Tax Intensive

Wednesday, October 13, 2021

8:20 a.m. - 8:30 a.m.

Welcome and Announcements

8:30 a.m. - 9:20 a.m.

Tax Update: 2021   
Shannon Laymon-Pecoraro
A reflection on statutory, regulatory, and case law updates pertaining to the taxation of trusts and estates since the 2020 conference, and an overview of potential changes that we may see over the next year.

9:20 a.m. - 10:10 a.m.

Anatomy of a SECURE Act-Compliant Third-Party SNT/QDT
Robert Fleming 
The SECURE Act, adopted in late 2019, immediately changed the landscape for retirement benefit planning. One important change affects planning especially for beneficiaries with disabilities. How, exactly, do SECURE, IRAs, the Qualified Disability Trust and other tax-driven decisions interrelate?

10:10 a.m. - 10:30 a.m.

Break and Visit with Sponsors and Exhibitors

10:30 a.m. -11:20 a.m.

Grantor Trusts and Qualified Disability Trusts
Crystal West Edwards 
Grantor Trusts and Qualified Disability Trusts can be a powerful planning tool for clients. In this session, Crystal West Edwards will explain the fundamentals of these two trusts, using relevant and timely case examples.

11:30 a.m. -12:40 p.m.


12:45 p.m. -1:40 p.m.

Breakout Session 1

  • Income Taxation of Trusts and Estates
    Janet Rae Montgomery
    Income Taxation for Estate Planners: Tips, Tricks, and Traps.
  • Charitable Remainder Trusts
    Donna Jackson and Mark Munson 

    The applicable distribution period for most beneficiaries of inherited retirement benefits was shortened to only ten years by the SECURE Act.  Life expectancy distribution periods are no longer available except for “eligible designated beneficiaries” and “applicable multiple-beneficiary trusts.”  In this session, charitable remainder trusts will be discussed as a means to increase the length of the distribution period when life expectancy distribution periods are not otherwise available.

1:50 p.m. - 2:40 p.m.

Breakout Session 2

  • International Issues for Domestic Planners
    Robert D. Colvin

    This session will cover a broad spectrum of international issues that a domestic planner is likely to encounter including: QDOTs and gifts to non-citizen spouses; the use of trusts, foundations and other tools in cross border estate planning; US tax obligations when you have an NRA partner in your business; FIRPTA application to US real property interests held by NRAs; CFC and PFIC issues; as well as US international reporting issues.

  • Anatomy of Income Tax Returns for Those With Disabilities or Their Families
    Hyman G. Darling 
    This session will “dissect” and discuss the issues and preparation of personal and fiduciary income tax returns. Discussions will include the difference in taxation of income and capital gains as well as DNI, deductions, expenses, and fees.

2:40 p.m. - 3 p.m.

Break and Visit with Sponsors and Exhibitors

3 p.m. - 3:50 p.m.

Breakout Session 3

  • Taxation of PI Awards
    Bradley Frigon 
    A funding source for a First Party SNT often comes from settlement proceeds or a damage award from a lawsuit brought on behalf of the beneficiary. Not all settlement or damage awards are income tax free. This session will examine the income tax rules that apply to worker compensation awards, personal injury lawsuits including derivative claims such as bad faith and malpractice claims.

  • Issues When an Interest in a Business is Part of an Estate or Trust
    Jim McCarten, Beth Anderson, and Shelly Donaldson

    Even with Covid, small businesses are part of many of our special needs planning engagements. With these interests come a number of issues the attorney must be prepared to discuss with the clients.  There are fiduciary concerns regarding how the business will be managed if any part of the business ends up in the owner’s estate or a trust. What about the income tax issues associated with having a small business as an asset of the estate or trust? Those issues often lead to discussions of when and how the client intends to exit the company. Will the company be sold or is the company to be transitioned to one or more family members? Who has the owner trained as her successor if something unexpectedly prevents her from working in the business. This program will help the special needs practitioner identify the topics and issues she needs to discuss in detail with clients when one or both of them own a small business. 

4:10 p.m. - 5 p.m.

Tax Potpourri
Panel of Tax Intensive Speakers
Join a panel of our Tax Intensive speakers as they discuss recent tax trends and answer attendee questions.