Tag Archives: Trust Fundamentals

Real Estate Tax Deduction

Many deductions allowed to an individual for federal income tax purposes for certain expenses or costs incurred have been permanently eliminated, or suspended or limited until 2026 by the 2017 Tax Act(“Act”—also commonly known as the Tax Cuts and Jobs Act) for tax years after 2017.1The deduction under Section 164 for state and local income, sales, and property taxes has been limited to $10,000 annually for individual taxpayers including estates of decedents and non-grantor trusts3through 2025.

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Reasons to Decant a Trust

Joe is a married 55-year-old surgeon with three adolescent children. He has accumulated substantial assets in addition to his high annual income. Joe would like an estate plan that provides for his family and future descendants as well as current asset protection.

Based on these facts, it appears that Joe might be a good candidate for a self-settled Alaska Asset Preservation Trust. This trust provides great estate planning and an element of asset protection for Joe and his family.

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Steve Oshins- Decanting and DAPTs

Decanting can be a great way to add flexibility to irrevocable trusts. Beyond correcting scrivener’s errors, resolving ambiguities, or clarifying trust language, decanting allows trustees to change some provisions of an irrevocable trust by pouring the assets into a new trust with modified terms.

Decanting can be used to make administrative changes like a change of trust situs, changes to the number and powers of trustees, or to consolidate trusts, to list a few. Decanting also can be used to make certain changes to how the trust assets are distributed, like enhanced spendthrift provisions, enhanced asset protection, or to qualify a special needs beneficiary for needs-based benefits, among other dispositive changes.

Drafting Superior Trusts- Group Panel Discussion

Peak Trust Company hold a workshop called “Drafting Superior Trusts”  on September 29, 2016.

Covered the following topics:

  • Special Trusts and Special Things about Trusts for Your Clients (Jonathan & Matthew Blattmachr)
  • Non-grantor Trusts w/ Settlor as Direct & Indirect Beneficiary (William Lipkind)
  • S. Estate Planning for NonCitizens and NonResident Aliens (Diana Zeydel & Karen Yardley)
  • Drafting Superior GRATs (Carlyn McCaffery)
  • Decanting and DAPTs (Steve Oshins)