Tax Considerations in Trust Terminations, Modifications, and Decanting: Federal and State Taxes, Planning Strategies
Note: CPE credit is not offered on this program
Recording of a 90-minute CLE video webinar with Q&A
This CLE webinar will provide estate planning counsel with an in-depth analysis of the tax implications for trust terminations, modifications, and decanting. The panel will describe the various trust modification methods, address federal and state law issues, and offer planning strategies under current tax law for trusts.
Outline
- Modification methods
- Judicial and non-judicial reformation
- Division
- Amendment
- Decanting
- Other options
- Identifying governing law
- Tax issues
Benefits
The panel will review these and other key issues:
- What methods are available to modify an irrevocable trust?
- How will the governing state law apply to the validity, construction, or administration of the trust?
- Who must be notified and give consent before a trust can be modified?
- What are the tax implications of decanting, terminating, or modifying a trust?
- What income, gift, and estate tax issues should counsel consider when modifying an irrevocable trust?
- What is the impact of the generation-skipping transfer rules when modifying an irrevocable trust?
Faculty
Lawrence M. Lipoff, CPA, TEP, CEBS
Director
CohnReznick
With more than 30 years of experience, Mr. Lipoff specializes in the delivery of domestic and international private... | Read More
With more than 30 years of experience, Mr. Lipoff specializes in the delivery of domestic and international private client services to enable high net worth individuals and families to maximize their new or generational wealth. He provides strategic advice to his clients and their closely-held businesses in the areas of income tax planning and compliance, estate planning and administration services, consultation regarding formation of family trusts and philanthropic structures. He is a frequent lecturer and author of articles published through professional forums on topics that include preparation of 1040/1041 & 706/709 returns, IRA/pension distribution, domestic and international asset protection, business succession, generation-skipping transfers, S corporation and fiduciary taxation including foreign trusts, alternative minimum tax, Chapter 14, family limited partnerships, international estate planning and administration, grantor charitable lead trusts, captive insurance companies, private placement life insurance and carried interest estate planning for private equity and hedge fund principals.
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Les Raatz
Member
Dickinson Wright
Mr. Raatz practices primarily in the areas of estate planning, probate and trust administration, divorce tax and asset... | Read More
Mr. Raatz practices primarily in the areas of estate planning, probate and trust administration, divorce tax and asset planning, and entity structuring, and taxation. He has significant experience representing thousands of business clients and their families in connection with estate and tax planning. Mr. Raatz is a national author and speaker at numerous seminars on areas of income, estate and gift taxation, probate and trust issues, and selection of business entities. He is a licensed attorney in Arizona. Mr. Raatz practiced as a Certified Public Accountant with KPMG Peat Marwick, CPAs.
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