Tax Reporting Mechanics of Trust Decanting: Tackling Compliance Issues in the Absence of IRS Guidance
Determining Continuation-vs-New Trust, Identifying Gain Recognition Scenarios, Utilizing Elections, and Filing Requirements
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide tax advisers and compliance professionals with a comprehensive and practical guide to the reporting mechanics of trust decanting transactions. The panel will discuss when a decanting results in a non-reporting event, and offer useful tools for determining when a decanting causes either gain recognition or a transfer tax reporting and payment obligation.
- IRS guidance re: decanting transactions
- Notice requirements
- Continuation of existing trust vs. creation of new trust
- Gain recognition scenarios
- Changing of situs
- Filing requirements
The panel will discuss these and other important questions:
- Under what circumstances is it preferable to treat the recipient trust as an entirely new trust, rather than as a continuation of the existing trust?
- What is the impact of a decantment on tax attributes?
- What decanting circumstances require gain recognition to either the distributing trust or the beneficiary/recipient trust?
- What elections are available regarding gain recognition of decanted assets?
Bryan D. Kirk
Managing Director and Trust Counsel
Fiduciary Trust International of California
Mr. Kirk is a senior trusts and estates advisor for Fiduciary Trust, where he provides guidance on all aspects of... | Read More
Mr. Kirk is a senior trusts and estates advisor for Fiduciary Trust, where he provides guidance on all aspects of estate planning and trust and estate administration. He has broad experience in multi-generational asset management and transfer planning, including estate, gift, generation-skipping transfer and income tax planning, charitable giving, philanthropy, real property matters and complex assets, such as private equity and debt. He also serves Chief Fiduciary Officer for Fiduciary Trust International of California. He regularly writes and presents on topics related to fiduciary law and estate planning.Close
Robert K. Kirkland
Kirkland Woods & Martinsen
Mr. Kirkland works with a variety of individual clients, handling the preparation of wills, living trusts, durable... | Read More
Mr. Kirkland works with a variety of individual clients, handling the preparation of wills, living trusts, durable powers of attorney, irrevocable trusts, charitable trusts and minor's trusts. He counsel clients in the areas of gifting techniques, asset protection, charitable planning and business succession planning. He also advises fiduciaries in estate, conservatorship and trust administration matters. He is a frequent author and lecturer in the estate planning and charitable giving areas.Close