Tax Intensive

Wednesday, October 16, 2024

8:05 a.m. - 8:15 a.m.

Welcome and Announcements

8:15 a.m. - 9:15 a.m.

Tax Horror Stories
Hyman G. Darling and Mark Munson
[Description Coming Soon] 

9:15 a.m. - 10:15 a.m.

Tax Compliance and Enforcement
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.

10:15 a.m. - 10:35 a.m.

Break and Visit with Sponsors and Exhibitors
Sponsored by Special Needs Alliance

10:35 a.m. - 11:35 a.m.

Is It Too Late to Change My Mind? Decanting, Reforming and Amending Irrevocable Trusts
Crystal West Edwards and John Elias
Irrevocable trusts are a powerful planning tool for special needs families, yet sometimes the terms selected at the time of drafting do not age as finely as our favorite wine. In this session, Crystal West Edwards and John M. Elias will discuss trust decanting, along with overall modification and reformation of irrevocable trusts. The session will review the income, gift and estate tax consequences of reformation and the mechanics to obtain the best tax result for the family.

11:35 a.m. - 12:35 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 . . .

12:35 p.m. - 1:45 p.m.

Sponsored by Life Enrichment Trust

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

Complete vs Incomplete Gifts: Is IRS Form 709 Necessary?
Mark Munson
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.

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

3:45 p.m. - 4:00 p.m.

Break and Visit with Sponsors and Exhibitors
Sponsored by Special Needs Alliance

4:00 p.m. - 5:00 p.m.

Tax Isues with Nontraditional Assets in a Trust
Hyman G. Darling and Kristi Papez
[Description Coming Soon]