Lighten Tax Burdens and Ensure Proper Tax Reporting
The way tax basis is used in planning with trusts and LLCs is changing. Old techniques can now do more harm than good. This focused tax course outlines the new rules and planning approaches you need to master to offer your clients effective estate planning advice. Make the best use of the step-up in tax basis - order today!
- Get an update on the tax rules related to the step up and portability.
- Come away with better ways of using the step up in planning for business interests.
- Make the best use of powers of appointment and explore conversions from LPOAs to GPOAs.
- Find new and better ways of drafting specific trust provisions to maximize the use of the step up.
- Make certain your planning approaches are beyond reproach: understand key legal ethics issues you're likely to face.
10:00 am to 5:00 pm Eastern Standard Time
- Federal Tax Update and Portability Overview
10:00 - 11:00, Joseph M. Higgins
- Current Income and Capital Gains Tax
- Estate, Gift, GST Tax Update
- Portability in a Nutshell, Updates
- Step-Up Basis Rules: Inherited Assets and Gifted Assets
- The End of Estate Freezes
- Survey of Current State Tax Laws
- Estate Planner's Toolkit: Maximizing Basis Step-Up
11:15 - 12:15, Neal B. Jannol
- Community Property States and Basis Rules
- Powers of Appointment and Other Intra-Vivos Planning
- Creating LPOA and Permitting Conversion to GPOA
- Post-Mortem Techniques
- Is it Possible to Distribute Highly Appreciated Assets Out of Trust Back Into the Taxable Estate?
- Trusts, Tools and Tax Rules to Maximize Basis Step-Up
12:15 - 1:15, Joseph M. Higgins
- Top Trust Structures and Key Provisions
- Modifying Existing Trusts to Take Advantage of Tax Basis Rules
- Grantor Trusts (Esp. IDGTs)
- QTIPs and Elections
- A/B Trusts and Other Credit Shelter Trusts
- Charitable Lead Trusts
- GST Tax Planning Tools
- Gifting and Loans
- Life Estates
- Life Insurance Trusts
- Taking Advantage of the Second Step-Up in Estates Under Federal Estate Tax Exemption
1:45 - 2:45, Roger J. McClure
- Step-Up Basis Problems in Older Plans, Credit Shelter Trusts
- IRC 2010's Portability Solutions
- Using Allocation Formulas
- Trust Protector
- Mergers of Trusts
- Step-up Basis in Community Property Estates
- Step-up Basis and Ownership of Business Interests (LLCs, Partnerships, Closely Held Corps.)
2:45 - 3:45, Roger J. McClure
- Tax Basis Step-Up and LLCs
- Gifts of Fractional Interests
- 754 Elections for Partnerships
- Valuation Issues
- Tax Cuts and Jobs Act and its Effect on Planning with Closely Held Businesses
- Material Participation by Trusts
- Legal Ethics in Estate Planning
4:00 - 5:00, Neal B. Jannol
- Who is Your Client?
- Attorney Fees and Engagement Agreements
- Protecting Confidentiality
- Working with Clients with Diminishing Capacity
- Conflicts of Interest
- Joint Representation of Married Couples
This tax course is designed for attorneys. It will also benefit accountants, tax planners, estate planners, trust officers and paralegals.