Imagine If You Could Modify and Upgrade
Virtually Every Irrevocable Trust!
Whether you’re a CPA, financial advisor, life insurance agent or estate planning attorney, you inevitably run across clients who have an existing “Exemption Trust” (from their deceased spouse) or another Irrevocable Trust they’ve set up and they want to:
- Change the Trustee (or Successor Trustee)
- Change the beneficiaries
- Change their shares or how and when they will receive them (such as to qualify as a Special Needs Trust or obtain Medicaid)
- Reduce income taxes on trust income
- Increase the asset protection for themselves or their beneficiaries
- Get a set-up in basis of the trust assets when they die
In the past, you’d probably tell that client, “Sorry, there’s nothing you can do because the trust is irrevocable and non-amendable!” But now you’ve got a solution, called “decanting”.
You may have heard about this new, cutting-edge estate planning technique called “decanting” that can effectively amend or rewrite an existing irrevocable trust - - but what do you really know about it?
There is no doubt that decanting, which is basically, pouring the assets of an existing trust into a new one, can be tremendously beneficial for you and your clients.
But, as with most estate and tax planning concepts, it’s important that you thoroughly understand it before that you recommend and implement it for your clients.
That’s why we have enlisted the help of nationally renowned advanced estate planning and asset protection attorney, Steve Oshins, J.D., AEP (Distinguished) and nationally renowned income, gift and estate tax expert, Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA. Please join us for two very special 60-minute presentations entitled, “Everything You Need to Know About Decanting an Irrevocable Trust”.
On Part 1 of this series, Steve will cover the following:
- All of the right situations and reasons for decanting
- How decanting actually works
- How decanting rules vary from jurisdiction to jurisdiction
- The potential opportunities for you to expand your practice and help your clients with decanting
- And much more!
Then, join us for Part 2, where Bob will cover the following:
- The potential tax implications of decanting (including adverse tax consequences if you do it wrong!)
- What’s the little known impact of IRS Notice 2011-101
- Income tax issues (both federal and state) to address and avoid, including recognition of untaxed income when changing grantor trust status and the impact on NOLs and QSST status
- Gift tax issues, including what changes may create a gift by the trustee or beneficiaries
- Estate tax issues, including when marital or charitable deductions may be lost, or estate tax inclusion caused
- Generation skipping transfer tax issues, including possible loss of exempt status
- And much more!
ABOUT THE SPEAKER
CPA/PFS, MST, AEP (Distinguished), CGMA
Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planning Counsels. He has been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. Mr. Keebler is the past Editor-in-Chief of CCH’s magazine, Journal of Retirement Planning, and a member of CCH’s Financial and Estate Planning Advisory Board. His practice includes family wealth transfer…
Esq., AEP (Distinguished)
Steven J. Oshins, Esq., AEP (Distinguished) is a member of the Law Offices of Oshins & Associates, LLC in Las Vegas, Nevada. He was inducted into the NAEPC Estate Planning Hall of Fame® in 2011. He has been named one of the 24 “Elite Estate Planning Attorneys” in America by The Trust Advisor and one of the Top 100 Attorneys in Worth. He is listed in The Best Lawyers in America® and was named the Las Vegas Trusts and Estates Lawyer of the Year in 2012, 2015 and 2018 and the Las Vegas Tax Law Lawyer of the Year in…
IMPORTANT NOTICE REGARDING CE CREDIT
The Ultimate Estate Planner, Inc. and the presenter are not registered Continuing Education Sponsors and this program is not pre-approved for continuing education credit for any state or regulatory agency.
However, please note that each program includes a Certificate of Completion and, depending on the license and the regulatory agency for which governs a participant’s CE credit, some professionals may be able to self-report his or her participation and receive credit. It is the responsibility of the participant to complete any process necessary to seek self-reported CE credit for his or her participation. By registering for a teleconference (or purchasing on On-Demand program), you understand that CE credit is not guaranteed or warranted by the presenter or The Ultimate Estate Planner, Inc.