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Issues and Complexities With Income Splitting

Understanding the complexities with income splitting can help you make an informed decision and do what makes sense for you and your family. The focus now is on income tax. With the recent doubling, at least temporarily, of the applicable exclusion from gift and estate taxation, planning professionals are turning their attention to reducing the aggregate income tax burden on the family unit, often by shifting income from a taxpayer in a higher marginal rate bracket to one or more taxpayers in lower brackets. This topic will review the fundamental tax policies underlying the taxation of income, the progressive rate structure, the realization requirement, and the definition of the family as an economic unit, and consider what these policies may imply with respect to opportunities for income shifting. We will look closely at several income shifting strategies, seeking to identify some of the advantages, disadvantages, uncertainties, and limitations of each. You will come away with a much clearer understanding of which techniques might be appropriate to a particular situation, and where the opportunities lie.


Runtime: 110 minutes
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Why Lorman?

Over 32 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

Tax Policy Concerns

  • The Progressive Income Tax
    • 1) Realization
    • 2) Characterization
  • The Family as an Economic Unit
    • 1) Dependents
    • 2) Obligations of Support

Lower Bracket Taxpayers

  • Children, Grandchildren
    • 1) UGMA/UTMA
    • 2) Nongrantor Trust
    • 3) the Kiddie Tax
    • Pre2018 and Through 2025
  • Former Spouse
    • 1) Permanent Repeal of Alimony Deduction, Section 682
    • 2) Increased Focus on Qualified Plans
  • Other Entities
    • 1) Corporation, Passthrough
    • 2) Nongrantor Trust

Techniques/Strategies

  • Wages
    • 1) Not Subject to Kiddie Tax, but
    • 2) Employment Taxes
  • Transfer of Assets, Outright or in Trust
    • 1) Unrealized Appreciation
    • 2) Ordinary Income, e.g. Passthroughs
  • Gift vs. Sale
    • 1) Annual Exclusion, Carryover Basis
    • 2) Below Market Rate Loan
  • 529 Plans, Heet Trusts, etc.
  • Split-Interest Trusts
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Why Lorman?

Over 32 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

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on July 10, 2019.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.75
     
  • Alaska attorneys may receive 1.75 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.8
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.8 hours credit.
     
  • Arizona CLE 1.75
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.75 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.75
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.75 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • 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: 1.5 CLE credit(s).
     
  • GA CLE 1.5
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
     
  • HI CLE 1.75
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.75 CLE credit hours.
     
  • IL CLE 1.75
     
  • This course was approved for a total of 1.75 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MO CLE 1.8
     
  • This course qualifies for self-study CLE credit in Missouri.
     
  • MT CLE 1.75
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.75 CLE credits.
     
  • ND CLE 1.75
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.75 hours of CLE credit.
     
  • NH MCLE 1.8
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 105 Minutes.
     
  • NJ CLE 2.2
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.2 hours of total CLE credit.
     
  • NM CLE 1.5
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 2.0 credit hours in the area(s) of Areas of Professional Practice for 2.00 hours. 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 Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 2.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
     
  • UT CLE 1.5
     
  • This program has been approved by the Utah State Board of Continuing Legal Education for 1.5 CLE hours.
     
  • VT CLE 1.75
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.75 hours of self-study CLE credit.
     
  • WI CLE 1.5
     
  • This program qualifies for 1.5 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

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

Audio & Reference Manual

  • AK CLE 1.75
     
  • Arizona CLE 1.75
     
  • CA MCLE 1.75
     
  • CT CLE 1.5
     
  • HI CLE 1.75
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.75
     
  • NJ CLE 2.2
     
  • NM CLE 1.5
     
  • NV CLE 1.5
     
  • NY CLE 2.0
     
  • UT CLE 1.5
     
  • VT CLE 1.75
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

MP3 Download

  • AK CLE 1.75
     
  • Arizona CLE 1.75
     
  • CA MCLE 1.75
     
  • CT CLE 1.5
     
  • HI CLE 1.75
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.75
     
  • NJ CLE 2.2
     
  • NM CLE 1.5
     
  • NV CLE 1.5
     
  • NY CLE 2.0
     
  • UT CLE 1.5
     
  • VT CLE 1.75
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

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More Program Information

Why Lorman?

Over 32 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.

Russell A. Willis, III, J.D., LL.M.

Planned Gift Design Services

  • Until recently based in Portland, Oregon, now transplanted to Tucson, Arizona, he works as a freelance paralegal consultant with nonprofits, donors, and their advisors in structuring charitable contributions of closely held business and real property interests, so as to serve the mutual advantage of all parties
  • Provides legal research and advice on income and transfer tax planning more generally, and writes the occasional trial or appellate brief
  • For ten years, he was a writer and editor for a subscription website that provided daily coverage and in-depth analysis of developments in tax law affecting charitable gift planning
  • More recently he has launched his own newsletter, the "Jack Straw Fortnightly," back issues of which are posted to his website, https://www.plannedgiftdesign.com/
  • Has spoken at any number of national and regional conferences, and to local planned giving roundtables, community foundations, and bar associations; some of his recent papers are also posted to his site
  • J.D. degree, St. Louis University; undergraduate degree in english literature, Indiana University in Bloomington; M.A. degree in english, University of Chicago; M.A. degree in taxation law, Washington University in St. Louis, Missouri, where he practiced law for more than twenty years
  • Can be contacted at [email protected]
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Why Lorman?

Over 32 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.

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Product ID: 405792
Published 2019
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