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Diagnosing GST Trusts


Level: Advanced
Runtime: 91 minutes
Recorded Date: January 17, 2017
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Agenda

  • Determining the GST Status of the Trust
  • Definitions and Basic Concepts of the GST Tax
  • Is the Trust a Grandfathered Trust?
  • Effect of Modification on GST Exempt Trusts
  • Is The Trust a Gallo Trust?
  • Does the Trust Qualify for the GST Tax Annual Exclusion?
  • Prior Transfors/Additions to the Trust
  • Transfers at Death
  • Issues with Withdrawal Powers
  • Determining the Trust's Inclusions Ratio
  • Relief Provisions
Runtime: 1 hour and 31 minutes
Recorded: January 17, 2017

Description

Your client has a “GST exempt trust.” How do you know it really is GST exempt? How do you confirm the trust's inclusion ratio? And what are your options if you discover potential issues or past errors or taxable events? Join us for a practical look at how to “diagnose” an existing GST exempt trust.

This program was recorded on January 17th, 2017.

Provided By

American Bar Association
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Panelists

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Brandon A.S. Ross

Wealth Advisor
J.P.Morgan Private Bank

Brandon Ross is a Welath Advisor at JPMorgan Private Bank. He assists clients and their advisors by developing comprehensive estate, trust, business succession and wealth preservation strategies. Draws upon his experience as a trusts and estates attorney with several large law firms in Florida and D.C. to guide clients through the estate planning process and achieve their wealth planning, transfer and preservation goals.

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James Hogan

Managing Director
Andersen Tax LLC

James Hogan has over 35 years of legal and accounting experience and was most recently a Branch Chief in Internal Revenue Service’s (IRS) Office of the Chief Counsel. In that role, he had responsibility for all matters relating to estate, gift, and generation-skipping transfer tax issues. In addition, he reviewed briefs filed by IRS in the United States Tax Court and memoranda to attorneys in the Department of Justice.

James is part of US National Tax, serving as a resource for international taxation. James is an instructor for the Georgetown University Law School Graduate Tax Program and he has been a guest panelist for the District of Columbia Bar, California Bar and American Institute of Certified Public Accountants, discussing estate tax planning issues.

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Nathan Brown

Associate
Proskauer Rose LLP

Nathan Brown is an associate in the Private Client Services Department. Nathan advises clients on a wide range of tax and estate planning matters, as well as estate and trust administration. He assists high net worth individuals and families develop suitable estate plans to maximize and protect the transfer of wealth to future generations.

Nathan is experienced in implementing advanced estate planning techniques, including irrevocable insurance trusts, grantor retained annuity trusts, sales to defective grantor trusts, inter vivos qualified terminable interest property trusts, family limited partnerships, all aspects of estate and trust administration and preparing Federal Estate Tax Returns.

In law school, Nathan received the Faculty Significant Achievement Award and the Outstanding Scholastic Achievement Award in Taxation, and in the process of earning his LL.M. he served as a Graduate Editor of the Florida Tax Review and received the Richard B. Stephens Award, given to the most outstanding student in the graduate tax program.


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