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Snap, Crackle, Swap: The Substitution Power in Grantor Trusts



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Grantor trusts are ubiquitous in estate planning, but significant uncertainty still exists amongst practitioners about the “right” powers to make the trust a grantor trust for income tax purposes. In this dynamic 90 minute program, Paul Hood will conduct an exhaustive analysis of the power to swap assets with a grantor trust, which two revenue rulings made much more common in use. Along the way, Paul will address: 

  • History of the swap power as a grantor trust power

  • Clifford Regulations

  • Analysis of IRC Sec. 675(4) and the corresponding regulations

  • The meaning of “reacquire”

  • Tax consequences of holding the swap power; Jordahl Estate v. Com’r.

  • Tax consequences of exercising the swap power

  • Who should hold the swap power and who shouldn’t

  • How should the swap power be held and exercised, i.e., in a fiduciary or non-fiduciary capacity

  • Outer limitations on the swap power and what can be substituted for the grantor trust assets; promissory notes

  • Meaning of “equivalent value”

  • Should the swap power be held in a fiduciary capacity or a non-fiduciary capacity

  • Rev. Rul. 2008-22 and 2011-28; Rev. Proc. 2007-45: Comfort to use of the swap power?

  • Effectiveness of the swap power

  • Toggling the swap power and the consequences of such; Notice 2007-73

  • Duties of the trustee when a swap power is exercised

  • State court cases involving the swap power

  • Uses of the swap power for basis planning

  • Analysis of the proper language for the swap power, including forms!
  • Don’t miss this practical and comprehensive program! If you have a question that you’d like to see Paul address during the webinar, just e-mail him at paul@paulhoodservices.com




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    A native of Louisiana (and a double LSU Tiger), Paul Hood obtained his undergraduate and law degrees from Louisiana State University and an LL.M. in taxation from Georgetown University Law Center before settling down to practice tax and estate planning law in the New Orleans area. Paul has taught at the University of New Orleans, Northeastern University, The University of Toledo College of Law and Ohio Northern University Pettit College of Law. The proud father of two Eagle Scouts and LSU Tigers, Paul has authored or co-authored seven books and hundreds of professional articles on estate and tax planning and business valuation.  He was with The University of Toledo Foundation for over four years as Director of Planned Giving, leaving in January 2018. He can be contacted at 

    paul@paulhoodservices.com



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