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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Thursday, December 7, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$297.00
CLE
ALL

This CLE course will provide guidance to trusts and estates counsel on utilizing lifetime qualified terminable interest property (QTIP) trusts in estate planning under current tax law. The panel will discuss critical issues and pitfalls to avoid in relation to income, gift, estate and GST taxes, state law issues, key drafting considerations, and other items to minimize tax liability and ensure multi-generational gifting and flexible long-term planning.

Faculty

Edwin P. Morrow
Co-Chair, Estate Planning Group
Kelleher + Holland, LLC

Mr. Morrow is currently the Co-Chair of the Estate Planning Group of Kelleher + Holland, LLC, based in North Barrington, Illinois, concentrating on tax, asset protection, business succession and estate planning.  Previously, he was a Wealth Strategist for Huntington and US Bank’s private banking advisory groups.  Other experience includes research and writing of legal memoranda for the U.S. District Court of Portland, Oregon as a law clerk. He has a Master’s Degree in Tax Law (LL.M.) and Business Administration (MBA) and is a co-author of the Tools and Techniques of Estate Planning, a 1000 page resource guide on technical estate planning topics.

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L. Paul Hood
Consultant
Paul Hood Services, LLC

A native of Louisiana (and a double LSU Tiger), Mr. Hood obtained his undergraduate and law degrees from Louisiana State University and an LL.M. in taxation from Georgetown University Law Center before settling down to practice tax and estate planning law in the New Orleans area. He has taught at the University of New Orleans, Northeastern University, The University of Toledo College of Law and Ohio Northern University Pettit College of Law. Mr. Hood has authored or co-authored seven books and over 500 professional articles on estate, charitable and tax planning and business valuation. A frequent contributor to Leimberg Information Services since its inception, he is a highly sought after speaker and consultant because of his innate ability to see through the complexity and explain difficult and even boring subjects in understandable and entertaining language and mince no words in doing so. Mr. Hood is an author, speaker and consultant on tax, estate and charitable planning. He also is a Vice-President with Thompson & Associates, a charitable estate planning firm. Mr. Hood's website is www.paulhoodservices.com.

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Description

Individuals often desire to gift assets to family members and close associates during their own lifetimes as well as through wills. Lifetime QTIP trusts provide the ability to resolve issues with married couples whose respective estates are significantly unbalanced and may provide creditor protection benefits. Estate planners must understand the challenges of utilizing these trusts given the shift in focus from estate tax to income tax to accommodate clients' goals.

A QTIP trust enables the estate of a deceased spouse to take advantage of the marital deduction and maintain control over the distribution of trust assets. It also preserves the deceased spouse's unused GST exemption, provides a step-up in basis upon the death of the surviving spouse, and possibly postpones payment of state level estate taxes.

Estate planners must understand the advantages and limitations of QTIP trusts, the intricacies of the tax code, and the implications in regard to exemptions.

Listen as our experienced panel provides a thorough and practical guide to the technical aspects of designing and implementing lifetime QTIP trusts as a means of providing for a spouse while preserving assets for children or other beneficiaries.

Outline

  1. Considerations for the use of QTIP trusts in estate planning
  2. Tax considerations under current tax law
  3. Potential state law challenges
  4. Other alternative methods for gifting and long term planning
  5. Unique considerations for blended family couples and the use of QTIP Unitrusts/Annuity Trusts
  6. Using intervivos QTIP trusts to avoid NY/CA income tax in light of Anti-ING statutes
  7. Using QTIP elections to “undo” taxable gifts to SLATs when the market tanks or tax law changes
  8. Why Clayton QTIP election schemes should be avoided for intervivos QTIPs and valid alternatives
  9. “Back door” interests for the Settlor if the done spouse dies first

Benefits

The panel will review these and other high priority issues:

  • What are the key considerations for the use of QTIP trusts in estate planning?
  • What are the state law challenges?
  • What are the critical elements when structuring QTIP trusts and what are the pitfalls to avoid?
  • What tax issues arise in the use of QTIP trusts under current tax law?
  • What other methods are available for gifting and long term planning?