Avatar

Upstream Income Tax Planning – Income Tax Basis Planning to Achieve Step Up in Basis at Either Spouse’s First Death (Even in Non-Community Property States) and Exploit Older Relatives/Beneficiaries’ $11+ Million Exclusion and/or Lower Income Tax Brackets



Watch Now!
Recording and Slides are Available Here .


Upstream Income Tax Planning – Income Tax Basis Planning to Achieve Step Up in Basis at Either Spouse’s First Death (Even in Non-Community Property States) and Exploit Older Relatives/Beneficiaries’ $11+ Million Exclusion and/or Lower Income Tax Brackets
 
Join Ed Morrow in his "must see" LISI webinar where he will review that following topics:
  • What are the pros and cons of granting presently exercisable or testamentary General Power of Appointment to revocable trusts (also known as Joint Exempt Step-Up Trusts or “JESTs”) to get a basis step up for either spouse’s assets at first death? How does IRC §1014(e) work for any upstream gifting and estate inclusion?
  • What are the pros and cons of spousal “Estate Trusts” to do the same?
  • How viable are AK/SD/TN Community Property Trusts?
  • You will learn to contrast these vs. safer irrevocable trust alternatives that have greater upside potential. 
  • Why the Irrevocable “Upstream” Optimal Basis Increase Trust is the natural successor to basic Spousal Lifetime Access Trust (“SLAT”) planning.
  • What’s different in granting an older relative a general testamentary power of appointment with granting downstream beneficiaries a general testamentary power of appointment?
  • How may you use testamentary limited powers of appointment to achieve the same result by triggering the Delaware Tax Trap? Are there benefits to using another state’s laws, such as Arizona or Delaware, in this area? Do DAPTs have a role in basis planning?
  • How do you work in leverage to turn a step up for $10 million of assets at a beneficiary’s death into a step up of $100 million or more? We’ll go through the §2053 regulations so you know the requirements, pitfalls and unanswered questions of getting basis for debt upon a powerholder’s death.
  • What is the differentiation between an Upstream OBIT and standard Irrevocable Grantor Trust planning? How does it contrast with a BDIT (beneficiary defective inheritor’s trust)?
  • How do we ensure continued asset protection for the settlor’s families? Who is the grantor for income, estate, gift and state creditor protection law purposes upon the lapse or exercise of different powers of appointment and why it matters.
  • How to safeguard upstream planning trusts against beneficiary estate insolvency or Medicaid payback in states like California that have passed creditor-friendly law surrounding powers of appointment.  We’ll include a 50-state chart on creditor protection law surrounding such powers.
  • How to effectively exploit the generation skipping transfer tax exemption in conjunction with any upstream planning.
  • What is the Uniform Power of Appointment Act making its way through the states and how would it change common law to be more creditor friendly and attack creative planning with general powers of appointment? How to overcome these issues through drafting if your state passes it without fixing its various flaws.
  • How can you convert existing B Trusts, SLATs and other Irrevocable Trusts to an “Upstream OBIT”?
  • Pros and cons of using trustee/trust protector powers vs. decanting vs. non-judicial settlement agreement and court reformations.


There will be no CE for this webinar


For those who have a conflict with the date/time, The session will be recorded. Simply register and you will have unlimited access to the recording.

If you are not a LISI member please use the Buy Now Button below to pay the non-member price of $129.

Registrant Email

After you pay you will be sent a link with the registration information. If you have any questions, please contact webinaradmin@leimbergservices.com

NOTE: To pay using a credit card, use the botton labeled
"Pay with Debit or Credit Card" after clicking the Buy Now button below.

If you are a LISI member, please login below to receive the member price of $99 for this webinar.

Forgot Password?

To become a LISI member Click Here

Edwin Morrow, J.D., LL.M., MBA, CFP®, CM&AA® is a Regional Wealth Strategist based in Cincinnati, Ohio for U.S. Bank Private Wealth Management, where he concentrates on thought leadership and planning ideas for high net worth clientele in tax, asset protection and estate planning areas. Ed was previously a Director in Key Private Bank's Family Wealth Advisory Group and prior to that in private law practice working in taxation, probate, estate and business planning. Other experience includes research and writing of legal memoranda for the U.S. District Court of Portland, Oregon as a law clerk.

 

Ed is a Fellow of the American College of Trust and Estate Counsel (ACTEC) and a Board Certified Specialist (through the Ohio State Bar Association) in Estate Planning, Trust and Probate Law. He is a Certified Financial Planner (CFP®) professional and a Certified Merger & Acquisition Advisor (CM&AA®). He is also a Non-Public Arbitrator for the Financial Industry Regulatory Authority (FINRA).

 

 

Ed is a frequent speaker at CLE/CPE courses on asset protection, tax and financial and estate planning topics, and recently co-authored, with Stephan Leimberg, Paul Hood, Martin Shenkman and Jay Katz, the 18th Edition of The Tools and Techniques of Estate Planning, a 997-page practice-based resource on estate planning.

 



Avatar

Bob Keebler

April 24, 2018 3:00 PM EDT - 4:30 PM EDT ET

Estate Administration for IRAs

More Info
Avatar

Ed Morrow

April 25, 2018 3:00 PM EDT - 4:00 PM EDT ET

INGs and Spousal Lifetime Access Non-Grantor Trusts (SLANTs) – Not Just for State Income Tax Avoidance: How Tax Reform Makes “INGs” and “SLANTs” Even More Powerful

More Info
Avatar

Frank Cordero

April 26, 2018 1:00 PM ET - 2:00 PM ET ET

Title Section 1202's Impact on the Important Choice of Entity Factors Advisors Need To Consider in a 21% Corporate Rate Environment

More Info
Avatar Avatar

Ed Morrow and Marty Shenkman

April 26, 2018 3:00 PM EDT - 4:00 PM EDT ET

Non-Grantor Trusts (including INGs and SLANTs): Avoiding State Income Tax, Including New York City and State, and Avoiding "Source Income"

More Info
Avatar

Cynthia D.M. Brown

April 27, 2018 3:00 PM EDT - 4:00 PM EDT

Discretionary Distribution Standards: Balancing Duty and Need

More Info
Avatar

Jonathan Gopman

May 01, 2018 2:00 PM EDT -

Expatriation Planning & Citizenship by Investment

More Info
Avatar

Bob Keebler

May 02, 2018 3:00 PM EDT -

Understanding Section 199A – Creating a Solid Foundation

More Info
Avatar

Bob Keebler

May 03, 2018 3:00 PM EDT - 4:30 PM EDT

Class One: Lawyer’s Transition Boot Camp: 5-Part Series Teaching Estate Planners How They Can Survive & Thrive in an Environment with an $11.18 Million Exemption

Prelude with Bob Keebler

More Info
Avatar Avatar

Steve Oshins and Bob Keebler

May 4, 2018 ET

Advanced Section 199A with Trusts and Estates

More Info
Avatar

Steve Oshins

May 9, 2018 3:00 PM EDT - 4:30 PM EDT ET

Class Two: Lawyer’s Transition Boot Camp: 5-Part Series Teaching Estate Planners How They Can Survive & Thrive in an Environment with an $11.18 Million Exemption ::

Steve Oshins Wednesday May 9th Class - Integrating State Income Tax Planning for Trusts and Asset Protection Planning into Your Practice

More Info
Avatar

Bob Keebler

May 11, 2018 1:00 PM ET 2:30 PM ET ET

Class Three: Lawyer’s Transition Boot Camp: 5-Part Series Teaching Estate Planners How They Can Survive & Thrive in an Environment with an $11.18 Million Exemption

More Info
Avatar

Paul Hood

May 11, 2018 3:00 PM EDT 4:00 PM EDT ET

Common Errors in Business Valuation Reports: What Advisors Need To Look For

More Info
Avatar

Martin Shenkman

May 16, 2018 ET

Class Four: Lawyer’s Transition Boot Camp: 5-Part Series Teaching Estate Planners How They Can Survive & Thrive in an Environment with an $11.18 Million Exemption ::

Martin Shenkman Wednesday May 16th - Advanced Income Tax Ideas, Decanting, Reformations, Fiduciary Income Tax Strategies that Work and Action Steps to Move Forward

More Info
Avatar

Bob Keebler

May 16, 2018 1:00 PM EDT - ET

Beyond The Numbers: Understanding The Important Gift, Estate, and Income Tax Elections - Preparing Forms 1041 / 706 / 709

More Info
Avatar

Cynthia D.M. Brown and Todd A. Flubacher

May 18, 2018 3:00 PM EDT - 4:00 PM EDT ET

The Directed Trust Model

More Info
Avatar Avatar

Steve Leimberg and Bob Keebler

May 24, 2018 3:00 PM EDT - 4:30 PM EDT ET

Class Five: Lawyer’s Transition Boot Camp: 5-Part Series Teaching Estate Planners How They Can Survive & Thrive in an Environment with an $11.18 Million Exemption

Steve Leimberg and Bob Keebler - Marketing Your Practice in a Brave New World

More Info
Avatar

Larry Brody

May 31, 2018 3:00 PM EDT - 4:00 PM EDT ET

Private Part 1: Premium Funding: What To Do With Pre-Final Regulation Split Dollar Arrangements

More Info
Avatar

Cynthia D.M. Brown

June 8, 2018 3:00 PM EDT - 4:00 PM EDT ET

Expense Payments: What do you Need to Know Before You Pay?

More Info
Avatar

Larry Brody

June 14, 2018 3:00 PM EDT - 4:00 PM EDT ET

Part 2:Private Premium Funding: Commonly Used Post-Final Regulation Economic Benefit Regime Techniques

More Info
Avatar

Alan Gassman

June 21, 2018 3:00 PM EDT - 4:30 PM EDT ET

Asset Protection Opportunities You May Not Know Abo

More Info
Avatar

Larry Brody

June 22, 2018 3:00 PM EDT - 4:00 PM EDT ET

Part 3:Private Premium Funding: Commonly Used Post-Final Regulation Loan Regime Techniques

More Info
Avatar

Alan Gassman

June 28, 2018 3:00 PM EDT - 4:30 PM EDT ET

Asset Protection for Businesses and Their Owners

More Info
Avatar

Steve Oshins

July 07, 2018 3:00 PM EDT - 4:30 PM EDT ET

Hybrid Domestic Asset Protection Trust: The Advanced Class

More Info