Description
For some families, choosing between a joint or individual trust is a critical component that significantly impacts gift and income taxes. If both spouses want the surviving spouse to have full control over the assets in the trust and have the same beneficiaries of the residual estate, then a joint trust may be ideal. Individual trusts may be the best option for couples with certain assets, separate finances, prenuptial agreements, or second marriages. Estate planners must carefully consider applicable state laws and potential tax implications when deciding on the best structure.
Estate planning counsel should anticipate and avoid tax pitfalls when structuring joint trusts in separate property states. Where the spouses contribute unequal amounts, funding the trust may trigger gift tax if the trust instrument does not correctly assign the power to revoke or withdraw assets.
There are also income tax risks in structuring a joint trust in a separate property state. Estate planning counsel must identify hidden tax risks and manage them by carefully drafting the trust document.
Listen as our experienced panel explains how to structure joint and individual trusts in a separate property and community property state.
Presented By
Mr. Hemenway is a founding partner of Bivins & Hemenway, P.A. His educational background included substantial coursework in computer programming and systems design at both the undergraduate and graduate levels. Mr. Hemenway serves as a trusted legal advisor to business owners, real estate investors, and families seeking to preserve and pass down their wealth and values. His practice focuses on estate planning and probate, small and closely held businesses, and real estate.
Mr. McKenzie has helped consumers who had been defrauded by unfair business practices or who had been physically injured by poorly designed and inadequately tested products. Since opening his own office, his goal has been to help clients identify and mitigate their risks to the full extent possible, with the goal of avoiding expensive and time-consuming litigation.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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BARBRI is a NASBA CPE sponsor and this 90-minute webinar is accredited for 1.5 CPE credits.
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BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
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Date + Time
- event
Tuesday, July 11, 2023
- schedule
1:00 p.m. ET./10:00 a.m. PT
- Community property states
- Tax and non-tax considerations
- Gift and estate tax issues to avoid in funding and administering
- Income tax issues and potential advantages
- Drafting recommendations and resources
- Separate property states
- Tax and non-tax considerations
- Gift and estate tax issues to avoid in funding and administering
- Income tax issues and potential advantages
- Drafting recommendations and resources
- Transitioning from community to separate property states and vice versa
- Navigating state law issues
- Tax and non-tax considerations
- Gift and estate tax issues
- Income tax issues and potential advantages
- Drafting recommendations
The panel will review these and other key issues:
- What are the gift, income, and estate tax risks of utilizing joint vs. individual trusts in separate and community property states?
- What are the administrative and accounting costs associated with the use of joint trusts in separate property states?
- Coordinating joint revocable trusts with credit shelter trusts
- Drafting general powers of appointment in joint revocable trusts in separate property states
Learning Objectives
After completing this course, you will be able to:
- Recognize the gift, income, and estate tax risks of utilizing joint vs. individual trusts in separate and community property states
- Identify key tax issues when coordinating joint revocable trusts with credit shelter trusts
- Understand gift and estate tax issues to avoid in funding and administering trusts
- Field of Study: Taxes
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of estate and gift taxation and reporting, pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations.
BARBRI 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
BARBRI CE webinars-powered by Strafford-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .
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