Drafting Under the SECURE Act
Steve Gorin will discuss various provisions that can be worked into trusts for children and other descendants in light of the SECURE Act. Steve will go through the lifetime trust he typically uses with clients and explain how one might integrate various clauses. A basic knowledge of the SECURE Act is assumed, as Steve will focus on how various options under the SECURE Act coordinate with transfer tax planning and income tax planning. Sample provisions include:
· Accumulation trust clause without an eligible designated beneficiary (EDB), including such a clause’s effect on powers of appointment
· Automatic switch to a single beneficiary trust for the benefit of a disable or chronically ill EDB
· Automatic switch to a conduit trust for other EDBs (not usually recommended but there in case you need it)
· Option to convert trust to a conduit trust
· Option to eliminate accumulation trust restrictions when not needed
· Option to eliminate beneficiaries
· Option to create incomplete gift so assets are included in the beneficiary’s estate to avoid GST tax without general power of appointment (GPA), because GPA may violate accumulation trust rules
· Option to create beneficiary deemed-ownership of IRA distributions
Steve offers these clauses as tools that may be used when appropriate, and what is appropriate depends on the client’s family situation, the estate planner, and the trustee. He will discuss his views (and others he has heard) about when each clause may be more appropriate or less appropriate. Join Steve in exploring this new world!
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Steve crafts estate plans for individuals, keeping in mind their financial security and desire to save income and estate tax. In his work for businesses, Steve helps owners plan for the eventual sale (to co-owners, employees, or third parties)or transfer (to family members), and provides a legal framework for an orderly transition while strategically saving income, transfer, and FICA taxes.
Drawing on his background as an accountant — and his still-current CPA license and Chartered Global Management Accountant credential — Steve structures businesses to achieve business objectives and save income or estate tax. He has helped fledgling businesses organize, thriving businesses restructure to save hundreds of thousands of dollars of income tax when planning a transition to the next ownership group, and mature multi-million or billion-dollar businesses plan tax-saving transfers to the next generation.
Over the course of his 30-year career, Steve has amassed a deep knowledge of nearly every aspect of tax strategy for privately held businesses and freely shares that knowledge with others in the field. His quarterly newsletter, Business Succession Solutions," is considered essential reading for hundreds of CPAs and attorneys, who describe it as "a fantastic contribution to the field." Steve also maintains a blog, Business Succession Solutions, intended to help business owners — and those who advise or support them — consider smart tax strategies.
Steve is a highly visible member of the ABA's Real Property, Trust & Estate Law Section and the American College of Trust & Estate Counsel, which regularly directs its members to Steve's quarterly newsletter. He has represented both groups in comments to the IRS, the U.S. Treasury, and tax lawmakers.