Non-Grantor Trusts in Elder Law Planning: Specific Trust Strategies and Key Tax Considerations

Note: CPE credit is not offered on this program

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


Conducted on Thursday, December 10, 2020

Recorded event now available

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Program Materials

This CLE webinar will provide attorneys and advisers serving elderly clients with a focused review of key strategies and tax implications of the use of non-grantor trusts. The panel will discuss the most effective trust structures, avoiding pitfalls that would derail VA and Medicaid eligibility, and tactics to ensure asset protection and tax savings for clients.

Description

When integrating estate with long-term care planning, elder law practitioners and tax advisers may consider the use of non-grantor trusts. Counsel must know precisely the types of trusts available, the particular trust terms, and the tax implications.

Generally, non-grantor trusts are not taxed to the grantor, and such an individual is not treated as the owner of the trust for tax liability purposes. The grantor also cannot be a beneficiary or trustee and relinquishes control of the trust assets and the right to amend, revoke, or terminate the trust.

Our panel will explain the difference between grantor and non-grantor trusts and instances where a non-grantor trust and related rules can assist a client. The panelists will also review specific drafting mistakes and explain drafting approaches for trusts, including understanding and incorporating income, estate, and gift tax consequences.

Listen as our authoritative panel of elder law and estate planning counsel outlines best practices for the use of non-grantor trusts for estate and long-term care planning. The panel will explain how to achieve maximum asset protection and preservation in the most tax-efficient manner possible.

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Outline

  1. Type of trust: grantor vs. non-grantor
  2. Non-grantor trust rules and key provisions
  3. Tax implications of non-grantor trusts
  4. Best practices for elder law attorneys

Benefits

The panel will discuss these and other issues:

  • What is a non-grantor trust?
  • What are the non-grantor trust rules?
  • What are the income tax differences between grantor and non-grantor trusts?
  • What are the key considerations when determining when to draft grantor and non-grantor trusts?
  • What are the income tax implications of non-grantor trust status?

Faculty

Spielberg, Regina
Regina M. Spielberg

Partner
Schenck Price Smith & King

Ms. Spielberg co-chairs the Estate, Gift and Charitable Planning Practice Group. Certified as an Elder Law Attorney by...  |  Read More

Whitenack, Shirley
Shirley B. Whitenack

Partner
Schenck Price Smith & King

As Co-Chair of the firm's Elder and Disability Law Practice Group, Ms. Whitenack devotes a substantial portion...  |  Read More

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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

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