abreast of new and proposed legislative changes to minimize gift and estate taxes and ensure the seamless transfer of an estate's assets.

Listen as our panel of transfer tax experts reviews the latest developments in estate and gift tax for trust and estate professionals.

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Outline

  1. Introduction: recent trends in trust, estate, and gift taxation
  2. GST transfer tax and allocation of exemption
  3. Rev Proc 2022-32; portability election
  4. Trusts; preserving asset basis and other tax attributes
  5. Proposed regulations
    1. Exceptions to anti-clawback rules
    2. Administrative expenses, claims against an estate, interest expense
  6. Cryptocurrency and digital assets in estates
  7. Recent cases and other developments

Benefits

The panel will explore these and other critical issues:

  • Which estates are eligible for the extensions of time to elect portability under Rev Proc 2022-32?
  • How can trust division or modifications be used to preserve asset basis?
  • How accrued interest and penalties are calculated under the proposed regulations
  • What transfers are considered de minimis and not subject to the exceptions to the anti-clawback regulations?
  • How proposed regulations affect estate plans already in place

Faculty

Capdevielle, Cliff
Cliff A. Capdevielle
Director, Trusts and Estates Tax Services
MOBO Law

Mr. Capdevielle helps clients navigate the complex opportunities related to tax planning, business succession planning,...  |  Read More

Hunt, Kenneth
Kenneth Hunt
Partner
Hodgson Russ

Mr. Hunt regularly represents individuals, families, beneficiaries, corporate and individual fiduciaries on all aspects...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

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