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Free cpece webinars
Estate Planning: Grantor Trusts and Tax on Trust Income

ESTATE PLANNING: GRANTOR TRUSTS AND TAX ON TRUST INCOME

Cost Free
CPE Credits 1.0 hour
Subject Area 1.0 - Taxes (Federal Tax)
CE Credits 1.0 hour
Course Id# - HURS9-T-01390-23-O
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Series: Estate Planning
Course Description

Every practitioner in every discipline has heard this complaint about a grantor trust, and likely we will all hear more of it: grantor trusts have become the foundation of most modern estate plans. One of the many “benefits” of grantor trusts is that the settlor creating the trust pays the income tax on income earned inside the trust. That is a great way to accelerate the growth of trust assets and continue to reduce the creator’s estate. But, as with so many things, too much of a “good thing” can grow old.

At some point, the cost of paying that income tax is just too burdensome, and people want out. What options exist to mollify the growing discomfort of bearing the tax cost on trust income? One obvious option is to turn off the grantor trust status so that the grantor who created the trust can stop paying the income tax. But that can be complicated—and may not even be possible. Can a trustee take action to do so? Even if it is possible, there may be adverse tax consequences to turning off grantor trust status. What other options and issues exist? Join us for a practical discussion of this common issue that will assuredly come up more frequently in future years.
 
This is the first of a monthly webinar series, Estate Planning: Common Issues, Practical Answers. We’ll provide a practical discussion of real planning issues that financial advisers, attorneys, CPAs, and others in estate planning professions see. This discussion will be informal  and focus on presenting practical solutions.

Learning Objectives:


  • Recall how to structure a grantor trust to build a foundation and understand how that status might be changed to non-grantor if appropriate

  • List the benefits, as well as the problems, of using grantor trusts

  • Identify how practitioners can have a comprehensive and substantive discussion with clients that grow upset with paying income taxes on income earned inside a grantor trust they created

  • Recognize in a comprehensive and practical manner the many implications to grantor trust status and turning off grantor trust status

  • Identify ways to help clients frustrated with paying income taxes on trust income—without turning off grantor trust status

Martin Shenkman

Shenkman Law
Dual Practitioner, Financial Planner
shenkman@shenkmanlaw.com
(201) 845-8400

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Martin M. Shenkman, CPA, MBA, PFS, AEP (distinguished), JD, is an attorney in private practice in Fort Lee, New Jersey, and New York City, New York, with Shenkman Law. His practice focuses on estate and tax planning as well as planning for closely-held businesses and estate administration. Throughout his career, Mr. Shenkman received awards and acknowledgments from the New Jersey Bar Association, Worth Magazine, CPA Magazine, the American Cancer Society, and the AICPA. Mr. Shenkman holds a Bachelor of Science from the Wharton School at the University of Pennsylvania, an MBA from the University of Michigan, a law degree from Fordham University School of Law. He is admitted to the bar in New York, New Jersey, and Washington D.C.

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Joy Matak, JD, LLM

SAX LLP
Partner
jmatak@saxllp.com
(973) 472-6250 ext. 6137

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Joy Matak, JD, LLM, leads the firm’s Trust and Estate Practice. Joy has more than 20 years of diversified experience as a wealth transfer strategist with an extensive background in recommending and implementing practical tax strategies to accomplish estate and business succession goals. She also performs tax compliance, including gift tax, estate tax, and income tax returns for trusts and estates. Joy Matak holds her Masters of Laws in Taxation from Georgetown University and is admitted to the bar in New Jersey.
 

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Frequently Asked Questions
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  • CPE is available to all eligible participants within 24 hours of each webinar.
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About Our Presenter

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Shenkman Law is a boutique firm focused on the legal needs of high-net-worth individuals, professionals, close business owners, and real estate owners and developers. They provide creative legal solutions to help clients meet complex or seemingly contradictory personal, business, financial, and tax goals, and pride themselves on treating clients with thoughtful care—just like members of our own families.