BarbriSFCourseDetails
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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Monday, October 21, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This course will provide tax professionals, including accountants and attorneys, with a detailed review of the advantages and applications of intentionally defective grantor trusts (IDGTs), tax planning approaches that utilize IDGTs, and related tax compliance.

Faculty

Benjamin Cohen-Kurzrock
Attorney
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP

Mr. Cohen-Kurzrock is a corporate and securities associate in the San Diego office.

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Lawrence M. Lipoff
Director
CohnReznick LLP

With more than 30 years of experience, Mr. Lipoff specializes in the delivery of domestic and international private client services to enable high-net-worth individuals and families to maximize their new or generational wealth. He provides strategic advice to his clients and their closely held businesses in the areas of income tax planning and compliance, estate planning and administration services, as well as family structure consulting. Through many years in practice, he synthesized the work of various related professionals, and their firms integrate several planning strategies into solutions that maximize value. Mr. Lipoff is a frequent lecturer and author of articles published through professional forums on topics including domestic and international - estate planning and fiduciary income taxation including constructive attribution rules for foreign trusts, Forms 3520 & 3520-A, Graegin Loans, business succession, generation-skipping transfers, Chapter 14 and carried interest estate planning for private investment fund principals, preferred freeze partnerships, and private placement life insurance.

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Description

Taxpayers and advisers create IDGTs pursuant to IRC Sections 671-678 to freeze values for estate tax purposes while transferring assets from the estate free of gift tax. Like other properly structured and administered irrevocable trusts, IDGTs might protect the trust assets from claims by creditors and former spouses.

Set up correctly and based on current law, gifts or sales to these trusts can tax-efficiently pass net worth to future generations. However, trust powers must be carefully selected and understood to avoid an incomplete gift and unintentional inclusion of income in the grantor's estate.

While IDGTs offer significant tax benefits, estate planning tax advisers and counsel must be aware of potential pitfalls associated with IDGTs. These pitfalls include potential recognition of deferred gains in the case of early death and legislative uncertainty related to IDGT planning techniques.

Listen as our authoritative panel of estate planning tax advisers and counsel discusses best practices for maximizing the benefits of IDGTs and overcoming compliance challenges on Form 1041.

Outline

  1. Structuring transactions with IDGTs
  2. Tax reporting issues relating to IDGTs
  3. Downstream planning
  4. Tax litigation update

Benefits

The panel will explore these and other relevant issues:

  • Tax planning approaches that utilize IDGTs
  • Reporting installment sales in conjunction with IDGTs
  • Completing Form 1041, U.S. Income Tax Return for Estates and Trusts
  • Understanding the potential impact of discussions in Washington on the use of IDGTs

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Ascertain common uses of IDGTs
  • Identify taxpayers who could benefit from an IDGT
  • Determine what causes a trust to be a grantor trust
  • Decide how to report tax to the grantor from an IDGT

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of estate, gift and trust taxation including various trusts types, the unified credit, and portability.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).