Tag Archives: Estate Planning

Year End 2022 Estate Planning

In this webinar we discuss 2022 estate planning and year end considerations, including:

  • Pros and cons of annual gifts and nuances such as GST implications
  • Whether practitioners should encourage clients to take steps in anticipation of 2026 reduction in the exemption amount
  • If action can be taken that may reduce the risks of step transaction or reciprocal trust challenges against SLAT and other planning.
  • Ideas in light of the Proposed Clawback Regulations
  • Monitoring trust income in light of trust compressed tax rates, and considering the 65-day rule
  • How to shore up valuation adjustment clauses in year end transactions
  • Valuation issues practitioners should be concerned about (the GRAT CCA and Batty case).
  • Recession as a possible remedy for unintended 2022 transactions
  • Charitable gift planning before year end has always been a common practice but recent cases emphasize the need for practitioners to caution clients to carefully comply with substantiation and other requirements.

Estate Planning for Families and Business Owners

We sat down with Shane Jasmine Young, Attorney and Founder of Young Law Group, to discuss estate planning for families and estate planning for business owners. Our conversation covered:

  • Common misconceptions about estate planning for families and business owners
  • Frequent planning mistakes people make, and how to avoid them
  • How to protect children in the event of parental death or incapacity
  • How to protect assets (including a business) for children/beneficiaries with generational wealth planning techniques

Shane focuses her practice on Legal Life Planning, including Trusts and Estates, Business, Long-Term Care, Kids Protection, and Pets Protection.  Shane was recently featured as a Top Businesswoman in Nevada by Vanity Fair, Fortune 500, Forbes, and Entrepreneur Magazine.  She has been selected for the “40 Under 40” Award by In Business and named among the Legal Elite by Nevada Business Magazine.

Private Placement Life Insurance (PPLI) Fundamentals and Trends

If you have heard of Private Placement Life Insurance, and want to learn more about how it can benefit your clients, this is the presentation for you. This webinar discusses:

  • How Private Placement Life Insurance works, and how it’s different from a traditional insurance policy
  • Who can benefit with client examples
  • Key tax consideration
  • The do’s and don’ts of PPLI structure and requirements
  • Discussion of the best PPLI jurisdictions
  • Emerging trends and planning opportunities

Current Spousal Lifetime Access Trust Planning Ideas to Better Serve Clients

This webinar discusses important planning issues and options that are often overlooked in a “typical” Spousal Lifetime Access Trust plan, including:

  • Enhancing access to SLAT assets by using SPAT and DAPT variations
  • Coordinating with financial and insurance consultants to enhance the security of the plan for the clients (and lessen risks to practitioners)
  • Actionable steps for how to do drafting and planning enhancements

Fundamentals of Private Placement Life Insurance

Looking to understand Private Placement Life Insurance (PPLI)? Listen to this podcast from Peak Trust Company featuring Matt Jones, President of Legacy Capital, as he discusses the fundamentals of Private Placement Life Insurance.

  • Private placement life insurance defined (PPLI)
  • How it works
  • How it’s different from a traditional insurance policy
  • Who can benefit with client examples
  • The best PPLI jurisdictions
  • Emerging trends and planning opportunities

Planning for Blended and Stepfamilies

This webinar discusses estate planning for clients who have blended or stepfamilies. Estate planning for clients who have blended or stepfamilies often presents significant and perplexing challenges for estate planners in the substantive planning. As if that was not difficult enough, estate planners may also encounter important ethical issues.

This webinar covers the often-counterintuitive ethical traps and landmines that estate planners face when working with blended or stepfamily clients, including:

  • How practitioners can work effectively with blended families
  • Joint and separate representation
  • Precautions practitioners can take during the initial client meeting
  • How to properly prepare for the initial meeting
  • How to update questionnaires and other forms to reflect blended family data
  • Sources of common conflicts of interest
  • What the distinction is between consentable and non-consentable conflicts
  • Specific practical estate planning situations that can present ethical challenges, including marriage contracts, joint tenancy, gift-splitting, powers of attorney, SLATs, gift tax returns, etc.

Split Dollar Life Insurance Planning After the Levine Case

This webinar sets the stage with a review of split-dollar life insurance planning. We follow prior cases that held against other taxpayers using similar techniques. Understanding what the taxpayer did right in the Levine case, and how that contrasts to what taxpayers did wrong in a prior case, Estate of Cahill, can be used to guide taxpayers contemplating such planning. But even better guidance is possible. A careful reading of the Levine case to identify steps the Levine Court found favorable, might be used to craft a roadmap of how to implement a similar plan.

Importantly, the lessons in the roadmap that are discussed should be considered by taxpayers undertaking almost any type of estate planning. While aspects of the Levine opinion are pretty narrowly limited to the split dollar insurance technique used in the case, many have broad applicability. The IRS arguments and Tax Court’s response regarding code sections 2036, 2038 and 2703 will be reviewed.

Practical Tips for Practitioners Administering Irrevocable Trusts

In this presentation, speakers Thomas A. Tietz, Esq., Jonathan G. Blattmachr, Esq. and Martin M. Shenkman, Esq. explore the following questions:

– How can practitioners (CPAs, wealth advisers, attorneys, insurance consultants) assist clients in the operation and administration of irrevocable trusts?
– What preliminary steps might be helpful to take to guide clients on proper trust administration steps?
– How can advisers help facilitate more accurate and efficient trust administration?
– Specific practical steps practitioners can use will be illustrated and explained.
– What should be done to improve the administration of grantor versus non-grantor trusts?
– How should swap and loan powers be administered?
– How should disclaimer and valuation adjustment mechanisms used in many irrevocable trusts be dealt with?
– What special considerations of 2021 planning should be reflected on 2021 gift tax returns?
– What ancillary documentation should be addressed to support various planning techniques?

GRAT and Valuation Planning After CCA 202152018: What Practitioners Need to Know

Grantor retained annuity trusts (GRATs) provide an opportunity for your client to transfer assets that are appreciating in value to the next generation with little to no income, estate, or gift tax payments being owed. These are a type of irrevocable trust that comes with a common valuation challenge that arises for practitioners.

This presentation covers the critical impact on grantor retained annuity trusts (GRATs) based on CCA 202152018, which was released on December 30, 2021. The CCA addresses a common valuation challenge, what consideration should be given to potential sales in valuing an asset?

Often there is a long continuum from no sale, to discussions with potential buyers, to a letter of intent, to a binding contract, etc. Where the business is on the continuum will affect how an appraiser will evaluate the possible implications of the status. In the CCA the possible sale had moved too far along the continuum towards an actual sale to have been ignored in the valuation. As a result, the IRS applied the reasoning in the Atkinson, and held that the valuation was so wrong that the GRAT annuity was not qualified. This would result in a deemed gift of the entire value of the property involved.

  • What does this mean to GRAT planning generally?
  • What might this mean to the use of GRATs as valuation spillovers receptacles in a defined value mechanism?
  • Might this have implications for other aspects of defined value techniques
  • What might this CCA mean to valuations generally?
  • Are there new steps and precautions practitioners might choose to take?
  • Might this signal a broader application of the Atkinson principals to GRATs and CRTs generally?