Estate Planning for Income Tax Reduction: Strategies for Maximizing New Basis
Leveraging Estate Tax Inclusion, Partnerships, Trusts, and Powers of Appointment
Recording of a 90-minute CLE/CPE webinar with Q&A
This CLE/CPE webinar will prepare estate planning counsel and tax advisors to unravel, understand and utilize stepped-up basis for income tax purposes. The panel will outline specific techniques for estate tax planning to leverage the advantages of a new basis at death, which often is a step-up in basis.
- Strategies for intentional inclusion of assets in estate
- Optimal Basis Increase Trusts
- Risks and Opportunities in GPOAs
- Other techniques to lower Trust Income Tax
The panel will review these and other key issues:
- When the intentional inclusion of assets in the estate tax is appropriate
- Assets that benefit the most from basis increase, and how to address this in powers of appointment
- Amending or administering LLC/partnerships to achieve the maximum “step up” in basis
- Anticipating hidden dangers of “all to QTIP”/portability estate plans
- Practical solutions to hidden problems of typical disclaimer-based plans
- Optimal basis increase trusts—using formula testamentary GPOAs and LPOAs and the Delaware Tax Trap
- Comparing QTIP vs. use of formula general powers of appointment vs. using the Delaware Tax Trap
- State laws that many bar committees are working to change (or should be) to enable improved trust tax options
- Trust protector provisions to Add GPOAs—dangerous or not?
- Opportunities for applying or adding OBIT techniques to preexisting irrevocable trusts
- Techniques other than basis to lower ongoing trust income tax
- Comparing 678(a) “beneficiary-defective” provisions vs. appointing/distributing income via K-1 per 643 regs
- How/When ongoing income tax provisions and burdens might be changed (and when not)
- Income tax shifting with powers of appointment (including to charity)
L. Paul Hood, Jr.
Director of Planned Giving
The University of Toledo Foundation
Mr. Hood is a former estate planning and tax attorney in Louisiana. He frequently speaks and writes on estate planning,... | Read More
Mr. Hood is a former estate planning and tax attorney in Louisiana. He frequently speaks and writes on estate planning, planned giving and business valuation issues. He is author of the book, Buy-Sell Agreements (Self-Counsel Press 2013) and has co-authored texts on business valuation as well as estate planning for blended families. He is also co-author of an upcoming work on estate planning tools for modern families.Close
Edwin P. Morrow, III, Esq.
Director, Wealth Transfer Planning and Tax Strategies
Key Private Bank Family Wealth Advisory Services
Mr. Morrow advises high net worth private banking clients on tax, trust and estate planning matters. He previously... | Read More
Mr. Morrow advises high net worth private banking clients on tax, trust and estate planning matters. He previously maintained a private law practice in Cincinnati and Springboro, Ohio, working in taxation, probate, estate and business planning. He is a certified specialist in estate planning, probate and trust law through the Ohio State Bar Association. Mr. Morrow frequently contributes his expertise to lectures and publications analyzing estate planning issues.Close