Corporate Transparency Act, Insurance Trusts, RR 2023-02, Kalikow Case (Practical Planner)

The Corporate Transparency Act (CTA) will require privately held entities to report detailed private information to the Treasury. The rules are complex, quite different than anything that has previously been required, and provide for stringent penalties for non-compliance. What should practitioners be doing now to gear up for this new reporting system? What should practitioners start telling clients to prepare them for these requirements? What are some of the challenges practitioners might face? Different perspectives will be offered based on different ways you might practice. Irrevocable Life Insurance Trusts (ILITs) are one of the most common estate planning tools, but too often clients don’t give them the care and attention they require. No trust, estate plan or asset protection technique will work if it is not administered properly and regularly with a collaborative team. There can be a significant number of documents, steps, and nuances (lots of variation between ILITs). These are not “standard” and be careful making assumptions. We’ll explore often overlooked aspects of the common ILIT that practitioners should consider. Revenue Ruling 2023-02 states the IRS position that there is no basis step up on assets in a grantor trust that is not included in the decedent’s estate. What does the ruling mean and what might it portend? Hear some two different views on this. A few other practical topics will also be covered. Join me and colleague Alan Gassman, Esq. as we discuss the topics covered in the 1st Qtr. 2023 issue of the Practical Planner newsletter.

Speakers: Martin Shenkman, Esq. and Alan S. Gassman, Esq.

*This may constitute attorney advertising.

* No CPE, CLE, etc. is offered but a certificate of attendance will be provided.