"Given the new estate tax environment, when should you file a 706 for a non-taxable estate even if one is not required to take advantage of QTIP and portability elections? Your determination will play a pivotal role in the subtrust funding.
Dive into subtrust funding on the death of the first spouse in the context of a joint revocable trust; the effects of different estate planning techniques on subtrust funding; spreadsheets for subtrust allocation and analyzing a hypothetical fact pattern usi
9:30 AM - 5:00 PM
David B. Gaw Esq.
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Given the new estate tax environment, when should you file a 706 for a non-taxable estate even if one is not required to take advantage of QTIP and portability elections? Your determination will play a pivotal role in the subtrust funding.
Dive into subtrust funding on the death of the first spouse in the context of a joint revocable trust; the effects of different estate planning techniques on subtrust funding; spreadsheets for subtrust allocation and analyzing a hypothetical fact pattern using spreadsheets. We'll also cover income tax issues related to funding, opportunities presented by QTIP, portability elections, marital deduction, generation-skipping formulae and stale trust funding.
Recall portability and QTIP elections and the effect on subtrust funding.
Determine how to create spreadsheets for subtrusts.
Determine the targeted dollar amounts to be put into subtrusts and use spreadsheets to do the same.
Identify the marital deduction and generation-skipping formulae.
Determine how to coordinate retirement plans with subtrust funding.
Identify particular assets to be put into different subtrusts.
Recognize the use of hypothetical facts in funding.
Identify when to file a 706 when only the credit and survivor's trusts are being funded.
Income tax issues related to funding
Portability elections and QTIP elections timing
Timing of funding
Where to take deductions
Choosing particular assets for subtrust funding
Allocation of family residence
Dealing with large IRAs
Discount planning on funding trusts and on the death of the surviving spouse
Difference in subtrust funding where no tax is expected on the second death
Stale trust funding
Effect of estate tax law on administration
Planning for 2014-15 estate tax law
Designed For: CPAs and attorneys who want to master the complex issues of subtrust funding.
Advanced Prep: None
Speaker: David B. Gaw Esq.
Field of Study: Taxes
CPE Credit: 8 Hours
Meet the Speaker:
David Gaw, Esq., is the co-founder of Gaw Van Male and currently serves as chair of GVM's Estate Planning Department and Wealth Preservation Group and as a member of the Wine Industry Group. Mr. Gaw is a member of the Executive Committee, Estate Planning, Probate and Trust Law, State Bar of California Board of Legal Specialization. He is a selected international member of the Society of Trust and Estate Practitioners. He also is a certified elder law attorney, National Elder Law Foundation, accredited by the American Bar Association. Mr. Gaw lectures frequently for the State Bar of California, the Continuing Education of the Bar, the Education Foundation and various private groups throughout California and the nation. He has authored the California Trust Administration (CEB) chapters Administering the Single-Person Trust After Settlor's Death" and "Subtrust Allocation and Funding on the Death of the First Spouse" and the CEB Action Guides "Marital Deduction Subtrust Funding" and "Administering a Single-Person Trust After Settlor's Death.""