Imagine If You Could Modify and Upgrade
Virtually Every Irrevocable Trust!
Whether you’re a CPA, financial advisor, life insurance agent or estate planning attorney, you inevitably run across clients who have an existing “Exemption Trust” (from their deceased spouse) or another Irrevocable Trust they’ve set up and they want to:
- Change the Trustee (or Successor Trustee)
- Change the beneficiaries
- Change their shares or how and when they will receive them (such as to qualify as a Special Needs Trust or obtain Medicaid)
- Reduce income taxes on trust income
- Increase the asset protection for themselves or their beneficiaries
- Get a set-up in basis of the trust assets when they die
In the past, you’d probably tell that client, “Sorry, there’s nothing you can do because the trust is irrevocable and non-amendable!” But now you’ve got a solution, called “decanting”.
You may have heard about this new, cutting-edge estate planning technique called “decanting” that can effectively amend or rewrite an existing irrevocable trust - - but what do you really know about it?
There is no doubt that decanting, which is basically, pouring the assets of an existing trust into a new one, can be tremendously beneficial for you and your clients.
But, as with most estate and tax planning concepts, it’s important that you thoroughly understand it before that you recommend and implement it for your clients.
That’s why we have enlisted the help of nationally renowned advanced estate planning and asset protection attorney, Steve Oshins, J.D., AEP (Distinguished) and nationally renowned income, gift and estate tax expert, Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA. Please join us for two very special 60-minute presentations entitled, “Everything You Need to Know About Decanting an Irrevocable Trust”.
On Part 1 of this series, Steve will cover the following:
- All of the right situations and reasons for decanting
- How decanting actually works
- How decanting rules vary from jurisdiction to jurisdiction
- The potential opportunities for you to expand your practice and help your clients with decanting
- And much more!
Then, join us for Part 2, where Bob will cover the following:
- The potential tax implications of decanting (including adverse tax consequences if you do it wrong!)
- What’s the little known impact of IRS Notice 2011-101
- Income tax issues (both federal and state) to address and avoid, including recognition of untaxed income when changing grantor trust status and the impact on NOLs and QSST status
- Gift tax issues, including what changes may create a gift by the trustee or beneficiaries
- Estate tax issues, including when marital or charitable deductions may be lost, or estate tax inclusion caused
- Generation skipping transfer tax issues, including possible loss of exempt status
- And much more!