The course will focus on capital gains planning as a function of overall estate planning. As lifetime gift and estate tax exemptions have significantly increased and the tax rate remains at 40% after many years at 55% (plus any state tax rates), estate planners have increasingly focused on income tax planning and related cash flow matters for the entire family. Furthermore, the wealth at generation two is often greater than at the senior generation, so counter-intuitive upstream estate planning must also be considered. Finally, at PPLI has increased taxpayer interest, to the extent capital gains is involved, the policy cost versus tax arbitrage calculus needs continued focus.
Key topics to be discussed:
Introduction to Estate Tax and Exemptions
Comparisons of Credit Shelter and QTIP Trusts
Gift Basis Contrasted
Upstream Gifts and Analysis of Section 1014 and 1014(e)
Residences In Trust
Other Basis and Income Tax Considerations
Upstream Estate Planning
Impact of Settlor Death on Grantor Trusts with Installment Sale Obligations
Common Law Versus Community Property States, and Community Property Trusts
Protectors with Authority to Provide Trust Beneficiaries with General Powers of Appointment
Foreign Grantor Trusts that May No Longer Be Grantor and Capital Gains Issues
Date: January 26, 2023
Robert S. Barnett | Capell Barnett Matalon & Schoenfeld LLP
Robert S. Barnett, JD, Masters (Taxation), CPA, is a founding partner of Capell Barnett Matalon & Schoenfeld LLP, Attorneys at Law. His practice is highly concentrated in the areas of taxation, trusts, estates, corporate and partnership law and charitable planning. His experience includes Surrogate’s Court practice, tax dispute resolution, and Tax Court representation. Mr. Barnett frequently assists clients in structuring financial transactions and charitable gifts.
Mr. Barnett applies creative and practical solutions to estate and business planning. He has served on many committees and is a frequent lecturer on numerous aspects of tax and business law. He is an active participant and serves on many professional and charitable boards.
Mr. Barnett is a frequent lecturer and writer. His articles and lectures encompass a wide variety of topics, including business succession, estate planning, charitable planning, generation-skipping, stock options, effective strategies for removing tax liens, business taxation, utilization of the marital deduction, and utilization of partnership elections.
Mr. Barnett received his juris doctor in 1986 from Fordham University, where he graduated cum laude and was a member of the Fordham Law Review. He graduated magna cum laude from Hofstra University, where he received his Bachelor’s degree in accounting. Mr. Barnett holds a Master’s degree in taxation as the recipient of the highest dean’s award. Mr. Barnett is admitted to practice law in New York, Virginia and Washington, D.C
Lawrence M. Lipoff | CohnReznick’s Trust and Estates
Lawrence M. Lipoff, CPA, TEP, CEBS, is a Director in CohnReznick’s Trusts and Estates Practice, based in the firm’s New York office. With more than 35 years of experience, Larry specializes in the delivery of domestic and international private client services to enable high-networth individuals and families to maximize their new or generational wealth. Larry provides strategic advice to his clients and their closely held businesses in the areas of income tax planning and compliance, estate planning and administration services as well as family structure consulting.
Through many years in practice, he synthesized the work of various related professionals, and their firms integrate several planning strategies into solutions that maximize value. He is a frequent lecturer and author of articles published through professional forums on topics including 1041/706/709/3520 & 3520-A returns, domestic and international estate planning and administration as well as domestic and international fiduciary income taxation including foreign trust attribution rules, grantor charitable lead trusts, business succession, generation-skipping transfers, Chapter 14 and carried interest estate planning for private equity and hedge fund principals, life insurance including private placement life insurance and asset protection planning.
I. Introduction to Estate Tax and Exemptions | 2:00pm – 2:10pm
II. Comparisons of Credit Shelter and QTIP Trusts | 2:10pm – 2:20pm
III. Gift Basis Contrasted | 2:20pm – 2:30pm
IV. Upstream Gifts and Analysis of Section 1014 and 1014(e) | 2:30pm – 2:40pm
V. Residences In Trust | 2:40pm – 2:50pm
VI. Other Basis and Income Tax Considerations | 2:50pm – 3:00pm
Break | 3:00pm – 3:10pm
VII. Upstream Estate Planning | 3:10pm – 3:20pm
VIII. Impact of Settlor Death on Grantor Trusts with Installment Sale Obligations | 3:20pm – 3:35pm
IX. Common Law Versus Community Property States, and Community Property Trusts | 3:35pm – 3:45pm
X. Protectors with Authority to Provide Trust Beneficiaries with General Powers of Appointment | 3:45pm – 4:00pm
XI. Foreign Grantor Trusts that May No Longer Be Grantor and Capital Gains Issues | 4:00pm – 4:10pm