Estate Planning Nuances of Revocable Trusts After a Grantor's Death: Tax Rules, Reporting Challenges

Note: CPE credit is not offered on this program

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

This program is included with the Strafford CLE Pass. Click for more information.
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Conducted on Tuesday, August 24, 2021

Recorded event now available

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This CLE course will provide estate planning counsel with an advanced and practical guide to the tax rules, reporting challenges, and nuances of revocable trusts after a grantor's death. The panel will discuss the characteristics of grantor trusts, revocation periods, possible tax impacts of post-mortem modifications, and the interplay with fiduciary income tax and Form 706.

Description

Estate planning with revocable trusts and their administration often presents significant challenges for fiduciaries and estate planning counsel. Estate planners must comply with state and local law and tax reporting requirements, evaluate tax elections, and consider trust modifications.

The interplay between grantor and nongrantor trust rules upon the grantor's death creates complexities and potential risks for estate planners. Typically, in a revocable trust, a grantor retains the power to revoke and amend the trust. As such, these trusts are subject to (1) IRC Section 676 applicable to grantor trusts; (2) trust property included in the estate under IRC Section 2038; and (3) transfers being considered incomplete gifts under Regs. Sec. 25.2511-2(c).

Estate planners must understand key tax and reporting areas applicable to revocable trusts, recognize the pitfalls to avoid, and implement effective planning upon the grantor's death.

Listen as our experienced panel provides a thorough and practical guide to the characteristics of grantor trusts, revocation periods, possible tax impacts of post-mortem modifications, and the interplay with fiduciary income tax and Form 706.

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Outline

  1. Revocable trusts after grantor's death: federal and state tax challenges
  2. Tax deferral elections and potential pitfalls
  3. Trust modification opportunities and risks

Benefits

The panel will review these and other key topics:

  • Planning with revocable trusts upon a grantor's death
  • Characteristics and taxation of revocable trusts
  • Tax implications of post-mortem modifications
  • Available elections to minimize income tax consequence of estate income

Faculty

Bedosky, John
John R. Bedosky
Partner
Hinman Howard & Kattell

Mr. Bedosky is a partner in Hinman, Howard & Kattell’s Trusts, Estates, and Wealth Planning Practice Group....  |  Read More

Capdevielle, Cliff
Cliff Capdevielle
Managing Attorney
Moskowitz

Mr. Capdevielle has been developing sophisticated tax planning strategies and resolving tax disputes for clients more...  |  Read More

McClure, Roger
Roger J. McClure
Attorney
Washington Wealth Counsellors

Mr. McClure is a practicing attorney with over thirty years experience. He maintains a business, estate and...  |  Read More

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