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Community Property Rules in Estate Planning: Trusts and Third-Party Transactions

Transfers of Property to Avoid Community Property Issues, Partition Transactions and Funding of Trusts, Crummey Provisions

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

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Thursday, June 16, 2022

Recorded event now available

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This CLE webinar will provide estate planners guidance on utilizing trusts and third-party transactions to avoid the application of community property laws. The panel will discuss types of trusts, recent court cases, powers of appointment, agreements for periodic partition and funding, and Crummey provisions, as well as consider key issues for community property rules in estate planning.

Description

Community property states treat marital property and income differently than other states which can lead to unintended consequences upon death. Estate planners must consider a nuance of legal challenges stemming from state community property rules and assets to avoid any adverse impact to clients.

Ten states have some form of community property laws where an individual's total estate can consist of 50 percent of community property and 100 percent of separate property. Community property usually includes assets acquired during marriage and domiciled in a community property state with each spouse owning a one-half interest. The characterization of community property remains the same no matter if a person moves to a non-community property state.

Under certain circumstances, effective estate planning involving community property state law and assets requires enhanced knowledge of the complexities and rules relating to trusts and third-party transactions, different types of trusts, recent court cases, powers of appointment, agreements for periodic partitions and funding, and other key items.

Listen as our panel discusses recent court cases, powers of appointment, agreements for periodic partition and funding, and Crummey provisions, as well as offers insights for community property rules in estate planning.

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Outline

  1. Types of trusts
  2. Recent court cases
  3. Trusts and third-party transactions and agreements
  4. Best practices for estate planners

Benefits

The panel will discuss these and other key issues:

  • What are the key estate planning considerations involving community property?
  • What are the benefits and challenges of the characterization of assets?
  • What states have community property rules or elections?
  • How can trust and third-party transactions be used to avoid community property rules?
  • What are the challenges of periodic partition and funding agreements?

Faculty

Kaplan, Jessica
Jessica Kaplan

Attorney
Withersworldwide

Ms. Kaplan focuses her practice in estate planning for high net worth clients, families and multiple-adult households,...  |  Read More

Yadav, Naomita
Naomita Yadav

Partner
Withersworldwide

Ms. Yadav has a diverse and well-rounded tax background, including experience in both income tax and estate and gift...  |  Read More

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