For the past 30 years, planners have been using traditional estate planning trusts to minimize the impact of estate taxes for married couples who will have taxable estates.
The traditional planning generally incorporated a credit shelter type trust combined with a marital trust (or an outright marital disposition). That planning generally required that the estate tax exclusion amount had to be used upon the death of the first spouse to die. Portability introduces a mechanism where that type of planning may not be as effective as other planning. Portability brings a new paradigm to planning. It changes the way that planners should plan, in an effort to maximize benefits to clients. Portability is not simplistic planning, to the contrary, it could be every bit as complicated as the traditional planning, or it could be ever more complicated. Learning Objectives: •You will be able to review the history of portability. •You will be able to discuss issuance of new regulations. •You will be able to explain impact of Revenue Procedure 2001-38 on portability. •You will be able to identify the Multiple Deceased Spouse Rule.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
History of Portability
- Prior to 2010
- From 2010 to 2012
- From 2013 Going Forward
Issuance of New Regulations
- History of Issuance of New Regulations
- Summary of New Regulations
- How Did the New Regulations Change the Code Provisions
- Unanswered Issues With the New Regulations
Impact of Revenue Procedure 2001-38 on Portability
- History of Rev. Proc. 2001-38
- Issue With Rev. Proc. 2001-38
- ABA-RPTE Approach to Rev. Proc. 2001-38
Making the Portability Election
- When Should the Portability Election Be Made?
- Who Makes the Portability Election?
- How to Make an Effective Portability Election?
- Missed Portability Elections - Relief?
Understanding the Multiple Deceased Spouse Rule
Planning With Portability in Mind
- Dispelling the Myths About Portability Planning
- What Is Portability Planning
- Which Is Better Traditional Planning or Portability Planning It Depends
- Running the Numbers to Demonstrate Why Portability Planning May Be Better Than Traditional Planning
- Portability and QTIP Trusts
- Porting the DSUE Amount
- Sophisticated QTIP Trust Planning
- Using Disclaimers With Portability
- How to Port the GST Exemption
- Portability Planning in States With State Death Taxes
- Portability and Deferred Compensation
Where Do We Go From Here?
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on August 27, 2013.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Lester B. Law
Abbot Downing
- Managing director and wealth strategist with the National Wealth Strategies Group at U.S. Trust, Bank of America Private Wealth Management
- Board certified as a specialist in wills, trusts and estates by the Florida Bar, and has more than 20 years of tax and estate planning experience
- Co-wrote three publications put forth by the American Bar Association Real Property Trust and Estate Law Section (ABA-RPTE), namely, Portability – Part One, Portability – The Regulations, and Portability – The Game Changer
- Was one of the primary writers of the Comments to Treasury on behalf of the ABA-RPTE and the Florida Bar’s Real Property Trust and Estate Law Section’s comments before the proposed and temporary regulations were issued
- After issuance of the proposed and temporary regulations, he was one of the primary writers of the Comments on behalf of the ABA-RPTE on the new regulations
- Has written extensively and lectured on portability throughout this country to various bar association groups (providing CLE on the topic), and has also presented to numerous estate planning councils around the country on the topic
- Named a Florida Super Lawyer for a number of years
- Masters of laws degree in taxation, The University of Florida; J.D. degree, The University of North Carolina at Chapel Hill; masters of science degree in taxation, University of Miami; bachelors of business administration degree in accounting, with honors, Florida International University
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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