ACTEC Trust & Estate Talk

Wendy Goff, a trust and estate practitioner, walks through specialized, often overlooked trusts and when they fit a plan. She covers HEETs for multi‑generation education and charity planning. She explains alimony/maintenance trusts, voting trusts for family business governance, blind trusts for executives, and emerging crypto and digital‑asset trust ideas.

Terry Franklin, a trust and estates litigator and ACTEC Fellow, shares his insights on how cultural awareness can enhance estate planning. He highlights the historical barriers that African Americans face in pursuing these services, emphasizing the importance of communication tailored to clients' cultural backgrounds. Franklin explores the significance of education and non-property wealth as protective assets, and discusses the long-standing impact of policies like redlining on the racial wealth gap. He advocates for using estate planning as a means to foster intergenerational wealth within marginalized communities.

Explore the critical role of cultural competence in estate planning. Learn how clients' cultural backgrounds influence their preferences and family dynamics. Discover the four components of cultural competence that enhance attorney-client relationships. Understand how ABA Model Rules relate to cultural awareness, communication, and confidentiality. Insights include adapting language and communication styles to meet diverse client needs, ensuring everyone feels understood and respected in the planning process.

Christopher Hoyt, a law professor at the University of Missouri and ACTEC Fellow, delves into significant tax changes coming in 2026. He highlights how new charitable deduction rules will affect high-income taxpayers and older donors. The introduction of a non-itemizer deduction and a new tax credit for K–12 scholarship charities is explored. Hoyt contrasts IRA giving with itemized strategies, emphasizing the advantages of Qualified Charitable Distributions (QCDs) for donors over 70½ to maximize tax benefits.

Dive into the dilemma of portability in estate planning, highlighted by the costly case of Rowland v. Commissioner. Discover how an incomplete estate tax return resulted in a $3.7 million loss for the surviving spouse. Understand the nuances of relaxed reporting rules and why they failed in this scenario. The discussion covers critical steps to ensure a valid portability election and the IRS's stance on prevalidation. Gain insights that could save estates from significant financial pitfalls!

Common Form 709 mistakes can trigger costly GST and gift-tax consequences. ACTEC experts explain how to spot and fix DSUE, GST allocation, and gift-splitting errors. The American College of Trust and Estate Counsel, ACTEC, is a professional society of peer-elected trust and estate lawyers in the United States and around the globe. This series offers professionals best practice advice, insights, and commentary on subjects that affect the profession and clients. Learn more in this podcast.

Discover the ins and outs of Form 709-NA for nonresident gifts and the recent IRS e-filing updates. Learn how new rules simplify gift splitting and the proper reporting of digital assets like cryptocurrencies. The discussion delves into adequate disclosure, the statute of limitations for gift audits, and what constitutes sufficient reporting. This insightful conversation is packed with practical tips and ethical considerations that are crucial for trust and estate professionals.

Join Andrea Chimakas, a fiduciary counsel fellow and trustee practitioner from Charlotte, as she dives into the intricacies of managing Irrevocable Life Insurance Trusts (ILITs). She unpacks the differences between grantor and non-grantor classifications and emphasizes the importance of Crummey withdrawal rights for tax efficiency. Andrea also discusses how to value life insurance policies as trust assets, the duty of diversification for trustees, and the complexities in detecting triggering gifts. Her insights provide a roadmap for effective trust management.

Professor Christopher Hoyt, a law professor at the University of Missouri and ACTEC Fellow, discusses significant tax changes affecting charitable deductions for 2025 and 2026. He outlines new above-the-line deductions for non-itemizers, the raised SALT cap, and how older donors can maximize benefits through IRA gifts. Hoyt explains why younger donors should favor appreciated stock and shares year-end planning strategies, highlighting the importance of bunching gifts into donor-advised funds. Overall, it’s a vital guide for navigating upcoming tax changes.

Brent Nelson, an ACTEC Fellow and expert in cross-border trust taxation, dives deep into the complexities of foreign non-grantor trusts. He clarifies how classification hinges on trustee control and the differences between grantor and non-grantor rules. Brent discusses strategic planning for U.S. beneficiaries, including timing for residency changes and managing distributions to avoid penalties. He also explains crucial U.S. reporting obligations, ensuring listeners are well-equipped for successful cross-border estate planning.