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Trust Planning for 2012: DAPT, BDIT, Dynasty - What You Should Be Advising Clients Now

The gift exemption is $5.12 million today and is scheduled to drop to $1 million in 2013 unless Congress acts. President Obama’s 2012 budget (the Greenbook) proposals undermine many of the most powerful wealth transfer tax strategies. While no one can predict the outcomes, clients should plan immediately before these tremendous opportunities may be lost. This is not merely planning for the ultra wealthy, but any client domiciled in a decoupled state, nonmarried couples, anyone concerned about malpractice or asset protection, and even mid-wealth families. All need to jump on the planning bandwaggon now. How to effectively implement this planning is vital for professional advisers to understand. There are a host of optional planning approaches as well as specific technical issues that in the past may have been perceived by planners as more theoretical than real, that are critical to address in this planning. This OnDemand Webinar will show you how – in practical and concrete terms.

Planning with sophisticated trusts has burgeoned as clients’ fears of lawsuits and malpractice claims has grown during the economic downturn, and as taxpayers become fearful of the uncertainty about the future of the tax system (e.g., the drop in the gift and estate exemption in 2013 to $1 million and an increase in the rate to 55%). In the current estate tax environment, more people then ever may benefit from using a Domestic Asset Protection Trust or “DAPT”, but to understand this technique, and whether it, or a different approach would be viable for you, an understandable overview of DAPT and related planning options is needed. The approach to be used will be designed to help practitioners better understand some of the great planning options that now exist, and that might be advantageous for you to encourage clients to consider, before the opportunities are legislated away.


Runtime: 102 minutes
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Are the Key Features/Types of Trusts Typically Considered?

  • Trusts: DAPT, BDIT, Dynasty, etc.
  • Trust Characteristics: Directed Trusts, Grantor Trust Status, etc.
  • Combinations: How to Combine Various Trusts and Trust Characteristics to Develop the Plan Appropriate for a Particular Client

What Would Motivate You to Consider a CGDAPTs?

  • Asset Protection
  • Divorce Protection
  • Growth in the Value of Assets Outside the Transferor’s Estate
  • Lock in Valuation Discounts on the Interests Transferred to the Trust
  • Tax Burn

What Is the Profile of a Client Who Would Be Suitable for This Planning?

What Are the Advantages of These Trusts?

  • Asset Protection for All Trusts
  • Estate Tax Benefits If a CGDAPT, Dynasty Trust or BDIT
  • Management, Control and All the Other Benefits Any Well Crafted Trust Plan Can Afford

What Are Some of the Disadvantages of These Trusts That You Have to Help Clients Overcome?

  • Complexity – But the Explanations Provided in This Program Will Help You Explain the Concept to Clients
  • Need for Regular Administration – But This Is an Issue Which Regular Meetings With Advisers Can Resolve – The Program Will Discuss What to Do at Such Meetings
  • Less Control – But It Is Really a Perspective – The Benefits Gained Outweigh the Perceived Loss of Control

What Administrative Burdens Do Your Clients Face?

  • The Integrity and Independence of the Trust and Any LLCs, or Other Entities Involved in the Trust Transactions, Must Be Respected – What Steps Should Practitioners Take?
  • Separate Accounts Must Be Established in the Name of the Trust and Any Ancillary Entities
  • Income Tax Returns Must Be Filed for the Trusts and Any Ancillary Entities – This Program Will Review Which Returns to File and How
  • Gift Tax Returns Must Be Filed to Report Most Transfers – Reporting and Filing Tips Will Be Provided
  • Annual Meetings Coordinating All Advisers Are Essential – The Steps Practitioners Should Take at Such a Meeting, and Some Clever Planning Tips, Will Be Provided
  • The Operational Provisions in the Trust Must Be Adhered to – Practical Suggestions as to How Will Be Provided

Where These Trusts Should Be Established (Trust Situs)

Who Should Be Named a Trustee of These Trusts?

Have Asset Protection Trusts (APTs) Been Challenged?

Is There a Risk Another State or the Federal Government Might Not Recognize A DAPT?

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Martin M. Shenkman, CPA, M.B.A., P.F.S., A.E.P., J.D.

Martin M. Shenkman, CPA, M.B.A., P.F.S., A.E.P., J.D.

Martin M. Shenkman, P.C.

  • Attorney in Paramus, New Jersey and New York City
  • Focuses on estate and tax planning, planning for closely held businesses, and estate administration
  • Named by Worth Magazine as one of the Top 100 Attorneys
  • Named by CPA Magazine as one of the Top 50 IRS Tax Practitioners
  • Source for numerous national publications, guest expert appearances on major financial and other television and radio shows
  • Editorial board member of Trusts & Estates Magazine and the Matrimonial Strategist
  • Written 42 books and more than 1,000 articles
  • CPA in New Jersey, Michigan and New York
  • J.D. degree, Fordham University School of Law; M.B.A. degree, University of Michigan; B.S. degree, Wharton School of the University of Pennsylvania
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Product ID: 389852
Published 2012
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