The IRS, New Trust Modifications and Tax Consequences

Letters IRS
The IRS is at it again! Some practitioners in the estate planning community are referring to CCA 202352018 as the biggest IRS announcement in a decade.  This new unexpected CCA looks to attack trust modifications by changing its prior position to find that a trust modification resulted in a taxable gift by the Beneficiaries to the Grantor.
This is the “tip of the iceberg” in terms of tax consequences related to decanting and trust modification. Trust modification has exploded with the Uniform Trust Code adopted by 35 states and other states having similar provisions. It is used to “correct” a trust for Medicaid and Special Needs Planning. Trust modification may trigger gift tax, income tax, or change estate tax in unexpected manners.
This webinar will:  
1. Review CCA 202352018 and how to avoid its specific ruling.  
2. Educate practitioners on income, gift, and estate tax issues that need to be navigated when decanting or modifying an irrevocable trust.  
3. Highlight the “triggering” language needed in a trust agreement to allow modification.

Free to NAELA Members March 28, 2024, 2:30p.m. – 3:30 p.m. Eastern

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3/28/2024 2:30 PM - 3:30 PM
Eastern Daylight Time

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Mark D. Munson, CELA, CAP

Ruder Ware LLSC

Wausau, WI

Deirdre R. Wheatley-Liss, CELA

Porzio, Bromberg & Newman, P.C.

Morristown, NJ

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