Post-Mortem Trust Planning, Modifications, and Allocations: Tax Elections Available to the Executor
Modifying Trusts Post-Mortem to Minimize Income Tax, Utilize Deferral Opportunities, and Optimize Basis Adjustments
Recording of a 90-minute CLE/CPE video webinar with Q&A
This CLE/CPE course will provide estate planning counsel with an advanced and practical guide to post-mortem planning, including trust modification and allocations. The panel will offer tools to help fiduciaries and trust administrators navigate post-mortem planning challenges and opportunities, including how to manage conflicting duties in the administration of trusts. The program will also detail options for post-mortem trust modification, and discuss the possible tax impacts of post-mortem modifications.
Outline
- Trust conversions and beneficiary designations
- Post-mortem tax deferral elections
- Six-month alternate valuation election
- Tax deferral elections
- Trust modification opportunities and risks
Benefits
The panel will review these and other key topics:
- Turning a bypass trust into a grantor-type trust with the beneficiary as grantor
- Discounting the value of assets after death of the first spouse to die without adverse consequences
- Deferring tax using Section 6166, testamentary CLATs, and "Graegin loans"
- Getting a full step-up on basis at both the first and the second death
- Unfunded trusts
- Income tax planning for partnerships after death
Faculty
James I. Dougherty
Partner
Dungey Dougherty
Mr. Dougherty focuses his practice on probate, tax, trust, and estate issues. He assists executors and beneficiaries... | Read More
Mr. Dougherty focuses his practice on probate, tax, trust, and estate issues. He assists executors and beneficiaries through all aspects of the estate administration process including probate, contested estates, contentious trust litigation, tax, and post-mortem estate planning issues. His practice also includes working with affluent individuals in the development and implementation of sophisticated planning techniques to help them accumulate, preserve, and transfer their wealth. In addition to helping clients navigate through complex estate matters and identifying planning opportunities, he is a frequent author and speaker, nationally and internationally, on estate, trust, tax, and probate matters.
Jeremiah W. (Jere) Doyle, IV
Senior Vice President
Bank of New York Mellon
Mr. Doyle provides clients with integrated wealth management advice on how to hold, manage and transfer their... | Read More
Mr. Doyle provides clients with integrated wealth management advice on how to hold, manage and transfer their wealth in a tax efficient manner. He is the editor and co-author of Preparing Fiduciary Income Tax Returns, a contributing author of Preparing Estate Tax Returns and Understanding and Using Trusts and a contributing author of Drafting Irrevocable Trusts in Massachusetts. He is a lecturer in law in the Graduate Tax Program at Boston University School of Law.
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