New IRS Guidance for Irrevocable Grantor Trusts: 1014 Basis Adjustments, Key Issues for U.S. and Non-U.S. Persons
A live 90-minute CLE/CPE video webinar with interactive Q&A
This CLE/CPE webinar will discuss recent IRS guidance for basis adjustments for irrevocable grantor trusts and other basis issues encountered by trust and estate advisers. The panel will discuss options and key provisions in structuring trusts, Revenue Ruling 2023-2 and its impact on basis and estate and tax planning, determining and substantiating tax basis in light of recent IRS guidance, planning considerations for U.S. and Non-U.S. persons, and other basis conundrums encountered by estate and trust advisers.
- Revenue Ruling 2023-2
- Challenges for taxpayers with irrevocable trusts
- Key issues for non-U.S. persons
- Identifying low basis assets subject to potential income tax consequences
- Transfer strategies
- Post-mortem tools for achieving income tax basis step-up
- Potential tax risks of basis adjustment strategies
The panel will review these and other important topics:
- Key provisions and planning considerations in light of Revenue Ruling 2023-2
- Impact on taxpayers with irrevocable trusts
- Reevaluating income tax planning and alternative options for completed gift grantor trusts
- Which class of assets benefit from basis adjustment transactions?
- Using trust decanting and other post-mortem actions to achieve basis step-up
- Structuring sale and exchange transactions between trusts to maximize tax basis
- Tax and other risks involved in basis adjustment transactions and strategies
Sarah E. Brownlow
Virginia Estate & Trust Law
Ms. Brownlow guides individuals and families through the estate planning process and then assists them with... | Read More
Ms. Brownlow guides individuals and families through the estate planning process and then assists them with implementing their plans through trust and estate administration. Her practice includes advising on estate, gift, and generation-skipping transfer taxes, and sophisticated tax planning techniques typically of interest to high net worth individuals. Ms. Brownlow frequently represents entrepreneurs and business owners for whom estate and tax planning can have a significant impact on their long-term business viability. She also advises individual and corporate fiduciaries in all aspects of their duties in administering estates and trusts, including litigation and tax reporting matters.Close
Scott W. Masselli
Virginia Estate & Trust Law
Mr. Masselli focuses his practice on estate planning and estate and trust administration. He helps clients create... | Read More
Mr. Masselli focuses his practice on estate planning and estate and trust administration. He helps clients create estate plans that address their family’s goals, including tax planning and preserving wealth for future generations. Mr. Masselli also advises fiduciaries and families in administering estates and trusts, including tax filings, investment management, and avoiding litigation. He has written and presented on fiduciary litigation, estate and gift tax planning, and modifying irrevocable trusts to address changes in tax laws and other circumstances. Mr. Masselli also assists clients with their charitable goals, including forming nonprofits and family foundations.Close
Cannot Attend July 6?
You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. CPE credit is not available on recordings. Strafford will process CLE credit for one person on each recording. All formats include course handouts.