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Tax Updates: Trust Modification, Buy-Sell Agreements, Financing

TAX UPDATES: TRUST MODIFICATION, BUY-SELL AGREEMENTS, FINANCING

Cost Free
Presentation Length 2.0 hours

Recorded DateMay 28, 2024
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelAdvanced
Course Description

IRS Chief Counsel Advice (CCA) 202352018 argues that a beneficiary’s consent to a trust modification was a gift, but also commented that a beneficiary’s failure to enforce rights was also a gift. This webinar will review income and transfer tax issues relating to various ways of modifying trusts.

In Huffman v. Commissioner, T.C. Memo. 2024-12, strictly interpreted the IRC §2703 comparability test and dramatically affects how to plan for buy-sell agreements.

This course will also review recent cases regarding loans or split-dollar life insurance arrangements.

Learning Objectives:


  • Identify how to minimize income and transfer tax consequences of decanting and other trust modifications

  • List steps to take to make buy-sell agreements satisfy IRC §2703

  • Evaluate tax consequences of loans or premium financing

Not logged
PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Thompson coburn llp

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. 

To know more about Steve Gorin, kindly click on the link below:

http://thompsoncoburn.com/people/steve-gorin

For various free resources Steve offers, see https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about

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About Our Presenter

Thompson coburn llp

For approximately 90 years, Thompson Coburn LLP has provided the quality legal services and counsel our clients demand to achieve their most critical business goals. Whether helping with a tax, estate planning, real estate or employment issue, navigating a complex acquisition or defending a product or service in litigation, we have the knowledge and resources to meet any legal need.


With over 380 attorneys, we have experience in more than 50 areas of the law. Supported by our firm's state-of-the-art technology, lawyers in our Chicago, Dallas, New York, Los Angeles, Southern Illinois, St. Louis and Washington, D.C. offices enjoy a nationwide practice.