Subscribe: Lorman Estate Planning Teleconferences
Preview: Lorman Estate Planning Teleconferences

Lorman Estate Planning Teleconferences

Industry Leading & Respected Continuing Education

Last Build Date: Wed, 22 Nov 2017 12:30:01 GMT


Basics of Trust Administration

Wed, 22 Nov 2017 02:00:50 America/Chicago

January 30, 2018

Maintaining Records

• General Records and Records of Trustee Actions

• Accountings

Compliance With Tax Laws

• Income Taxation of Trusts

• GST and Related Issues

• Charitable Income Tax Deduction

• Trustee Elections

Investing Trust Assets

• Uniform Prudent Investor Act and the Prudent Investor Rule

• Directed Trusts

Distributing Trust Assets

• In-Kind vs. Cash Distributions

• Standards for Distribution

• Total Return Trusts

• Different Types of Beneficiaries

Fiduciary Duties

California Asset Protection Planning

Wed, 22 Nov 2017 02:00:22 America/Chicago

November 28, 2017


• What Is Asset Protection Planning?

• Who Needs Asset Protection Planning?

Inside Liability Protection

• Existing Business Structure

• Inside Creditors

• Limitations

– Uniform Voidable Transaction Act

– Bankruptcy Limitations

– Federal and State Criminal Violations

Outside Creditors

• Claimants or Creditors

• Typical Clients


• Charging Order

• Forum Shopping

• Single Member LLCs

• Assignment of Member Interests

Domestic Asset Protection Trusts (DAPT)

• What Are the Benefits of a DAPT?

• How Do You Construct a DAPT?

• Which State Law Do You Use?

• Modular Structure Utilization

Foreign Asset Protection Trusts (FAPT)

• When Do You Use Them?

• What Are the Benefits?

• Which Jurisdiction?

• Modular Structure Utilizing LLCs

California Private Retirement Plan

• What Are They?

• How to Set up?

Case Studies

Crummey Powers in Estate Planning

Wed, 22 Nov 2017 02:00:29 America/Chicago

December 14, 2017

Overview: Crummey Powers

• Definition

– Generally

– Naked Crummey Powers

– Semi-Naked Crummey Powers

Historical Background

• Estate Tax

• Gift Tax

Annual Gift Tax Exclusion

• IRC § 2503(B)

The Key Issue

• Gift of a Present Interest

• Definition of a Present Interest

Crummey vs. Commissioner

• Analysis of Issues

• Case Legacy

Estate Planning Use of Crummey Powers

• Irrevocable Trusts

• Irrevocable Life Insurance Trusts

Expanding Crummey Powers – Cristofani v. Commissioner

• Analysis of Issues

• Use of Cristofani

Crummey Powers – a Usage Guide

• Typical Trust Language

– Examples

– Lapse Issues

– Hanging Powers

• Trustee Responsibilities

– Crummey Notice

– Crummey Waiver

• Problem Areas

– Parental Control Over a Minor Child's Crummey Powers

– Informal Agreements for Waiver

Factors to Consider When Determining to Use a Will or a Trust

Wed, 22 Nov 2017 02:00:58 America/Chicago

December 1, 2017

What Is a Will?

• Key Characteristics That Define a Will

• Different Types of Wills

• Administration of a Will

What Is a Trust?

• Key Characteristics That Define a Trust

• Different Types of Trusts

• Administration of a Trust

Factors to Consider When Determining Whether to Use a Will or a Trust

• The Beneficiaries and Family Complexity

• The Assets

• The Debts

• State and Local Rules

Generation Skipping Transfer Tax: Practical Estate Planning Techniques

Wed, 22 Nov 2017 02:00:50 America/Chicago

January 22, 2018

Fundamental Concepts Relating to Generation-Skipping Transfer Tax

• Definitions

• Taxable Events

• Exemptions/Exclusions

Generation-Skipping Transfer Tax – Two Kinds of Tax

• Tax Exclusive vs. Tax Inclusive

• Gift Tax vs. Estate Tax Model

• Comparative Costs

• Effective Maximum Tax Rate

Recent Developments

• Predeceased Parent Exception

• Generation-Skipping Transfer Tax Changes

• Estate Tax Inclusion Period (ETIP)

• No Portability of Generation-Skipping Transfer Tax Exemption

Estate Planning Techniques

• Standard Testamentary Use of GST Exemption

• Guaranteeing Use of Less Wealthy Spouse's GST Exemption

• Inter-Vivos Dynasty Trust/Perpetual Trust

• Section 2642(c) Trust

• Leverage of the GST Exemption

• Planning for Clients With Less Than $5 Million in Assets

Navigating Pension and Annuity Payments: General Rule and Taxation Guidelines

Wed, 22 Nov 2017 02:00:06 America/Chicago

December 18, 2017

Fully vs. Partially Taxable Distributions

• Lump Sums

• Annuity Payments

• Partial Distributions

• Rollovers

• Special Rules for Roth Accounts

• Distributions Under Qualified Domestic Relations Orders

Reporting and Withholding by the Plan

• Income Tax Withholding

• Reporting Requirements

• Direct Rollovers (Complete and Partial)

• Distributions Followed by Participant Rollovers

Participant Reporting and Taxation

• Early Distribution Taxes

• Examples of Forms and Calculations

Special Rules

• Interaction of Prohibitions on Distributions With Early Distribution Taxes

• Coordinating Individual Retirement Accounts and Employer Plans

• Requesting Rulings

Tips and Tricks

Social Security Basics and Advanced Planning Strategies - Advisors Guide to Social Security Planning

Wed, 22 Nov 2017 02:01:00 America/Chicago

December 29, 2017

History and Future of Social Security

• History and Future of the Program

• Discuss Potential Changes to the Program to Remain Solvent

Retirement Benefits Eligibility and Benefit Amount

• Social Security Benefit Statement

• Requirements

• Benefit Computation

• Early Retirement Reduction

• Delayed Retirement Credits

Annual Earnings Test

• Earnings

• Test Ages 62, 63, 64, and 12/31 of Year Prior to FRA

• Test Year FRA Is Reached

Early vs. Late - Factors

• Discuss Factors

Family Benefits

• Spousal Benefits (Current and Ex)

• Children Benefits

• Survivor's Benefits

• Annual Earnings Test Applies If Surviving Spouse Is Under Full Retirement Age

Case Studies

Texas Asset Protection Planning

Wed, 22 Nov 2017 02:00:23 America/Chicago

November 30, 2017

Exempt vs. Non-Exempt Assets in Texas

• Statutory Exemptions

• Recent Case Law Changes Affecting Inherited IRAs

Creating and Organizing Business Entities to Maximize Asset Protection

• Corporation vs. LLC

• Using a Series LLC

• Corporate Formalities

Protecting Non-Exempt Assets

• Viability of the Family Limited Partnership

• Using an LLC and/or Series LLC

Estate Planning Tools

• Transfers to Trusts

• Direct Transfers to Spouse/Children

• Leaving Inheritances in Trust

Marital Agreements

• Premarital Agreement Planning

• Postmarital Agreement Planning