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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Family Law

Date & Time
  • event Date

    Tuesday, May 16, 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.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).


  • Live Online


    On Demand

$197.00

This course is $0 with these passes:

CLE
CPE
ALL

This CLE/CPE course will provide attorneys and advisers serving elderly clients with a focused review of key strategies and tax implications of the use of non-grantor trusts. The panel will discuss the most effective trust structures, avoiding pitfalls that would derail Medicaid eligibility, and tactics to ensure asset protection and tax savings for clients.

Faculty

Britt Burner
Partner
Burner Prudenti Law, PC

Ms. Burner, Esq. is a partner at Burner Law Group, P.C., a boutique law firm concentrating in the areas of Elder Law, Estate Planning, Trusts and Estates, and Real Estate. Serving clients from New York City to the East End, she has been named a Super Lawyers Rising Star, and an Outstanding Woman in Law by Hofstra University. Ms. Burner serves as Vice Chair of the Elder Law and Special Needs Planning section of the New York State Bar Association. She also serves as a Charter member of the Advisory Council of the Katz Institute for Women’s Health at Northwell.

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Matthew J. Nolfo
Partner
Matthew J. Nolfo & Associates

Mr. Nolfo practices in the areas of Estate Planning and Elder Law and works with clients on their estate planning needs, assists clients with the institutional and community Medicaid process, and advocates on behalf of clients whose loved ones are in need of guardianship.

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Description

When integrating estate with long-term care planning, elder law practitioners and tax advisers may consider the use of non-grantor trusts. Counsel must know precisely the types of trusts available, the particular trust terms, and the tax implications.

Generally, non-grantor trusts are not taxed to the grantor, and such an individual is not treated as the owner of the trust for tax liability purposes. The grantor also cannot be a beneficiary or trustee and relinquishes control of the trust assets and the right to amend, revoke, or terminate the trust.

Our panel will explain the difference between grantor and non-grantor trusts and instances where a non-grantor trust and related rules can assist a client. The panelists will also review specific drafting mistakes and explain drafting approaches for trusts, including understanding and incorporating income, estate, and gift tax consequences.

Listen as our authoritative panel of elder law and estate planning counsel outlines best practices for the use of non-grantor trusts for estate and long-term care planning. The panel will explain how to achieve maximum asset protection and preservation in the most tax-efficient manner possible.

Outline

  1. Type of trust: grantor vs. non-grantor
  2. Non-grantor trust rules and key provisions
  3. Tax implications of non-grantor trusts
  4. Best practices for elder law attorneys

Benefits

The panel will discuss these and other issues:

  • What is a non-grantor trust?
  • What are the non-grantor trust rules?
  • What are the income tax differences between grantor and non-grantor trusts?
  • What are the key considerations when determining when to draft grantor and non-grantor trusts?
  • What are the income tax implications of non-grantor trust status?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Recognize the income tax differences between grantor and non-grantor trusts
  • Understand the income tax implications of non-grantor trust status
  • Ascertain tax planning techniques when utilizing grantor and non-grantor trusts
  • Identify tax considerations and pitfalls to avoid when structuring 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 at mid-level within the organization, preparing complex estate plans, tax forms and schedules, supervising other planners/attorneys. Specific knowledge and understanding of estate, gift and trust taxation including various trusts types, the unified credit, and portability.

Strafford Publications, Inc. 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.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).