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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Thursday, June 16, 2022

  • 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 webinar will provide estate planners guidance on utilizing trusts and third-party transactions to avoid the application of community property laws. The panel will discuss types of trusts, recent court cases, powers of appointment, agreements for periodic partition and funding, and Crummey provisions, as well as consider key issues for community property rules in estate planning.

Faculty

Jessica Kaplan
Attorney
Withersworldwide

Ms. Kaplan focuses her practice in estate planning for high net worth clients, families and multiple-adult households, including lifetime and post-mortem gifting, wealth transfer planning and employing estate, gift and generation-skipping transfer tax saving techniques. She also advises clients on all aspects of trust administration and probate matters. Prior to joining Withers, Ms. Kaplan was an associate attorney with a local San Francisco boutique law firm specializing in estate planning, family law, trust administration and probate.

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Naomita Yadav
Partner
Withersworldwide

Ms. Yadav has a diverse and well-rounded tax background, including experience in both income tax and estate and gift tax matters, which makes her particularly suited for families with existing complex trust structures. She also has experience with cross-border families as well as nuances of visa designations and the interplay with tax laws. Interestingly, her own family is situated in three continents. Ms. Yadav advises families with generational wealth in the context of changing circumstances and passage of time such as multi-generation wealth planning for family members who are beneficiaries of trusts settled by prior generations. This particular mix of experiences and knowledge enables her to act as a proficient adviser for the globally mobile high net worth family.

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Description

Community property states treat marital property and income differently than other states which can lead to unintended consequences upon death. Estate planners must consider a nuance of legal challenges stemming from state community property rules and assets to avoid any adverse impact to clients.

Ten states have some form of community property laws where an individual's total estate can consist of 50 percent of community property and 100 percent of separate property. Community property usually includes assets acquired during marriage and domiciled in a community property state with each spouse owning a one-half interest. The characterization of community property remains the same no matter if a person moves to a non-community property state.

Under certain circumstances, effective estate planning involving community property state law and assets requires enhanced knowledge of the complexities and rules relating to trusts and third-party transactions, different types of trusts, recent court cases, powers of appointment, agreements for periodic partitions and funding, and other key items.

Listen as our panel discusses recent court cases, powers of appointment, agreements for periodic partition and funding, and Crummey provisions, as well as offers insights for community property rules in estate planning.

Outline

  1. Types of trusts
  2. Recent court cases
  3. Trusts and third-party transactions and agreements
  4. Best practices for estate planners

Benefits

The panel will discuss these and other key issues:

  • What are the key estate planning considerations involving community property?
  • What are the benefits and challenges of the characterization of assets?
  • What states have community property rules or elections?
  • How can trust and third-party transactions be used to avoid community property rules?
  • What are the challenges of periodic partition and funding agreements?