Gain an understanding of how to implement charitable remainder trusts for your clients.
Second, only to the charitable gift annuity, the charitable remainder trust (CRT) is the most commonly used vehicle for what is called ‘planned’ charitable giving. In its present form, the CRT has its origins in the Tax Reform Act of 1969. Both the 1969 legislation and further revisions in 1997 were intended to curb certain abuses, which we will discuss. Properly structured, the CRT can allow the trust settlor to defer recognition of capital gain over twenty or more years while affording a significant charitable income tax deduction at the front end. The device can also be useful in prenuptial and divorce planning.
We will look at the basic structure of the CRT, frequently encountered issues in drafting and trust administration, and some planning opportunities. We will examine in some detail the differences between the annuity trust (CRAT) and the unitrust (CRUT), and among the various subspecies of unitrust arising from the choice to impose a net income limitation on the payout, with or without makeup, and with or without a mechanism to flip the net income trust to a straight unitrust payout.
You will be able to identify situations in which a CRT is or is not an appropriate planning vehicle, explain how to structure the trust to meet the client’s planning objectives, and recognize situations in which an existing trust might require a judicial or nonjudicial reformation, or in which the income beneficiary might want to accelerate the remainder.
Learning Objectives
- You will be able to describe the basic structure of the CRT.
- You will be able to identify situations in which a CRT is or is not an appropriate planning vehicle.
- You will be able to explain how to structure the trust to meet the client’s planning objectives.
- You will be able to discuss situations in which an existing trust might require a judicial or nonjudicial reformation.
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Over 39 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
The Partial Interest Rule
Section 664(d)
1997 Amendments
Other Requirements
Tax Characteristics
Special Problems
Requirements Specific to Annuity Trusts
Variations on Unitrust
Remainder Trust for the Benefit of Third Party
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Why Lorman?
Over 39 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
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- AR CLE 1.0
- This course has been approved for 1.0 hour(s) of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.0 hour(s) toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services/Noggin Guru is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hour(s) of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hour(s).
- MN CLE 1.0
- This program has been approved by the Minnesota Board of Continuing Legal Education for 1.0 hour(s) of credit.
- NH MCLE 1.0
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services/Noggin Guru believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 60 Minutes.
- NJ CLE 1.3
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hour(s) of total CLE credit.
- NY CLE 1.0 including Areas of Professional Practice 1
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hour(s) in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Education- Noggin Guru, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- PA CLE 1.0
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hour(s) of substantive law, practice and procedure CLE credit.
- VA CLE 1.0
- This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.0 CLE credit hour(s).
- VT CLE 1.0
- This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit.
- WI CLE 1.0
- This program has been approved by the Board of Bar Examiners for 1.0 hour(s) for use toward the Wisconsin Mandatory CLE requirement.
- WV MCLE 1.3
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hour(s).
CPE 1.2 including Taxes 1.2
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.2 hours. Prerequisite: basic knowledge of estate planning. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
Who should attend?
This live webinar is designed for attorneys, estate planners, accountants, presidents, vice presidents, CFOs, controllers, business owners and managers, tax managers, financial planners, and enrolled agents.
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Why Lorman?
Over 39 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
Russell A. Willis, III, J.D., LL.M.
Planned Gift Design Services
- Freelance paralegal consultant to advisors for nonprofits and their donors in structuring charitable contributions of closely held business and real property interests to serve the mutual advantage of all parties
- Manager of noncash research for Charitable Solutions, LLC, a planned gift risk management consulting firm headed by Bryan Clontz
- Provides legal research and advice on income and transfer tax planning more generally and writes the occasional trial or appellate brief
- For ten years, was writer and editor for a subscription website that provided daily coverage and in-depth analysis of developments in tax law affecting charitable gift planning
- Launched his own newsletter, the Jack Straw Fortnightly
- Back issues and authored papers posted to https://www.plannedgiftdesign.com/
- Has spoken at several national and regional conferences and to local and regional planned giving roundtables, community foundations, and bar associations
- J.D. from St. Louis University, LL.M. in taxation law from Washington University in St. Louis, undergraduate degree in English literature from Indiana University Bloomington master’s in Humanities from the University of Chicago
- Can be contacted at [email protected] or 314.566.3386
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