Decanting an irrevocable trust (distributing property from one irrevocable trust to another) is an increasingly popular strategy among estate planners, yet many do not fully understand the income, gift, estate, and generation-skipping transfer (GST) tax consequences of decanting. And while a number of states have recently enacted decanting statutes, the Internal Revenue Service has still not issued formal guidance on decanting. Decanting, thus, is an area that has yet to be clearly delineated and refined.
If you advise trustees in your practice, you must attend this 90-minute CLE on decanting irrevocable trusts so that you can be thoroughly informed as to the issues, strategies, and best practices of restructuring otherwise irrevocable trusts to accomplish a variety of tax and non-tax objectives for your clients.
What You Will Learn
Expert faculty will discuss the practical and jurisdictional issues in decanting, including:
principal circumstances in which decanting is an appropriate strategy
using decanting to avoid or resolve trust disputes among trust beneficiaries
alternatives where decanting is not an available option
tax consequences of decanting based upon the most recent compelling commentaries submitted to the IRS
decanting trusts from high income tax states to low - or no-income tax states
Who Should Attend
This accredited continuing legal education program from ALI CLE is designed for attorneys who practice tax and estate planning law.