Sophisticated Tax Planning for Your Wealthy Clients 2018

SOP1809 - Trust Planning After the New Tax Cuts and Jobs Act

Nov 30, 2018 9:45am ‐ Nov 30, 2018 11:00am


Description

TCJA has transformed trust planning. Practitioners need to help clients identify existing trusts that can be modified, improved or eliminated and how new trusts can be structured. What factors should practitioners use to evaluate existing trust plans? A case study of how an old QPRT may be handled will be presented. What about existing irrevocable life insurance trusts (ILITs)? How should wills and revocable trusts be structured going forward to accomplish clients new tax and non-tax goals? What types of new trust structures should practitioners evaluate to accomplish income tax goals? Consideration of INGs and SALTy SLATs and more. Can these same trusts be modified to also use the new temporary estate tax exemption? Consideration of completed gift INGs will be discussed. Can these non-grantor trusts be used to hold a client's home to secure a greater property tax deduction? What can clients in high tax states do to reduce SALT burdens in light of new limitations? What happens if the tax laws change yet again? Can this type of planning be modified?

  • Recognize how to review existing (old) trusts to advise clients in light of the current tax environment?
  • Identify what types of trusts to recommend to different clients to accomplish the seemingly contradictory goals of: saving income taxes, using temporary estate tax exemptions, achieving asset protection, retaining access to trusts and more?

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