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The Supercharger QDOT; 2024 Estate & Gift Tax Conference
Taxation Law Section
Credit(s):
0.75 Legal Specialization in Estate Planning; Trust & Probate Law
0.75 Legal Specialization in Taxation Law
0.75 Participatory MCLE Credits
Many practitioners simply draft basic QDOT provisions into their trusts, but we may wish to ensure flexibility between income distributions versus unitrust treatment. For example, what type of planning can be implemented to reduce U.S. estate tax on an appreciating, closely-held entity? Practitioners may also want the flexibility to allocate capital gains to income, noting that capital gains are taxed at 40% when distributed. In certain events, capital gains may be taxed in the trust and then taxed again when distributed out of the QDOT. It is important to tee-up options for the trustee to reduce U.S. estate tax overall.
Importantly: It may be that allowing the surviving spouse to create a self-settled QDOT would have preferable tax attributes over time. The surviving grantor can build into a self-settled trust options that the decedent spouse cannot. Further, if the surviving spouse is non-U.S. citizen, non-U.S. resident, it may be preferable for the trust to be characterized and taxed as a foreign trust. Several options provide opportunities for U.S. income tax efficiency and U.S. estate tax mitigation, especially when coupled with unitrust treatment.
0.75 Legal Specialization in Estate Planning; Trust & Probate Law
0.75 Legal Specialization in Taxation Law
0.75 Participatory MCLE Credits
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