Starting with an overview of trust laws and general concepts, we'll then dive into common structures and progress into advanced trust planning issues. And new this year will be extensive coverage of the use of trust protectors.
You'll learn advanced techniques related to income, gift and estate tax planning using trusts; succession planning; trust administration; special needs planning and asset protection uses of most common trusts. The discussion will also cover various trusts, including living, qualified personal residence, life insurance, grantor annuity, charitable, special needs, foreign, retirement, dynasty and defective grantor. And we will cover utilizing portability versus A-B and A-B-C trusts.
Identify the income tax, gift tax and estate tax aspects of various types of trusts.
Determine the requirements for a valid trust, selecting trustees, trustee discretion, distribution clauses and probate avoidance.
Recognize how to avoid Proposition 13 reassessment.
Recall the estate planning and asset protection planning uses of different trusts.
Identify advanced tax, estate, succession, retirement, special needs and asset protection planning using trusts.
Recognize common obstacles and pitfalls, such as selection of trustee and property tax reassessment, and how to plan around them.
Trust obstacles and pitfalls
Revoking irrevocable trusts
Succession planning, retirement planning and estate planning through trusts
Special needs and Media-Cal/Medicare planning
Tax planning with trusts: income tax, estate tax and gift tax planning, including IDGTs, IDGTs+SCINs, QPRTs, GRATs and other
Planning with A-B and A-B-C (QTIP) trusts
Asset protection through domestic and foreign trusts
CPAs, attorneys and financial planners.
Prerequisite: General knowledge of income, estate and gift taxes.
Advanced Prep: None
Speaker: Kenneth W. Kossoff, JD
Field of Study: Taxes
CPE Credit: 8 Hours
Meet the Speaker:
Mr. Kossoff began his legal career in January 1984 as an associate at a downtown Los Angeles law firm known as Hoecker & McMahon, a break-off of Blecher, Collins & Hoecker, working on antitrust cases relating to the pricing, transportation and supply of heavy California crude oil. In March 1986, Mr. Kossoff joined the Century City office of a Chicago-based firm then known as Wildman, Harrold, Allen, Dixon, Barash & Hill, where he focused on gaming litigation. In September 1988, Mr. Kossoff joined a seven lawyer firm in Beverly Hills, then known as Nagler & Schneider, later known as Schneider, Goldberg, Rohatiner & Yuen, where he spent the next ten years and developed his focus on estate planning, probate and trust administration.