Recent Developments with Practical Estate Planning Implications to Advisers

Course Description: The estate planning world is focused on the uncertainty of repeal (or not) which has profound impact on what planning might be appropriate. But practitioners should not overlook the stream of new developments that might impact clients now. This webinar will provide a practical practice oriented review of new developments including the following:

• Estate tax repeal – what it means to planning.
• Portability new Relief –  Rev. Proc. 2017-34 provides significant lenience to make a late election of portability.
• Court forces portability election – Estate of Vose (390 P3d 238). Should planners revisit all prenups? What if state law does not permit amendment of prenuptial agreements?
• Same Sex Couples – Notice 2017-15, Revenue Ruling 2013-17 and Treas. Reg. §301.7701-18, and restoration of applicable exclusion amount and GST exemption on pre-Windsor transfers.
• FLPs – Planning for FLPs after Estate of Powell v. Commissioner, 148 T.C. No. 18. What might the mechanism the court espoused to avoid double taxation of both assets and FLP interests mean? ….and more.
• Decanting – Ferri v. Powell-Ferri, 476 Mass. 651 (2017) – how decanting safeguarded assets in a poorly crafted trust.
• Undue Influence – In Kinsel v. Lindsey, May 26, 2017 the Texas Supreme Court refused to recognize a cause of action for “tortious interference with an inheritance.”
• Release of Lien – If an estate wants to sell property subject to the estate tax lien, a request for discharge of the estate tax lien may be filed on Form 4422, Application for Certificate Discharging Property Subject to Estate Tax Lien. Reg. Sec. 301.6325-1(c). What is the status of this process and how might it affect probate?
• Asset Protection – In Klabacka v. Nelson, 133 Nev. Advance Opinion 24 (5/25/2017), the Nevada Supreme Court confirmed that Nevada DAPT provided protection of trust assets from spousal and child support.

Speakers: Howard M. Zaritsky, Esq. and Martin M. Shenkman, Esq.