An irrevocable trust that is deemed owned by a beneficiary for income tax purposes (a “Code §678 trust”) can have several uses. First, if the beneficiary is in a lower overall federal and state income tax bracket than the trust, a Code §678 trust can save significant income taxes. Second, a client may be able to sell assets to a Code §678 trust and retain much more benefit and control than a traditional sale to an irrevocable grantor trust.
Code §678 trusts come in many flavors: BDITs, BDOTs, QSSTs, and relatively simply drafted trusts. Learn some of the nuances of various issues in using them during this webinar.
PLEASE TAKE THE PREREQUISITES SERIOUSLY – THEY ARE NECESSARY FOR YOU TO BENEFIT FROM THE WEBINAR.
Prerequisites: Knowledge of irrevocable grantor trusts can be gained by attending Formula Transfers for Estate Planning, and a basic understanding of the taxation of beneficiaries of irrevocable trusts can be achieved by attending the course: How to Shift Income to Beneficiaries
Steve has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also prepared organizational documents for limited liability companies, corporations, and partnerships to implement their owners' wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies.
Steve enjoys helping clients structure their affairs to achieve their personal, business, and financial goals while reducing the drag that taxes imposed on them. His firm provides full service to businesses; however, he also acts as counsel on specialized matters while cooperating and facilitating the continued involvement of an existing legal, accounting, and financial services team. Steve maintains his CPA license but prefers to refer income tax returns to practicing CPAs.
Steve Gorin is the former president and an ongoing contributor to Covenant Place’s strategic initiatives. It is a senior affordable housing community with a groundbreaking model for integrated residents with the surrounding community and facilitating holistic services to enrich their lives.
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