Tax Intensive

Virtual - Friday, November 8, 2024

11:00 a.m. - 11:15 a.m.

Welcome and Announcements

11:15 a.m. - 12:05 p.m.

Tax Horror Stories
Hyman G. Darling 
Join us for a compelling session that uncovers real-life cases where tax mistakes and oversights have had serious consequences for families with special needs. Through these cautionary tales, you'll gain insights into the complexities of tax planning in this sensitive area, learning how to avoid common pitfalls that can jeopardize the financial security of loved ones. Experts will share strategies to ensure that your special needs planning is both tax-efficient and legally sound. 

12:05 p.m. - 12:55 p.m.

Dealing with a Decedent’s Tax Issues: Compliance and IRS Collections
Gil Carey
The IRS has a number of methods to ensure taxpayer compliance with filing requirement and payment of the correct tax amount. This session will cover how to address and resolve enforcement actions taken by the IRS.

12:55 p.m. - 1:05 p.m.

Break 

1:05 p.m. - 1:55 p.m.

Tax Issues and Difficulties Managing Nontraditional Assets in a Trust
Hyman G. Darling and Gentry Byrnes
This session explores the unique challenges of managing and transferring unconventional assets, such as cryptocurrency, artwork, real estate, business interest and intellectual property, within a trust. This session will examine the tax implications and complexities that arise when these nontraditional assets are part of an estate plan. Attendees will gain insights into best practices for ensuring compliance and minimizing tax liabilities, while safeguarding these unique assets. 

1:55 p.m. - 2:45 p.m.

Funding a SNT Using a Deferred Fund
Bob Mason
Common wisdom is that transferring or assigning a qualified asset (such as an IRA) or other tax deferred fund will trigger taxation – and transferring to a trust should be out of the question. But not so fast! There are times . . .

2:45 p.m. - 3:15 p.m.

Break

3:15 p.m. - 4:05 p.m.

Complete vs Incomplete Gifts: Is IRS Form 709 Necessary?

When is a contribution to a trust a “completed gift” for purposes of federal gift tax? Under what circumstances could a contribution to a trust be an “incomplete gift” for purposes of federal gift tax? Depending on the terms and provisions contained in the trust document, a contribution to a trust may or may not be a “completed gift” for purposes of federal gift tax. In this session, attendees will learn the nuances of federal gift tax and when IRS Form 709 (i.e., the United States Gift Tax Return form) should be filed.

4:05 p.m. - 4:55 p.m.

The IRS Is At It Again!
Deirdre Wheatley-Liss and Mark Munson
CCA ( IRS Chief Counsel Advice) 202352018.  Some practitioners in the estate planning community are referring to CCA 202352018 as the biggest IRS announcement in a decade.

This new unexpected CCA looks to attack irrevocable trust modifications by finding that a trust modification resulted  in a taxable gift by the Beneficiaries to the Grantor.  This is the “tip of the iceberg” in terms of tax consequences related to decanting and trust modification.

Trust modification has exploded with the Uniform Trust Code adopted by 35 states and other states having similar provisions.  It is used to “correct” a trust for Special Needs Planning.  Trust modification may trigger gift tax, income tax, or change estate tax in unexpected manners.  

This session will:

  1. Review CCA 202352018 and how to avoid its specific ruling.
  2. Educate practitioners on income, gift and estate tax issues that needs to be navigated when decanting or modifying an irrevocable trust.
  3. Highlight the “triggering” language needed in a trust agreement to allow modification.