Irrevocable Trusts: Who is the Taxpayer?

Kyle G. Durante
Kyle G. Durante | Blank Rome LLP

Kyle G. Durante concentrates his practice on providing sophisticated counsel to high net-worth individuals and families in trust and estate matters to create tax-efficient wealth transfer strategies through estate, tax, business succession, and asset protection planning.

On-Demand: August 17, 2023
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1.5 hour CLE
Tuition: $195
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Program Summary

This CLE will provide an in-depth analysis of federal income taxation of irrevocable trusts, including, but not limited to, whether a trust is a separate independent taxpayer or a disregarded entity, what causes a trust to be a separate independent taxpayer and what are the implications of such classifications. This program will also discuss certain estate planning strategies that can be deployed depending on how the trust is structured for income tax purposes, as well as provide an overview of the federal income tax ramifications of establishing foreign trusts.

Key topics to be discussed:

  • The Primary Classifications of Irrevocable Trusts for Income Tax Purposes – Grantor Trusts vs. Non-Grantor Trusts
  • What Causes a Trust to be a Grantor Trust
  • Estate Planning Strategies
  • Overview of Sub-Classifications – Domestic Trusts vs. Foreign Trusts

Date / Time: December 28, 2023

Closed-captioning available

Speakers

Kyle G. Durante_Blank Rome LLP_myLawCLEKyle G. Durante | Blank Rome LLP

Kyle G. Durante concentrates his practice on providing sophisticated counsel to high net-worth individuals and families in trust and estate matters to create tax-efficient wealth transfer strategies through estate, tax, business succession, and asset protection planning.

Kyle has notable experience counseling clients on exemption capture planning, drafting estate planning documents, assisting with the preparation of gift tax, estate tax, and fiduciary income tax returns, assisting individuals with the establishment and maintenance of tax-exempt organizations, foundations, and trusts, as well as conducting extensive research on income, estate, generation-skipping transfer, and capital gains taxation.

Kyle is also experienced at managing contested and uncontested estate and trust administration matters within the court systems, including probate, administration, accounting, and miscellaneous proceedings. He regularly represents clients in matters before the New York Surrogate’s Court, including fiduciary succession applications, trust termination proceedings, will contests, construction proceedings, accountings, declaration of death proceedings, and other fiduciary-based litigation.

During law school, Kyle served as the managing editor of the Touro Law Review.

Admissions

  • Connecticut
  • New York
  • U.S. District Court – Eastern District of New York
  • U.S. District Court – Southern District of New York

Education

  • University of Buffalo, State University of New York, BA
  • Erie Community College, AS
  • Touro College Jacob D. Fuchsberg Law Center, JD, summa cum laude

Agenda

I. The Primary Classifications of Irrevocable Trusts for Income Tax Purposes – Grantor Trusts vs. Non-Grantor Trusts | 2:00pm – 2:20pm

II. What Causes a Trust to be a Grantor Trust | 2:20pm – 2:40pm

III. Estate Planning Strategies | 2:40pm – 3:00pm

Break | 3:00pm – 3:10pm

IV. Overview of Sub-Classifications – Domestic Trusts vs. Foreign Trusts | 3:10pm – 3:40pm

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