Tax Apportionment in Wills and Estate Documents: Allocating Wealth Transfer Taxes Among Beneficiaries
Recognizing Defective Tax Allocation Provisions, Navigating Source of Law Questions, Determining Treatment of Spousal Transfers
Recording of a 110-minute CPE webinar with Q&A
This course will prepare fiduciaries and tax advisers with a practical guide to navigating the challenges of estate and transfer tax apportionment. The panel will discuss how to interpret estate planning documents in instances where the apportionment is unclear, as well as understanding the proper tax reporting under both general and complex tax apportionment clauses. The webinar will also address source-of-law questions in instances of missing or defective tax apportionment clauses in estate documents.
Outline
- Apportionment clauses in general
- Source of law
- Federal
- State
- Equitable apportionment provisions
- Impact of missing or defective tax allocation provisions
- Estate tax
- Gift tax
- Income tax
- Generation-skipping tax
- Predeceased spousal assets previously qualifying for marital deduction
- Apportionment clauses and retirement assets
Benefits
The panel will review these and other high priority issues:
- What fiduciaries and tax advisers should scrutinize in tax apportionment clauses within the estate, gift, income, and generation-skipping tax regimes
- Treatment of property included in a decedent’s estate which previously qualified for the marital deduction in the estate of the decedent’s predeceased spouse
- How tax apportionment clauses affect retirement plan assets
- The sources of law for tax apportionment
- How portability and marital trusts affect tax clauses and apportionment
- Impact of tax apportionment clauses on distributions to grandchildren, other specific beneficiaries, or charities
Faculty
James I. Dougherty
Partner
Withers Bergman
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.
T. Sandra Fung
Partner
Withersworldwide
Ms. Fung is part of the firm's private client and tax team. Her practice focuses on private wealth matters with an... | Read More
Ms. Fung is part of the firm's private client and tax team. Her practice focuses on private wealth matters with an emphasis on transfer tax, trust and estate planning. Her clients include high-net- worth individuals, families and family offices. She co-authored the article, Regulatory Outlook After Trump’s Tax Reform: IRS releases revised priority guidance plan and proposed amendments.
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Jonathan J. Rikoon
Partner
Loeb & Loeb
Mr. Rikoon is a Trusts and Estates partner at Loeb & Loeb, LLP, based in the firm’s New York office. He... | Read More
Mr. Rikoon is a Trusts and Estates partner at Loeb & Loeb, LLP, based in the firm’s New York office. He practices in the areas of trust and estate planning, administration and litigation. Mr. Rikoon engages in sophisticated estate and tax planning for wealthy individuals and families, preparation of wills and trusts and the administration of large and complex trusts and estates. He helps to establish various tax-efficient multi-tier family, business and investment vehicles, such as partnerships, limited liability companies and closely held corporations with trust ownership, and he structures third-party business transactions to facilitate tax and estate planning. Mr. Rikoon pioneered the development of estate planning techniques customized for private equity fund principals and hedge fund managers, and he has often written and presented on that topic. Other clients include executives of public companies, owners of closely held businesses and individuals with inherited wealth. Mr. Rikoon has substantial experience handling IRS gift and estate tax audits and negotiating and resolving trust and estate disputes including litigation.
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