Utilizing Lifetime QTIP Trusts in Estate Planning: Tax Issues, State Limitations, Key Provisions, and Options
Note: CPE credit is not offered on this program
Recording of a 90-minute CLE video webinar with Q&A
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.
Outline
- Considerations for the use of QTIP trusts in estate planning
- Tax considerations under current tax law
- Potential state law challenges
- Other alternative methods for gifting and long term planning
- Unique considerations for blended family couples and the use of QTIP Unitrusts/Annuity Trusts
- Using intervivos QTIP trusts to avoid NY/CA income tax in light of Anti-ING statutes
- Using QTIP elections to “undo” taxable gifts to SLATs when the market tanks or tax law changes
- Why Clayton QTIP election schemes should be avoided for intervivos QTIPs and valid alternatives
- “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?
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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