This program will explain the practical implications of recent estate planning developments that affect CPAs as well as practical planning tips to use with clients now. Recent developments will address: the Smaldino case and its implications to step transactions and proper tax compliance to coordinate with the estate plan; a recent GRAT CCA that affects all valuations and perhaps defined value mechanisms; and lessons from the Levine case on how to do estate planning right (even if you never see a split-dollar arrangement).

Learning Objectives:

• Recall practical estate planning tips on trust income taxation


• Define asset protections


• Identify basic documents you and your clients need


• Recognize creative uses of revocable trusts that CPAs should know