CLE on Donor’s Remorse and Other Maladies
The uncertainty in federal transfer tax law last year led to a flurry of estate planning activity for high net-worth individuals and amid the commotion, many mistakes were made in implementing, structuring, or reporting transactions for federal gift tax purposes. Then, after Congress finally acted and preserved (with some minor changes) transfer tax rates and exemption amount, some clients asked their lawyers and other advisers for ways to “undo” transfers made in 2012.
Attend this practical program in which our expert faculty explores the common mistakes in implementing and reporting transactions, offers practical advice on how to address them, and examines the difficult legal and ethical issues raised when clients seek to undo a transaction or when the transaction that was implemented differs from a client’s understanding of what was being done.
What You Will Learn
Topics will include:
identification of, and remedies for, common mistakes in reporting gifts and in making tax elections on federal gift tax returns
diagnosing tax issues related to the use of reciprocal trusts and spousal access trusts (or spousal limited access trusts)
options (such as disclaimers) available to “undo” a transfer that was made in 2012, and under what circumstances they are still available
circumstances in which decanting or other strategies may be used to prospectively modify a transfer made in 2012
general rules for distinguishing between legitimate and inappropriate “backdating” to address holes or errors in documenting a transaction
Have a question for the faculty? Email questions before or during the program; the faculty will answer questions live. In addition, all registrants receive a set of downloadable course materials and free access to the archived online program.
Who Should Attend
Estate planning attorneys, trust administrators, and financial and tax professionals should attend this accredited continuing legal education program from ALI CLE.