A Hot, New Planning (And Marketing) Opportunity:
Fixing Old “B” Trusts
Whether you’re an estate planning attorney, CPA or financial advisor, you’ve undoubtedly run across the following situation (or will).
You are meeting with the surviving spouse of a married couple. When the other spouse died, a “B” Trust (also known as a Credit Shelter, Bypass or Exemption Trust) was established to hold a portion or all of the decedent’s assets. That may have seemed good estate tax or distribution planning at the time it was set up, but now that B Trust presents a host of problems - - including, but not limited to:
- Lack of up-to-date, appropriate spendthrift, divorce and creditor protection for the beneficiaries who will inherit after the surviving spouse.
- Lack of Dynasty Trust provisions to protect the estate for future generations.
- Worse yet, the trust may no longer even be needed for estate tax purposes and now won’t get a basis step-up when the surviving spouse dies.
Your client would like you to fix these problems, but how do you do this when you’re stuck with an irrevocable B Trust? Believe it or not, there are ways to fix that old B Trust!
Join us and nationally renowned estate and asset protection planning attorney, Steven J. Oshins, J.D., AEP (Distinguished), for a timely and informative presentation entitled, “Fixing Old B Trusts”.
On this 60-minute presentation, you will learn:
- Why using statutory modification procedures to fix an old B Trust - - if they even exist in your state - - may be difficult or impossible to use, as well as expensive.
- Why what’s called “decanting” is usually the easier, more effective, and cheaper alternative!
- How to utilize decanting even when your B Trust jurisdiction doesn’t have a decanting statute!
- How decanting, when done properly, can achieve all these outstanding benefits:
- Strengthen the spendthrift, divorce and creditor protection features of the B Trust, for generations to come.
- Save federal income taxes by using lower bracket beneficiaries.
- Save state income taxes on undistributed income.
- Permit a basis step-up for B Trust assets when the surviving spouse dies.
- And much more!
- Program Title: Fixing Old “B” Trusts
- Speaker: Steven J. Oshins
- Duration: 60 minutes
ABOUT THE SPEAKER
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.