Structuring Joint Trusts in Separate Property States to Avoid Income and Gift Tax Pitfalls
Identifying "Problem" Assets, Coordinating JRTs With Credit Shelter Trusts, Drafting GPOAs, and More
Recording of a 90-minute CLE/CPE webinar with Q&A
This CLE/CPE webinar will provide estate planners and advisers with a thorough and practical guide for utilizing joint trusts in separate property/common law states. The panel will outline when to use joint marital trusts (JMTs) and when to steer clear of JMTs. The webinar will identify specific tax traps and offer drafting language to maximize the benefits and minimize the risks of using JMTs in common law states.
- Tax and non-tax considerations for utilizing a JRT in a separate property state
- Gift and estate tax issues to avoid in funding and administering a JRT in a separate property state
- Income tax issues and potential advantages of JRTs
- Drafting recommendations and resources
The panel will review these and other key issues:
- What are the gift and estate tax risks to utilizing a joint revocable trust in a separate property state?
- What are the administrative and accounting costs associated with the use of JRTs in separate property states?
- Coordinating joint revocable trusts with credit shelter trusts
- Drafting general power of appointment in JRTs in non-community property states
Lauren Evans DeJong
Stahl Cowen Crowley Addis
Ms. DeJong counsels individuals with regard to estate planning, estate and trust administration, asset protection... | Read More
Ms. DeJong counsels individuals with regard to estate planning, estate and trust administration, asset protection and tax and business planning. She works with individuals and their families in areas related to transferring and preserving wealth, business succession, planning for disability, special needs and health care coverage. She also represents clients in connection with probate, trust and guardianship proceedings and before the U.S. Tax Court with regard to federal tax matters. In the corporate arena, she counsels closely held businesses and start-ups in the areas of entity formation, organizational and strategic planning, and contract drafting.Close
Scott K. Tippett
The Tippett Law Firm
Mr. Tippett's practice focuses on wealth law, as a comprehensive and integrated approach to domestic and... | Read More
Mr. Tippett's practice focuses on wealth law, as a comprehensive and integrated approach to domestic and international estate planning, asset protection planning, business matters, and tax issues. He is the principal author of The North Carolina Wealth Law Counselor and The Wealth Lawyer, informative blogs dedicated to wealth law, estate planning, and asset protection planning issues.Close