Planning for Larger Estates: Updates on Planning for Larger Estates, Additional Trust Planning, and Safer Practice Methods

In this world of constant uncertainty, only one thing is clear, planners need a roadmap in order to be successful in crafting strategies to preserve and protect their clients’ wealth.

Planning for Larger Estates

Enhanced Note Sales to Grantor Trusts (“IDITs”) for UHNW Client Wealth Transfers; Consider “Stepped” or Deferred Interest to Facilitate a Larger Sale than Current Cash Flow May Permit; Be Wary of the Hart Scott Rodino Act Requirements; Differentiate Collateral on Note Sale to Possibly Break IRS Challenges of a Retained Interest on a Note Sale; Defined Value Mechanisms Might be Enhanced and Modified for New Planning; Is Wandry King? What Type of Price Adjustment Mechanism Might You Use?; Consider a Two-Tiered Wandry Approach to Deflect a Powell Challenge; Incorporate an Economic Adjustments Mechanism in Your Defined Value Technique; Consider Using a Two Tier Defined Value Adjustment on Sales to Non-Grantor Trusts; Divide a QTIP to Possibly Contain the Risk of a 2519 Challenge; Use of an Independent Escrow Agent; Use Non-Grantor Trusts to Save Net Investment Income Tax (“NIIT”); Schedule Annual Trust Meetings: Proper Trust Operation is Vital to Achieving Intended Income Tax Status; Consider Downstream Planning (not Upstream) for UNHW Clients.

Additional Trust Planning

Consider Structuring a Community Property Trust for Basis Step-up on First Death; Be Wary of Risks of Upstream Planning; Credit Shelter Basis Planning Risk; Maximize GST Tax Planning Before Potential Changes; Grantor Retained Annuity Trusts (“GRATs”); Crummey Powers, Powers of Attorney and Insurance Trusts.

Practice Safer Estate Planning

Modify retainer agreements, disclaimers, and more.

Speakers

Author Profile

Sean P. Healy, Esq.

Sean P. Healy, Esq. is an attorney in private practice. He has presented numerous continuing legal education seminars on Firearms Law and National Firearms Act Trusts to both judges and lawyers, and has given televised interviews on firearms matters and other subjects. He is also a concealed handgun instructor and an NRA-Certified Instructor and Training Counselor, with multiple certifications.

Mr. Healy’s law practice focuses on business law, civil litigation, family law, representation of property owners’ associations, and firearms and aviation matters. He is a co-author of The Legal Guide to NFA Firearms and Gun Trusts: Keeping Safe at the Range and in the Courtroom – The Definitive Guide to Forming and Operating a Gun Trust, and a co-author of InterActive Legal’s Firearms Trust Planning drafting system.

Author Profile

Amanda Boardman

Amanda joined InterActive Legal in August 2020 and serves as a Content Support Specialist. Amanda holds a B.S. in Paralegal Studies, A.S. in Paralegal Studies Magna Cum Laude and a Paralegal Certificate from Liberty University and Bristol Community College.
She has worked as a Paralegal for six years with experience in Estate Planning, Probate of Estates, Estate and Trust Administration, Guardianships, Conservatorships, Health Care Proxy Affirmations and Commitments.