Many of our clients are looking for techniques to transfer wealth to their loved ones while minimizing gift and estate taxes. Irrevocable trusts take advantage of the currently high exclusion amount to freeze their estates. This course will analyze the advantages and disadvantages of using a wide variety of noncharitable trusts, such as spousal lifetime access trusts (SLATs), grantor retained interest trusts (GRATs and GRUTs), intentionally defective grantor trusts (IDGTs), qualified personal residence trusts (QPRTs), life insurance trusts (ILITs), domestic asset protection trusts (DAPTs), and dynasty trusts.
Learning Objectives
• Examine the changing estate and trust planning environment
• Recognize the opportunities in the gift, estate, and income tax treatment of the many types of irrevocable trusts
• Identify the benefits of a deeper understanding of advanced trust planning
Major Topics
• The gift, estate, and income tax treatment of irrevocable trusts
• The benefits and risks of spousal lifetime access trusts (SLATs)
• Planning with grantor retained interest trusts (GRATs and GRUTs) and Qualified Personal Residence Trusts (QPRTs)
• When to use life insurance trusts (ILITs) and dynasty trusts
• The effectiveness of domestic asset protection trusts (DAPTs)
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