Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Thursday, October 3, 2019

CLE on 45th Annual Trust and Estate Conference at USC Gould School of Law

CLEThe University of Southern California Gould School of Law is holding a conference entitled, 45th Annual Trust and Estate Conference, on Friday, November 22, 2019 at The Westin Bonaventure Hotel in Los Angeles, California. Provided below is a description of the event.

why attend?

High-Quality Education

For over 40 years, USC Gould’s Trust and Estate Conference has provided high-quality continuing education customized for trust, estate planning, probate and elder law professionals.

Practical and Realistic Solutions

The Conference has a proven track record of teaching practical and realistic solutions to everyday and unexpected problems in estate planning, trust administration, probate, trust and estate litigation, elder law and client relationships. Speakers often share “howto” techniques and forms used in their practices.

Unrivaled Networking

Over 500 of your peers registered for the Conference last year for an unrivaled networking and learning opportunity from both the speakers and your professional colleagues.

who should attend?

The Conference is specially tailored for trust, estate planning, probate and elder law professionals including attorneys, paralegals, trust officers, accountants, financial institution executives, private professional fiduciaries, wealth management professionals, fiduciary officers, underwriters and insurance advisors.

what’s included?

Registration includes all sessions, continental breakfast, networking breaks, luncheon presentation, continuing education credit, and print and downloadable copies of the practical Conference Syllabus including the popular Resource Guide, a Trust and Estate Professional Directory covering Los Angeles, Orange and San Diego counties.

Free WiFi and an Event App will also be available for attendees at the Conference!

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

October 3, 2019 in Conferences & CLE, Estate Administration, Estate Planning - Generally, Estate Tax, Generation-Skipping Transfer Tax, Gift Tax, New Cases, New Legislation, Non-Probate Assets, Trusts, Wills | Permalink | Comments (0)

Wednesday, September 25, 2019

Inflation Adjusted 2020 Figures Announced

IrsThe Internal Revenue Service has announced the inflation adjustments for the estate and gift tax exclusion, the generation-skipping transfer tax exemption, the gift tax exclusion and other estate planning rates for 2020.

  • The federal estate and gift tax exclusion amounts will increase by $180,000, from $11.4 million to $11.58 million.
  • The generation-skipping transfer (GST) tax exemption will also going to be $11,580,000.
  • The annual gift tax exclusion will remain the same at $15,000 per donor per donee per calendar year.
  • Trust and estate income tax rate brackets have also been released.
    • If income is less than $2,600, the tax is 10% of taxable income.
    • If income is over $2,600 but not over $9,450, the tax is $260 plus 24% of what is over $2,600.
    • If income is over $9,450 but not over $12,950, the tax is $1904 plus 35% of what is over $9,450.
    • The highest bracket comes in at amounts over $12,950, in which the tax is $3,129 plus 37% of the excess over $12,950.

See James V. Roberts, Inflation Adjusted 2020 Figures Announced, JamesVRoberts.com, September 25, 2019.

September 25, 2019 in Current Affairs, Estate Administration, Estate Planning - Generally, Estate Tax, Generation-Skipping Transfer Tax, Gift Tax, Income Tax, Trusts | Permalink | Comments (1)

Wednesday, September 18, 2019

Dynasty Trusts: Best Way to Protect Family Wealth

RussiandollsAn irrevocable trust ensures a smooth, usually drama-free transfer of assets than a will, while also offering significant tax advantages, asset protection, privacy, and control. Dynasty trusts, which can last hundreds of years when they are allowed to do so, can provide the greatest benefit of all trusts.

Many states have laws against perpetuities, so it is important to take into account the location of the trust. Five states allow perpetual trusts, while six states allow trusts to last up to 360 years. If you are in a jurisdiction that is not one of these 11 states, a financial advisor well coursed in dynasty trusts can walk you through how to set one up in a state that does.

The estate tax is only assessed to dynasty trusts once, even though it can endure for several generations and increase in value exponentially. As a nice little bonus, trust assets are not subject to generation-skipping transfer tax (GSTT), which are notorious for complication bequests to grandchildren. Furthermore, a dynasty trust can expand a settlor's control over the trust assets for many generations, ensuring the family's legacy.

As with many trusts, a dynasty trust can also protect assets from creditors, including ex-spouses of family members. Because the assets are owned by the trust - not the beneficiaries - those assets cannot be included in jointly held estate. There is also increased privacy with trusts, keeping distribution of property out of the public eye, whether it be during a person's life or at the time of death.

See Harvey Bezozi, Dynasty Trusts: Best Way to Protect Family Wealth, News Max, September 16, 2019.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

September 18, 2019 in Current Events, Estate Administration, Estate Planning - Generally, Estate Tax, Generation-Skipping Transfer Tax, Non-Probate Assets, Trusts, Wills | Permalink | Comments (0)

Tuesday, September 17, 2019

CLE on Probate Process, Procedures and Documents: All the Forms and Checklists in One Place

CLEThe National Business Institute is holding a webcast entitled, Probate Process, Procedures and Documents: All the Forms and Checklists in One, on Tuesday, October 15, 2019 at 9:00 AM - 4:00 PM Central. Provided below is a description of the event.

Navigate Probate with Confidence

When the client is no longer there to make his or her voice heard, the task of interpreting his/her wishes to accurately settle the estate falls on your shoulders. Do you have all the tools you will need? This program will provide you with a comprehensive overview of the probate process, equipping you with the checklists, forms and documents you will need to guide your clients through each time-sensitive procedure. Learn what to do and when to do it, from the initial petition to the final accounting. Register today!

    • Don't miss a step - learn how to map out the entire probate process by utilizing a master checklist.
    • Examine the essential content of the initial petition and understand the procedure for filing it.
    • Receive practical tips on valuing and recording assets to be included in the estate inventory.
    • Handle creditor notices and responses.
    • Understand key provisions of trusts and their impact on the probate process.
    • Learn what must be included in the final accounting and review sample tax returns.

Who Should Attend

This program is designed for attorneys. It will also benefit accountants and CPAs, trust officers, and paralegals.

Course Content

    • Probate Process and Executor Duties: The Master Checklist with Deadlines
    • Wills: Key Provisions, Validity, Interpreting Unique Instructions
    • Initial Petition and Letters of Authority: Content and Procedure
    • Estate Inventory: Valuing and Recording Assets
    • Creditor Notices and Responses
    • Trusts: Key Provisions, Trustee Duties, and the Trust's Impact on Probate
    • Final Accounting: What Must and Should Be Included
    • TAX Returns and Schedules for the Estate and the Decedent: Forms, Deadlines, Exentions (With Sample Returns)
    • Estate Closing and Distributions: Notices of Proposed Action, Petition to Discharge the Fiduciary, and Other Key Documents
    • Ethical Practice Considerations and Concerns in Probate

September 17, 2019 in Conferences & CLE, Estate Administration, Estate Planning - Generally, Estate Tax, Generation-Skipping Transfer Tax, Gift Tax, Income Tax, Non-Probate Assets, Professional Responsibility, Trusts, Wills | Permalink | Comments (0)

Wednesday, August 28, 2019

New IRS Addresses for Filing Estate Tax Returns

IrsThe addresses for Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Returns were released November of last year. However, it may be prudent to remind filers that are sending in the form after June 30, 2019 of the new address. Also, for decedents that pass away after December 31, 2018, the address for filing amended Form 706’s will be updated and not be the same as for original filings.

The new address original filings is:

Department of the Treasury
Internal Revenue Service
Kansas City, MO 64999

For those using a Private Delivery Service, the address is:

Internal Revenue Service
333 W. Pershing Road
Kansas City, MO 64108

See Jody H. Hall, New IRS Addresses for Filing Estate Tax Returns, Fiduciary Law Blog, August 27, 2019.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

August 28, 2019 in Current Events, Estate Administration, Estate Planning - Generally, Estate Tax, Generation-Skipping Transfer Tax | Permalink | Comments (0)

Sunday, August 4, 2019

Book on Texas Estate Planning Statutes with Commentary: 2019-2021 Edition

TexasestatesbookGerry W. Beyer recently published a book entitled, Texas Estate Planning Statutes with Commentary: 2019-2021 Edition, (2019). Provided below is a summary of the book.

Texas Estate Planning Statutes with Commentary: 2019-2021 Edition is a compilation of Texas statutes that are significant to law school and paralegal courses related to estate planning, such as wills and estates, trusts, estate administration, probate, elder law, and guardianship. Changes made by the 2019 Texas Legislature are printed in red-lined format to make the revisions easy for the reader to locate. Many sections include carefully written commentary entitled Statutes in Context. These annotations provide background information, explanations, examples, and citations to key cases, which will assist the reader in identifying the significance of the statutes and how they operate.

August 4, 2019 in Books, Books - For Practitioners, Books - For the Classroom, Current Affairs, Estate Administration, Estate Planning - Generally, Generation-Skipping Transfer Tax, Gift Tax, Intestate Succession, New Legislation, Trusts, Wills | Permalink | Comments (0)

Saturday, May 25, 2019

CLE on The Probate Process from Start to Finish

CLEThe National Business Institute is holding a conference entitled, The Probate Process from Start to Finish, on Wednesday, June 5, 2019 from 8:30 AM - 4:40 PM at the Hilton Garden Inn San Antonio Airport in San Antonio, Texas. Provided below is a description of the event.

Program Description

Handling Probate from Initial Notices through the Estate Closing

This "a through z" guide to probate is designed to take you from the first days of the estate timeline through all the steps of marshaling and valuing estate assets, locating and paying the creditors, paying the beneficiaries, and laying the estate to rest. You will receive the latest updates on the probate court procedure and tax laws, practical guidance from experienced probate attorneys on using spousal elective share and resolving estate disputes, and sample forms and checklists to speed up the administration process. Build a solid foundation for your probate practice - register today!

  • Learn the procedure, rules and practical steps to effectively administer a probate.
  • Determine what form of administration is appropriate for a specific probate case.
  • Clarify the order of inheritance for an estate when there is no will.
  • Locate assets and obtain ownership documents more easily with a list of local and online resources.
  • Get a complete view of the sequence of events that must happen before the estate can be closed.
  • Identify common actions that trigger malpractice liability and get tips for staying in the clear.
  • Get practical advice for honoring or contesting all claims against the estate.
  • Find new ways to resolve liquidity issues that delay estate closing and final distributions and payments.
  • Learn what common closing mistakes can allow the estate to be re-opened, and how to avoid them.

Who Should Attend

This basic level seminar is designed for professionals who want to be more effective in handling the probate process, including:

  • Attorneys
  • Paralegals
  • CPAs and Accountants
  • Financial Planners and Wealth Managers
  • Tax Professionals
  • Trust Officers

Course Content

  • Initial Filing in Probate Court and Estate Timeline
  • Law of Intestate Succession
  • Inventory and Appraisement
  • Probate Property vs. Non-Probate Assets
  • Handling Claims Against the Estate
  • Tax Reporting and Post-Mortem Tax Matters
  • Ethics
  • Sale of Property and Distributions
  • Final Accounting and Closing the Estate
  • Probate Disputes and Litigation

May 25, 2019 in Conferences & CLE, Current Affairs, Estate Administration, Estate Planning - Generally, Generation-Skipping Transfer Tax, Gift Tax, Intestate Succession, Professional Responsibility, Trusts, Wills | Permalink | Comments (0)

Tuesday, April 16, 2019

California Estate Tax: Gone Today, Here Tomorrow?

RobinhoodRecently, California State Senator Scott Wiener introduced a bill that would impose estate, gift, and generation-skipping transfer tax on any transfers, both during life and at death, after December 31, 2020. California law dictates that if the legislation passes any new bill that imposes transfer tax, the law does not go into effect unless the voters approve it. So if the bill passes the California Legislation, the bill will be on the November 2020 ballot.

Under the proposed bill, taxpayers will be subject to a 40% tax rate of all transfers, same as the federal rate. There will be a credit for transfer taxes paid to the federal government to avoid double taxation. But where the federal basic exclusion amount for each type of transfer is $11,400,000 and is adjusted for inflation, the California exclusion amount will only be $3,500,000 and will not be adjusted for inflation. Among several of the issues and complexities that accompany the bill, with a full credit for federal transfer taxes, only estates between $3,500,000 and $11,400,000 will be subject to the California tax. Essentially, an estate of a Californian worth $100,000,000 would pay the same California estate tax as someone with an estate of $11,400,000. There is also no marital deduction in the current draft, but this is most likely an oversight and should be resolved.

All of the monies generated from the bill, including the transfer taxes themselves, interest, and penalties would fund the proposed Children’s Wealth and Opportunity Building Fund, which will fund programs to help address socio-economic inequality.

See California Estate Tax: Gone Today, Here Tomorrow?, National Law Review, April 4, 2019.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.

April 16, 2019 in Current Affairs, Current Events, Estate Administration, Estate Planning - Generally, Estate Tax, Generation-Skipping Transfer Tax, Gift Tax, New Legislation, Wills | Permalink | Comments (0)

Thursday, February 21, 2019

ING Trusts: The Hot Trend in HNW Estate Planning

TrustsThe tax reforms reflected in the 2017 Tax Cuts and Jobs Act continue to influence high net-work clients, especially the increased estate tax exemption, which at the moment is temporary until 2026. Incomplete Non-Grantor trusts, or ING trusts, can generate significant savings both in income taxes and in overall transfer taxes, meaning that it can be worthy to explore the ING trust strategy.

Central to the ING trust strategy is the presence of an “adverse party or parties" that have the ability to control the distributions of the trust to its beneficiaries. The parties can often include the creator of the trust or even the adult children of the creator. In many states - except New York - ING trusts enjoy reduced income taxes or even no state income tax at all. ING trusts are usually created in states that do not tax trust assets regardless of where the client lives.

Both the proposed and final Section 199A regulations complicate many non-grantor trust strategies by adding a new provision that requires aggregation of two or more trusts in certain circumstances. This is generally required when the trusts have substantially the came beneficiaries or grantors. For tax saving purposes, ING trusts will be most valuable to clients who have multiple natural beneficiaries who can each serve as beneficiary of one trust.

See Robert Bloink and William H. Byrnes, ING Trusts: The Hot Trend in HNW Estate Planning, Think Advisor, February 13, 2019.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.

February 21, 2019 in Current Affairs, Estate Administration, Estate Planning - Generally, Estate Tax, Generation-Skipping Transfer Tax, Gift Tax, New Legislation, Trusts | Permalink | Comments (1)

Thursday, January 17, 2019

CLE on The Probate Process From Start to Finish

CLEThe National Business Institute is holding a conference entitled, The Probate Process From Start to Finish, on Tuesday, March 26, 2019 at the Embassy Suites by Hilton in Portland, Maine. Provided below is a description of the event.

Program Description
Your Fundamental Guide to Probate
So your client wants you to handle a probate case - do you know where to start? Do you know the proper procedures to use, as well as the law? At this seminar, our experienced faculty will give you detailed, step-by-step information to confidently and ably navigate the system. Gain the confidence you need to reach a favorable outcome for your client when litigating in probate court. Enroll today!
Get a step-by-step walkthrough of a probate case complete with practice tips from seasoned practitioners.
Implement a complete estate timetable in order to know what needs to be done - and when.
Effectively guide the executor and the administrator through their various duties.
Avoid problems arising from creditors' claims and insolvency with our powerful strategies.
Know the secrets to confidently handling a spouse's elective share.
Forestall disagreements between beneficiaries: adhere to the guidelines of precedence in case of intestacy.
Get results for your client! Explore successful strategies for litigating in probate court.
Follow thorough closing procedures so accounting is complete before distribution takes place.

Who Should Attend
This basic level seminar will provide those who have limited probate experience with tips on successfully handling a probate case. This comprehensive seminar will benefit:
Attorneys
Paralegals
Accountants
Tax preparers
Trust officers
Financial planners
Estate planners

Course Content
Taking the First Step: Filing an Estate in Probate Court
Understanding the Role of the Personal Representative in Probate
Managing the Inventory
Administering the Estate Effectively
Maintaining an Ethical Balance in Probate Practice
Determining if Spouse's Elective Share is a Reasonable Option
Uncovering the Laws of Intestacy and How They May Apply
Litigating the Case in Probate Court
Putting the Case to Rest: Closing the Estate

January 17, 2019 in Conferences & CLE, Current Events, Estate Administration, Estate Planning - Generally, Estate Tax, Generation-Skipping Transfer Tax, Gift Tax, Wills | Permalink | Comments (0)