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Tax
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Detailed Analysis
I. Introduction
II. State Law Issues
Introductory Material
A. Trusts Generally
B. Situs and Domicile
1. Which Law Governs?
2. Changing Situs
3. Domicile
C. Rule Against Perpetuities
D. State Income Tax
E. State Inheritance or Estate Taxes
F. Fiduciary Investing
1. Background: The Restatement and the Prudent Investor Act
2. Prudent Investor Litigation – What Are the Boundaries of Diversification?
3. Should Large Concentrations Be Hedged?
4. Some Conclusions
G. Principal and Income Acts
1. Introduction
2. Power to Adjust
3. Power to Convert to a Unitrust
4. Problems with the UPIA
H. Multistate Practice Issues
I. Divorce
III. Federal Tax Issues
Introductory Material
A. Estate Tax
1. Sections 2036 and 2038
a. Retained Possessory and Income Interests
b. Powers over Income or Corpus
2. Section 2041: Powers of Appointment
3. Section 2042: Life Insurance
4. Section 2035: Pulling Back Released Controls
B. Gift Tax
C. Generation-Skipping Transfer Tax
1. Some Definitions
2. Application of the GST Tax
a. Exceptions to the GST Tax
b. Applying the GST Tax-Generally
c. Allocating GST Exemption
d. Application of the Tax to Direct Skips, Taxable Terminations and Distributions
D. Changes to Transfer Taxes Under EGTRRA
E. Fiduciary Income Tax
1. Taxation of Trusts
2. Grantor Trust Rules
a. Specific Code Provisions
b. Planning with the Grantor Trust Rules
IV. Planning Issues
Introductory Material
A. Defining the Purpose of the Trust
1. Family Values: The Family Mission Statement
2. Giving Family Members a “Leg Up”
3. The Dynasty Trust as Safety Net
4. Encouraging Philanthropy
5. Preserving the Family Business
B. Trustee Selection
1. Grantor or Beneficiary as Trustee
2. Trust Protector
3. Use of Trustee for State Law Purposes
V. Funding Issues
Introductory Material
A. Limitations – Gift, Estate and GST Tax Limits
B. Multiple-Party Funding
1. Use of Crummey Powers
a. Court and IRS Decisions
b. Trust Design in Light of 2041
c. Tax Consequences of Crummey Trusts
(1) Income Tax Consequences
(2) Estate and Gift Tax Consequences
(3) GST Tax Consequences
d. Planning Ideas Using Crummey Trusts
2. Spousal Trusts and the Reciprocal Trust Doctrine
C. Funding with Discounted Assets
D. Installment Sale to Grantor Trust
E. Life Insurance
VI. Drafting Issues
Introductory Material
A. Building in Flexibility
1. Powers of Appointment
2. Trustee Discretion
B. Incentive/Behavior Modification Provisions
C. Creating Multiple Trust System
1. Using Crummey Powers Effectively
2. Pot Trust vs. Separate Trusts
D. Extending Trust Durations
1. Lengthening Trusts in Rule Against Perpetuities Jurisdictions
2. Lengthening Existing Trusts
Working Papers
Table of Worksheets
Worksheet 1 Uniform Statutory Rule Against Perpetuities
Worksheet 2 Sample Dynasty Trust
Bibliography
OFFICIAL
Statutes, Acts and Authorities
Statutes:
Internal Revenue Code:
Treasury Regulations:
Treasury Rulings:
Cases:
UNOFFICIAL
Treatises:
Periodicals:
1995
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
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