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The Year-End CLAT: Where Is Your Client At?



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Charitable Lead Annuity Trusts constitute the most potent and best fit estate and gift planning arrangement for many affluent taxpayers. The 100% of adjusted gross income charitable deduction that is available in 2020, the ability to withdraw moneys from an IRA and donate all of the amounts received to charity under the 100% of AGI rule,  and possible reduction of the estate tax exemption in 2026 or sooner makes determination of if and when to use  a  CLAT as opposed to other options or in conjunction therewith  an important decision. 

In their exclusive LISI Webinar, Jerry Hesch and Alan Gassman present a thorough and interesting 90-minute discussion of how CLATs work, design and implementation considerations, and traps for the unsuspecting. Topics to be discussed include the following:                                                                       

1.         What you need to put the CLAT in your estate tax planning tool kit.

2.         How a life-time CLAT can save both income and estate tax while benefitting a family-controlled or other charity in a flexible manner.

3.         How to run numbers on CLATs, including the use of spreadsheets that will be shared with attendees as Excel documents.

4.         Whether to use a fixed annual payment, 20% per year increase, or Shark Fin CLAT - Advantages and disadvantages.

5.         Deciding whether to use a grantor or non-grantor CLAT.

6.         How CLATs work with other planning devices.

7.         Planning ahead for possible CLAT termination and directed charitable payments and remainder beneficiary rights.

8.         What investments and relationships grantor and non-grantor CLATs are allowed to have under prohibited transaction, excess business holdings, and other rules.

9.         A one-page Master Class Cheat Sheet that can be reviewed during the presentation and annotated for long-term use and memory retention.

Alan S. Gassman, J.D., LL.M., is a partner in the law firm of Gassman, Crotty & Denicolo, P.A., and practices in Clearwater, Florida. He is a frequent contributor to LISI, and has published numerous articles and books in publications such as BNA Tax & Accounting, Estate Planning, Trusts and Estates, Interactive Legal and Haddon Hall Publishing. The Alan Gassman Channel at Interactive Legal has recently opened, and features many books and resources, including many Florida and Federal based materials, forms and resources. He is also the Moderator for Bloomberg BNA's 2017 Estate Planning Webinar Series. On February 24th Alan and his partners Christopher Denicolo and Ken Crotty will present a Bloomberg BNA Webinar at 12:30 EST on Innovative Trust Planning for Uncertain Times. You can contact Alan at agassman@gassmanpa.com for more information with respect to these programs. 

Jerome M. “Jerry” Hesch is the Director of the Notre Dame Tax and Estate Planning Institute. Jerry also serves as an income tax and estate planning consultant for lawyers and other tax planning professionals throughout the country. He is also Special Tax Counsel to Oshins & Associates in Las Vegas, Nevada and Meltzer, Lippe, Goldstein & Breitstone, in Mineola, NY. He is on the Tax Management Advisory Board, a Fellow of American College of Trusts and Estates Council and the American College of Tax Council, has published numerous articles, Tax Management Portfolios, and co-authored a law school casebook on Federal Income Taxation, now in its fourth edition. He was elected to the National Association of Estate Planning Counsel’s Estate Planning Hall of Fame. Jerry has presented papers for the University of Miami Heckerling Institute on Estate Planning, the University of Southern California Tax Institute, the Southern Federal Tax Conference, the New York University Institute on Federal Taxation, NAEPC and the AICPA, among others. He has participated in several national and local bar association projects, including the Drafting Committee for the Revised Uniform Partnership Act. He received his BA and MBA degrees from the University of Michigan and a JD degree from the University of Buffalo Law School. He was with the Office of Chief Counsel, Internal Revenue Service, Washington, D.C. from 1970 to 1975, and was a full-time law professor from 1975 to 1994, teaching at the University of Miami School of Law and the Albany Law School, Union University. He is currently an adjunct professor of law, teaching courses at the Florida International University Law School and the on-line LL.M. program at the University of San Francisco Law School.

 



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