Restructuring Existing Trusts to Work Under New Tax Law

Key Tax Reform Provisions Affecting Trusts, QBI Thresholds, and Allocations; Managing the Legal Processes of Modifying Old Trusts

Note: CPE credit is not offered on this program

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


Conducted on Tuesday, December 3, 2019

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE webinar will guide trust and estate counsel on key considerations in modifying and restructuring trusts in light of the new tax law. The panel will discuss the impact of tax reform on existing trusts, critical trust provisions, necessary changes to minimize tax liability, qualifying trusts for the new 20% deduction, and other key drafting considerations.

Description

The new tax law has had a profound impact on existing trusts, requiring trust and estate counsel to consider making changes to minimize tax liability. Understanding the legal processes involved with modifying a trust is necessary to implement solutions to issues raised in the new tax law.

Federal income tax planning is the primary focus of recent tax reform provisions impacting trust and estate planning. For income tax purposes, trusts are treated similarly to individual taxpayers and can claim the qualified business income deduction (QBI) under IRC 199A, subject to certain thresholds, phaseouts, and allocation rules.

Also, the new tax law emphasizes other items, such as net investment income provisions under Section 1411 and the electing small business trust rules. Any consideration regarding the modification or repurposing of an existing trust must include these concerns.

Listen as our panel discusses the impact of the new tax law on existing trusts and offers guidance for overcoming trust issues post-tax reform, including qualifying trusts for the new QBI deduction and drafting considerations to minimize tax liability.

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Outline

  1. New tax law changes impacting trusts
  2. Mechanisms and processes for modifying existing trusts
  3. Key trust provisions to minimize tax liability
  4. Qualifying trusts for the QBI deduction

Benefits

The panel will review these and other significant issues:

  • How does the new tax law impact existing trusts and related planning?
  • What key provisions and required changes must be considered to minimize tax liability?
  • What are the rules and pitfalls to avoid for qualifying trusts for the new pass-through entity deduction?
  • What are the available methods and required legal processes for restructuring or modifying existing trusts?

Faculty

Pena, Miguel
Miguel Pena
Atty
Law Office of Miguel D. Pena, Esq.

Mr. Pena focuses his practice on trusts and estates, probate, wealth preservation, and planning matters involving...  |  Read More

Rodriguez, Melissa A.
Melissa A. Rodriguez

Atty
Akerman

Ms. Rodriguez focuses her practice on structuring and implementing methods for clients’ wealth and business...  |  Read More

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CLE On-Demand Video

48 hours after event

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48 hours after event

$297