Advanced techniques related to income, gift and estate tax planning using trusts, focused on the use of irrevocable trusts.
Discuss how to create irrevocable trusts without losing control over the assets placed into the trust, while retaining the ability to unwind the trust. Drafting irrevocable trusts that are defective for income and transfer tax purposes. The use of irrevocable trusts for state income tax planning (DING and NING trusts), federal estate tax planning (focusing on IDGTs), asset protection (domestic and offshore trusts), qualifying for government benefits, international estate planning and pre-immigration tax planning.
Identify income tax, gift tax and estate tax aspects of various types of trusts.
Recognize how to avoid Proposition 13 reassessment and how to avoid the trigger of the due on sale clause.
Recall estate planning and asset protection planning uses of different trusts.
Identify advanced tax, estate, succession, retirement, special needs and asset protection planning using trusts.
Recognize common obstacles and pitfalls, such as selection of trustee and property tax reassessment, and how to plan around them.
Trust obstacles and pitfalls
Revoking irrevocable trusts
Estate planning through trusts
Special needs and Medi-Cal/Medicare planning
Tax planning with trusts
DINGs, NINGs, IDGTs
Asset protection through domestic and foreign trusts
CPAs, attorneys and financial planners.
General knowledge of income, estate and gift taxes.