37th Annual Trusts and Estates 2018 Seminar Materials

Publication Date: October 2018
Available Formats: Print or Searchable PDF via immediate download, CD-ROM, or USB Flash Drive
Pages: 467

Information

This comprehensive, stand-alone publication is direct from an October 2018 seminar that was cosponsored with the Virginia State Bar Trusts and Estates Section.

The seminar covered important updates on Federal and Virginia tax developments, cases, and legislation, with an in-depth look at:

  • Special Needs Planning for the Trusts and Estates Attorney
  • Deeds: What Real Estate Attorneys Want Trusts and Estates Attorneys to Know
  • Fiduciary Case Law Updates
  • Ethics: Dealing with Lack of Capacity in Clients and Lawyers

Table of Contents

I. INTRODUCTION

II. TAX CUTS AND JOBS ACT OF 2017

        A. WEALTH TRANSFER TAX CHANGES
            
        B. Charitable Giving
            
        C. Gifts to(4 )Young Donees
            
        D. Sale of an Existing Life Insurance Contract

        E. Fiduciary Income Tax Issues

        F. Other TCJA Changes

        G. TAX REFORM 2.0
    
III. INCOME TAXES

        A. IRC § 1. Income Tax Rates
        Income Tax Rates Adjusted for Inflation. Rev. Proc. 2017-58, § 3.01, 2017-45
        I.R.B. 489 (Nov. 6, 2017)
    
        B. IRC § 101. Income Tax Treatment of Life Insurance Death Benefits
        IRS Announces Proposed Regs on Certain Life Insurance Policy Sales. Notice
        2018-41, 2018-20 I.R.B. 584 (May 14, 2018)

        C. IRC §§ 170, 642, 4940-4947. Charitable Gifts and Distributions
    
        D. IRC §§ 401-409A. Retirement Plan Benefits
            
    
        E. IRC §§ 641-663. Fiduciary Income Taxation
            
    
        F. IRC §§ 671-679. Grantor Trusts
            
        G. IRC § 682. Alimony Trusts
    
        IRS Reviewing New Rules on Alimony Trusts and Providing Safe-Harbor for
        Some Trusts. Notice 2018-37, 2018-18 I.R.B. 521 (April 30, 2018)
    
        H. IRC §§ 1001 – 1022, 1041. Realization and Recognition of Gain and
        Determining Basis
    
        I. Income Tax Procedures
    
IV. ESTATE TAXES

        A. IRC § 2010. Unified Credit
            
        B. IRC §§ 2031, 2032, 2032A, 2033 and 7520. Valuation
        Section 2032A Limitation Adjusted for Inflation. Rev. Proc. 2017-58, § 3.36,
        2017-45 I.R.B. 489 (Nov. 6, 2017)
    
        C. IRC §§ 2036-2038. Retained Life Estate or Power to Alter Beneficial
        Enjoyment
            
        D. IRC § 2056. Marital Deduction
        Consequences of Division and Gift of QTIP Income Interest. PLR 201834011
        (Aug. 28, 2018)
    
        E. Estate Tax Procedures
            
V. GIFT TAXES

        A. IRC § 2503. Gift Tax Annual Exclusion
        Annual Exclusion Adjusted for Inflation. Rev. Proc. 2017-58, § 3.37, 2017-45
        I.R.B. 489 (Nov. 6, 2017)
    
        B. IRC § 2511. Taxable Gifts
        Gift to Museum of Remainder Interest in Artwork Would Be a Completed
        Taxable Gift. PLR 201825003 (June 22, 2018)
        
        C. IRC § 2513. Gift Splitting
        Election to Gift Split is Partially Effective for Gift Tax Purposes and Fully
        Effective for GST Tax Purposes After Expiration of Gift Tax Statute of
        Limitations, Where Returns Reported Wrong Portions of Gifts as Made
        by Each Spouse. PLR 201811002 (March 16, 2018)
    
        D. IRC § 2514. Power of Appointment

VI. GENERATION-SKIPPING TRANSFER TAXES

        A. IRC § 2601. Effective Date Protection
            
        B. IRC §§ 2631, 2632. The GST Exemption
        GST Exemption Adjusted for Inflation. Rev. Proc. 2017-58, § 3.351, 2017-45
        I.R.B. 489 (Nov. 6, 2017)
    
VII. SPECIAL VALUATION RULES

        A. IRC § 2703. Certain Rights and Restrictions Disregarded
            
        B. IRC § 2704. Special Valuation Rules in Case of Transfers in Trust
        Transfer of Life Estate in Geographic Part of Real Property Held under a Life
        Estate/Remainder Split Purchase Agreement Does Not Void Effective
        Date Protection from Chapter 14 Remaining Property Interests. PLRs
        201808001 – 201808003 (Feb. 23, 2018)
    
        C. IRC § 2704. Treatment of Certain Lapsing Rights and Restrictions
        Treasury Withdraws Section 2704 Proposed Regulations as Burdensome. Dept.
        of Treas., “Second Report to the President on Identifying and Reducing
        Tax Regulatory Burdens,” p 2-3 (Oct 2, 2017); 82 Fed. Reg. 48013 (Oct.
        16, 2017)
    
VIII. SELECTED ATTACHMENTS

        A. Family Limited Partnership/Limited Liability Company Checklist
    
        B. IRS/Treasury Priority Guidance Plan for 2017-2018 (Updated August 17, 2018)
        -- Issues Related to Estate Planning
    
        C. IRS No-Rulings – Domestic - List for 2018 -- Estate, Gift, GST Tax and Related
        Issues. Excerpts from Rev. Proc. 2018-3, 2018-1 I.R.B. 130 (Jan. 2, 2018)
    
        D. IRS No-Rulings – International - List for 2018 -- Estate, Gift, GST Tax and
        Related Issues. Excerpts from Rev. Proc. 2018-7 2018-1 I.R.B. 271 (Jan. 2,
        2018)
    
        E. Sample Nonreciprocal Trust Forms
            
        F. Direction to Executor to Elect to Give the Surviving Spouse the Decedent’s
        Unused Applicable Exclusion Amount, Charging Costs to Surviving Spouse 206
    
        G. Direction to Executor to Elect to Give the Surviving Spouse the Decedent’s
        Unused Applicable Exclusion Amount, without Obligating Spouse to Pay Costs

Authors

Alvi Aggarwal

Michael H. Barker

Kevin G. Bender

Stephanie P. Cook

James P. Cox, III

J. William Gray Jr.

Virginia H. Grigg

Katherine W. Hennigs

Meghan G. Hubbard

Lauren A. Jenkins

Stephen W. Murphy

Susan M. Pesner

Ellis H. Pretlow

Neil L. Rose

William I. Sanderson

Kelly A. Thompson

Thomas D. Yates

Howard M. Zaritsky


Prices

Print - $90
Download - $90
CD-ROM - $90
USB Flash Drive - $90
Both Print and CD-ROM - $115
Both Print and USB Flash Drive - $115
Purchase Options
  • Add to Cart
 Clear the Docket Essentials Seminars FacebookFriday