Estate Planning Strategies for QTIP Trust Assets: Navigating Estate and Gift Tax Rules and Minimizing Transfer Taxes
Recording of a 90-minute CLE/CPE video webinar with Q&A
This CLE/CPE webinar will provide guidance to trusts and estates counsel on estate planning strategies for qualified terminable interest property (QTIP) trust assets under current tax law. The panel will discuss the requirements of QTIP trusts for optimum tax benefits, applicable gift and estate tax rules, and effective strategies to minimize wealth transfer taxes for QTIP trust assets.
Outline
- Basics of the Qualified Terminal Interest Property (QTIP) trust and marital estate and gift tax deductions – IRC § 2523, IRC § 2056
- Lifetime gifts to QTIPs – Why use them after portability? Tricks and traps for QTIPs
- Using QTIPs when not needed to reduce estate tax – superior or inferior to bypass trusts? Risks of “overQTIPping” for blended families
- State savings statutes & trust marital deduction savings clauses – when will they save the day? (and importantly, when won’t they?)
- Understanding the “reverse” QTIP election – IRC § 2652(a)(3)
- Understanding IRC § 2516 and its impact on planning for existing QTIPs
- Estate freezes, BDOTs and other estate tax strategies for QTIPs
- Potential tax disasters when commuting (early termination) a QTIP
- Understanding estate (and GST) tax apportionment issues with QTIPs
- Conduit/accumulation trust planning for QTIPs receiving IRA/401(k)s
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 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?
Faculty
L. Paul Hood, Jr., JD, LL.M, CFRE, FCEP
Consultant
Paul Hood Services
A native of Louisiana (and a double LSU Tiger), Mr. Hood obtained his undergraduate and law degrees from Louisiana... | Read More
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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Edwin P. Morrow, III, J.D., LL.M. (Tax), MBA, CFP, CM&AA
Co-Chair, Estate Planning Group
Kelleher + Holland
Mr. Morrow is currently the Co-Chair of the Estate Planning Group of Kelleher + Holland, LLC, based in North... | Read More
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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