BarbriSFCourseDetails
  1. keyboard_arrow_leftBack

Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Tuesday, August 15, 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).

$297.00
CLE
CPE
ALL

This CLE/CPE course will guide estate planning professionals on using Incomplete Gift Non-Grantor Trusts (ING(s)) to reduce or avoid state income taxes. The tax savings can extend to federal income tax and estate tax savings as well. In a lively discussion, The panel will address applicable federal tax rules and challenges, key provisions and planning strategies when structuring these trusts, minimizing state taxes, navigating the differences between jurisdictions that allow for incomplete gift non-grantor trusts, and asset protection attributes.

Faculty

Christopher P. Siegle
Wealth Advisor
J.P. Morgan Private Bank, LLP

Mr. Siegle, Managing Director, joined JPMorgan in 2010 after practicing trust and estates law in Arizona for over 13 years. He is a member in the State Bar of Arizona and a Fellow in ACTEC. Mr. Siegle teaches at Villanova School of Law and Loyola Law School. He speaks and writes nationally on advanced estate, gift, GST and income tax topics. Mr. Siegle is a retired Captain in the US Navy.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Mark Lobb
Partner
Lobb & Plewe, LLP

Mr. Lobb is the head of the Private Clients Group at Lobb & Plewe, which provides legal services for high-net-worth entrepreneurs, their businesses and their families. Mark serves on several non-profit boards of directors and is currently the President of a non-profit hospice. Mark has published many articles and provided many webinars and continuing education lectures on estate planning, asset protection, taxation and succession planning to professional and CEO groups.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Description

There are many benefits of incomplete gift trusts. INGs can ensure the transfer of an asset to the desired beneficiary while retaining a basis step-up for assets at death. INGs can provide liability protection for a donor while allowing the donor to regain control of the asset, including distributions and investment control if needed. Additionally, INGs can help avoid state and federal income taxes.

An ING is a non-grantor trust. The trust pays the income tax as a non-grantor trust, subject to the laws of the jurisdiction of the trust and where its fiduciaries live. Any distributions made by the incomplete gift trust to beneficiaries are considered complete gifts.

An ING can be part of a business sale for business owners seeking to implement a pre-sale planning strategy. These trusts reduce or eliminate potential state income taxes and capital gains taxes upon the sale of a business, can assist in eliminating federal taxes, and allocating the tax across perhaps multiple assets while also providing asset protection. Considerations of the contributed assets and their income tax status make a difference.

Listen as our expert panel explains the benefits provided by INGs for business owners contemplating a sale in the areas of estate planning, state taxation, federal taxation, and asset protection.

Outline

  1. Incomplete gift trusts: an overview
  2. Grantor and non-grantor trusts
  3. Complete and incomplete gifts
  4. State and federal tax considerations
  5. Asset protection considerations
  6. Specific trust income tax opportunities
  7. Scenarios and best practices for estate planners

Benefits

The panel will review these and other key issues:

  • How is a grantor versus a non-grantor trust taxed?
  • What makes a gift complete?
  • How ING trusts preserve basis step-up?
  • What can INGs can accomplish with qualified small business stock?
  • When would a client benefit from an ING?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Decide when a NING or DING would be beneficial
  • Determine the tax effects of distributions from an incomplete gift trust
  • Identify taxpayers who would benefit from incomplete gift trusts
  • Ascertain the differences between complete and incomplete gifts

  • 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 pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.

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).