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This session will review recent cases, rulings and legislation in the area of estate, gift and generation-skipping tax. How those new rules impact estate planning approaches will also be discussed.
Understanding what is community property is key to helping a married client with their planning goals and objectives. Although community property predominantly exists in 11 states, many clients move in and out of these states and bring their community property with them. Many of the non-community property states (or common law states) have laws that address community property brought to their state. This course will explain: (1) how assets obtain their classification as community or separate property, (2) what presumptions and rules are applied in classifying an asset as community property or separate property, (3) the significance of methods of holding title in determining whether an asset is community or separate property, (4) how agreements between spouses impact these classifications (5) the consequences of moving to or from a community property state and (6) the impact of community property on income taxes and transfer taxes.
The failure to pass significant partisan legislation 2021 surprised us all. However, the Democrats remain likely to capture the moment. They last controlled the House, Senate and the Presidency in 2009-2010 and 1993-1995 before that. This session will focus on the latest proposed changes (or legislation) and planning ideas.
The current generation-skipping transfer tax has been a part of our transfer tax system for over 30 years and yet it is still a topic that confounds many advisers. Each taxpayer may allocate GST exemption to gifts made during life or at death. The GST exemption also may be automatically allocated if the taxpayer does not elect out of the automatic allocation rules, which are complex. We will explain the rules for automatic and manual allocation on gift and estate tax returns, common return preparation problems and mistakes, and possible options to address prior mistakes. Learn about some GST exemption basics and practical tips, as well as about some common errors and misconceptions that advisers should know about regarding allocation of GST exemption.
Did Grantor Trusts Survive the Challenges of the 2021 Tax Proposals? What Planning Can Be Done? Are GRATs, SLATs and IDGTs still viable planning techniques?
From basics to the latest wrinkles. At this session you’ll learn what to avoid and what to focus on for maximum utilization of these popular retirement vehicles
This session will explore the NIMCRUT and its close cousin, the Flip-CRUT in some detail, highlighting the NIMCRUT’s use in philanthropic planning. Additionally, the session will review suitability, investment approaches, administration, and pitfalls arising from the selection of the NIMCRUT format.
Live from ENGAGE! The AICPA Town Hall Series is a high-impact news broadcast that delivers accounting and finance professionals with the latest analysis, insights and practical guidance to help them understand and respond to the most pressing issues facing the profession. The Town Hall Series is recognized by tens of thousands of practitioners as the profession’s go-to resource for timely and critical information, real-time interpretation and analysis, and a broader discussion on the strategies and capabilities that drive long term success. Town Hall panelists include practitioners, thought leaders, policy makers and a range of experts from across the profession, government and business. Join this special edition Town Hall as AICPA leaders bring the news desk to ENGAGE.
A well-drafted trust can provide enhanced estate, creditor and divorce protection. Many of our clients have inferior trusts. This presentation will outline how to modify irrevocable trusts through the use of decanting, non-judicial settlement agreements and powers of appointment.
AICPA advocates for good tax policy, including on trust, estate, and gift tax issues. This session will cover the many developments and projects the TRP is advocating for in the estate and trust area. Contacts with Treasury, IRS, and Congress are emphasized.