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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Thursday, January 30, 2025

  • schedule Time

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

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • 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).

$297.00

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.

Faculty

Hood L. Paul
Shareholder
Paul Hood Services, LLC

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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Morrow Edwin
Shareholder
Kelleher + Holland, LLC

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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Description

QTIP trusts provide the gifting of assets to family members and the ability to resolve issues with married couples whose estates are significantly unbalanced. However, provisions in trust instruments and applicable tax rules can have significant impact on the use of estate planning strategies for QTIP trust assets. Estate planners must understand the challenges of utilizing these trusts to accommodate clients' goals.

A QTIP trust enables the estate of a deceased spouse to take advantage of the marital deduction and maintain control over the distribution of trust assets. It also preserves the deceased spouse's unused GST exemption, provides a step-up in basis upon the death of the surviving spouse, and may possibly postpone payment of state level estate taxes.

Estate planners must understand the advantages and limitations of QTIP trusts, the intricacies of special gift and estate tax rules, key governing instrument provisions and limitations, and implications in regard to exemptions.

Listen as our experienced panel provides a thorough and practical guide to the technical aspects of designing and implementing QTIP trusts, applicable gift and estate tax rules, and effective strategies to minimize wealth transfer taxes for QTIP trust assets.

Outline

  1. Basics of the QTIP trust and marital estate and gift tax deductions -- IRC § 2523, IRC § 2056
  2. Lifetime gifts to QTIPs -- Why use them after portability? Tricks and traps for QTIPs
  3. Using QTIPs when not needed to reduce estate tax -- superior or inferior to bypass trusts? Risks of "overQTIPping" for blended families
  4. State savings statutes and trust marital deduction savings clauses -- When will they save the day? (and importantly, when won't they?)
  5. Understanding the "reverse" QTIP election -- IRC § 2652(a)(3)
  6. Understanding IRC § 2516 and its impact on planning for existing QTIPs
  7. Estate freezes, BDOTs, and other estate tax strategies for QTIPs
  8. Potential tax disasters when commuting (early termination) a QTIP
  9. Understanding estate (and GST) tax apportionment issues with QTIPs
  10. 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?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Ascertain key considerations for the use of QTIP trusts in tax planning
  • Recognize critical elements when structuring QTIP trusts and pitfalls to avoid
  • Identify tax issues that arise in the use of QTIP trusts under current tax law
  • Ascertain other methods available for gifting and long-term tax planning

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).