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This webinar will discuss why all advisers should think about decanting, reformation, trust protector actions, and other possible options to correct or improve existing, old irrevocable trusts. In the past, a trust that was irrevocable was viewed as “carved in stone” and unchangeable. That is certainly no longer the case as the law, drafting techniques, and other circumstances have changed. This webinar will provide a practical discussion targeted towards not just lawyers who may draft the documents necessary to modify an old irrevocable trust but also the role which CPAs, wealth advisers, insurance consultants, and others can play in this process. Decanting—which is modifying the terms of a trust by distributing its assets to another perhaps newly drafted trust—is still relatively new, and uncertainty remains.
This webinar will explain why existing trusts should be reviewed to determine if improvements can be made, some of the options as to how those improvements might be achieved, and also the tax, legal, and other impediments that may thwart those efforts or create unanticipated tax or other costs. For example, a trust paying income tax in a high-tax state may, through decanting or other mechanisms, be able to sever its ties with the high-tax jurisdiction and provide annual state income tax savings to those involved. This option can be a planning idea that the CPA identifies and then works with counsel to implement. The objective of the program is to provide a multidisciplinary, practical approach to this important topic. This session will highlight practical action steps to discuss with clients as well as identify pitfalls to avoid.
Learning Objectives:
- Recognize that irrevocable trusts are no longer unchangeable and why they should be reviewed for opportunities to make improvements
- Describe how CPAs, wealth advisers, insurance consultants, and others play a role in modifying old irrevocable trusts
- Identify options to improve existing trusts as well as tax, legal, and other impediments that may thwart modification efforts or create unanticipated costs
Martin Shenkman
Shenkman Law
Dual Practitioner, Financial Planner
[email protected]
(201) 845-8400
Martin M. Shenkman, CPA, MBA, PFS, AEP (distinguished), JD, is an attorney in private practice in Fort Lee, New Jersey, and New York City, New York, with Shenkman Law. His practice focuses on estate and tax planning as well as planning for closely-held businesses and estate administration. Throughout his career, Mr. Shenkman received awards and acknowledgments from the New Jersey Bar Association, Worth Magazine, CPA Magazine, the American Cancer Society, and the AICPA. Mr. Shenkman holds a Bachelor of Science from the Wharton School at the University of Pennsylvania, an MBA from the University of Michigan, a law degree from Fordham University School of Law. He is admitted to the bar in New York, New Jersey, and Washington D.C.
Robert Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA
Keebler & Associates, LLP
Partner
[email protected]
(920) 593-1701
Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished) is a partner with Keebler & Associates,
LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award
from the National Association of Estate Planners & Councils. He has been named by Forbes as
one of the 2024 America’s Top 200 CPAs, by CPA Magazine as one of the Top 100 Most
Influential Practitioners in the United States, and one of the Top 40 Tax Advisors to Know
During a Recession. His practice includes family wealth transfer and preservation planning,
charitable giving, retirement distribution planning, and estate administration. Mr. Keebler
frequently represents clients before the National Office of the Internal Revenue Service (IRS) in
the private letter ruling process and in estate, gift, and income tax examinations and appeals,
and he has received more than 350 favorable private letter rulings including several key rulings
of “first impression.” He is the author of over 100 articles and columns and is the editor, author,
or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been
a speaker at national estate planning and tax seminars for over 30 years including the AICPA’s:
Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences,
NAPEC Conferences, The Notre Dame Estate Planning Conference, and the Heckerling Estate
Planning Institute. He also served as chair of the AICPA’s Advanced Estate Planning
Conference from 2014-2020. Mr. Keebler received an award from CPAacademy for Top
Presenter 2022. This award honors those who are committed to the education of accounting
professionals and shares their knowledge in an open and easily accessible format. He also
received an award for Top Tax Educator of the Year for 2021-22 from myCPE for outstanding
contributions in the field of tax education and exceptional dedication to the field.
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