InterActive Legal

Session 1 of the Tax Series This session will cover the basics of estate taxation – what is taxed, how estate taxes are calculated, and how lifetime gifting impacts estate taxation. We will also introduce the estate tax exemption and the marital and charitable estate tax deductions. What is included in the gross estate? The inclusion “strings” – 2036, 2038, 2041 Introduction to marital and charitable deductions Gift taxation Introduction to the estate and gift tax exemption When does estate tax planning makes sense?

Session 2 of our Tax Series This session will focus on the federal estate tax exemption, how it can be best utilized via a “bypass trust,” and how it might be wasted.  The presenters will also cover “portability” of the estate tax exemption. Marital Deduction Gifts – form and requirements  Use (and waste) of the estate tax exemption  Portability of the estate tax exemption  Bypass Trusts – ensuring use of the exemption

Session 3 of our Tax Series In this session, we will learn about ways to draft contingent plans to use the estate tax exemption only if it turns out to be necessary at death.  This can allow for a simpler estate plan if estate taxes are not relevant, but still permit the tax planning if warranted.  We will also discuss estate tax planning in states with a separate state estate tax. Formula gift planning review Disclaimer plans One-Trust plans Clayton plans Planning in decoupled states

Session 4 of our Tax Series In this session, we will illustrate different types of trusts that can be incorporated into an estate plan, for both tax and non-tax purposes.  The presenter will cover a variety of options for drafting trusts for the benefit of different beneficiaries. Distribution Standards Trust duration – advantages of lifetime trusts Powers of Appointment – types and  tax effects Limiting powers of “interested” trustees

Session 5 of our Tax Series In this session, the speakers will discuss estate planning for specific types of assets, such as life insurance, individual retirement accounts, family businesses, and more.  Specific Bequests Family Businesses Survivorship Accounts Life Insurance Retirement Benefits/IRAs 

Session 6 of our Tax Series This session will focus on transferring property away during lifetime, rather than at death.  Lifetime gifts can save estate taxes in the long run, or might be made for other reasons, such as to provide wealth for family members or to plan for Medicaid. Using lifetime gifts to reduce estate tax Annual exclusion and Crummey powers Making larger gifts to use the exemption Trusts for Medicaid planning

Session 7 of our Tax Series This session features two practicing attorneys with daily experience in dealing with all aspects of estate planning.  They will focus here on the income tax consequences of different estate planning strategies, including the income taxation of trusts and estates, how lifetime trusts are taxed, and future income taxation of beneficiaries after death. Basics of income tax for estates and trusts Grantor trusts Section 1014 Triggering inclusion to achieve step-up

Final Session of our Tax Series This session will introduce a separate type of transfer taxation, known as the generation skipping transfer tax.  We will examine the purpose of this tax, when it applies, how it is calculated, and how to utilize the available “GST exemption”. Purpose of GST tax Generation-skipping transfers – what is taxed?  GST Exemption and inclusion ratio Using the GST Exemption, including reverse QTIP planning