Session Details: Symposium 2019

Estate planning and elder law attorneys are tasked with carefully drafting trusts that memorialize their clients wishes. Practitioners should also draft trusts with tax efficiency in mind. With the estate tax exemption being what it is today (and what it will be for the foreseeable future), estate tax savings, while important, may not be as critical as it was in years past. Instead, practitioners should be focused on drafting trusts that include other tax savings strategies, including income taxes and capital gains.

This session will begin with a brief overview of basis planning: what is it and why is it important when drafting a trust. Next, we will discuss income tax considerations for current distributees of a trust. Finally, we will discuss income allocation, including UPIA considerations.