ACTEC Trust & Estate Talk

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.

Artificial Intelligence is redefining publicity rights. From ABBA's "ABBAtars" to AI voice cloning and estate planning battles, the legal landscape is shifting fast. ACTEC Fellows discuss the challenges and their implications for legacy planning. 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.

In this engaging discussion, Steve Gorin, an ACTEC Fellow and expert in trust and estate tax practices, unpacks the recent changes to the Qualified Business Income deduction following the One Big Beautiful Bill Act. He elaborates on how the new legislation expands phase-in ranges, creating fresh tax planning opportunities for pass-through business owners. Gorin also sheds light on income thresholds, the intricate wage limitation mechanics, and clarifies which professions are affected by the specified service trade exclusions.

Explore OB3 Act changes to QSBS rules, including the new $75M limit, $15M exclusion, and strategies to maximize tax savings for founders and investors. 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 how the One Big Beautiful Bill Act reshapes Qualified Opportunity Zones, estate planning rules, and tax strategies for investors. 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.

Beth Shapiro-Kaufman, an esteemed ACTEC Fellow from D.C., dives into the transformative One Big Beautiful Bill Act (OBBBA) and its sweeping changes to estate and gift taxes. She reveals how the legislation increases tax exemptions and navigates the complex budget reconciliation process. The conversation also highlights new rules around charitable contributions and the impact of an excise tax on endowments, emphasizing the importance of adapting financial planning to these changes. It's a must-listen for anyone in the trust and estate profession!

Steve Akers, a prominent trust and estate lawyer from Dallas and ACTEC Fellow, dives into innovative estate planning strategies that prioritize family well-being over mere financial legacies. He emphasizes the importance of aligning estate plans with clients' hopes and dreams, outlining how trusts can support housing, healthcare, and education. Akers introduces concepts like the Family Advancement Sustainability Trust and discusses the new Delaware statute on beneficiary well-being trusts. He also draws inspiration from the Savannah Bananas on creating a fan-first culture to enhance client service.