Basis, NonGrantor Trusts and More: 2 Hour Deep Dive on Post-OBBBA Planning

Life Insurance held in trust- should it be surrendered if estate tax no longer relevant? Can it be repurposed? Basis planning, does OBBBA affect it? What should be done now? Ancillary considerations with basis- should a trust be busted to get a step up? What about asset protection, Medicaid planning, spendthrift heirs, etc. Incomplete vs Complete gifts and structuring trusts for them. Downstream planning, considerations of the Kiddie tax. State Law Community Property Trusts AK, TN, SD, etc., and JESTs. What do to with existing trusts, causing basis inclusion, swaps, purchases, Non-Judicial Modifications, etc. Using Non-Grantor trusts to shift income for income tax planning, including QBI and 199A points, and an interesting point on the new tip income exemption (i.e., capturing tip income exemption by reducing total income for the spouses by shifting to non-grantor trust). General discussion of non-grantor trusts and DNI, 643(f) concerns if multiple non-grantor trusts created for multiple beneficiaries. OBBBA impact on charitable deductions- discussed bunching, using non-grantor trusts to donate for a more effective tax break. 2/37th haircut for donations, the above the line deduction if taking standard deduction, etc. Concerns with conversion of grantor trusts to non-grantor trusts.

Speakers: Martin M. Shenkman, Robert S. Keebler, Jonathan G. Blattmachr