Disclaimer Trusts and Estate Planning: Drafting Disclaimers, Clayton QTIPs and OBITs to Overcome Portability Limitations
Recording of a 90-minute CLE video webinar with Q&A
This CLE course will provide a comprehensive guide to both planning opportunities and post-mortem "fixes" through the proactive use of qualified disclaimers. The panel will offer suggestions for structuring joint accounts, beneficiary designations, disclaimer funded bypass or optimal basis increase trusts, Clayton QTIPs and formula powers of appointment to be "disclaimer-friendly," and using qualified disclaimers to fix estate plans, including when qualified plan benefits are made payable to trusts that may not otherwise be optimized for maximum tax deferral.
Outline
- Review of IRC 2518 and regulation requirements regarding "qualified disclaimers"
- Clayton QTIP
- Comparing, contrasting, and synthesizing disclaimer and Clayton QTIP planning
- Cascading spousal disclaimers
- Using qualified spousal disclaimers to increase basis at the death of the first spouse
- Unique features of optimal basis increase trusts vis a vis qualified disclaimers
- Proactive planning--begin with the end in mind by setting up contingent beneficiaries
- Post-mortem "fixes" via a disclaimer
- Post-mortem "fixes" to IRA see-through trusts via a disclaimer
- Contrasting nonqualified disclaimers and releases
- Asset protection impact of disclaimers
- Drafting tools and traps to avoid
Benefits
The panelist will review these and other key issues:
- Circumstances where a disclaimer trust and/or Clayton QTIP is an advantageous alternative and when they should be avoided
- Coordinating disclaimers with OBITs to overcome drawbacks of bypass trusts and traditional disclaimer funding
- Issues and opportunities with large qualified plans and IRAs
- Asset protection issues that arise
Faculty
L. Paul Hood, Jr., JD, LL.M, CFRE, FCEP
Consultant
Paul Hood Services
A native of Louisiana (and a double LSU Tiger), Mr. Hood obtained his undergraduate and law degrees from Louisiana... | Read More
A native of Louisiana (and a double LSU Tiger), Mr. Hood obtained his undergraduate and law degrees from Louisiana State University and an LL.M. in taxation from Georgetown University Law Center before settling down to practice tax and estate planning law in the New Orleans area. He has taught at the University of New Orleans, Northeastern University, The University of Toledo College of Law and Ohio Northern University Pettit College of Law. Mr. Hood has authored or co-authored seven books and over 500 professional articles on estate, charitable and tax planning and business valuation. A frequent contributor to Leimberg Information Services since its inception, he is a highly sought after speaker and consultant because of his innate ability to see through the complexity and explain difficult and even boring subjects in understandable and entertaining language and mince no words in doing so. Mr. Hood is an author, speaker and consultant on tax, estate and charitable planning. He also is a Vice-President with Thompson & Associates, a charitable estate planning firm. Mr. Hood's website is www.paulhoodservices.com.
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Edwin P. Morrow, III, J.D., LL.M. (Tax), MBA, CFP, CM&AA
Wealth Strategist
Huntington National Bank Private Wealth Management
Mr. Morrow is currently the Regional Wealth Strategist for Huntington National Bank's private banking unit, where... | Read More
Mr. Morrow is currently the Regional Wealth Strategist for Huntington National Bank's private banking unit, where he concentrates on thought leadership and planning ideas for high net worth clientele in tax, asset protection, and estate planning areas. Previously, he was in similar positions at U.S. Bank and Key Private Bank's Family Wealth Advisory Group. Prior to working in wealth management, he was in private law practice working in taxation, probate, estate, and business planning. Other experience includes research and writing of legal memoranda for the U.S. District Court of Portland, Oregon as a law clerk
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