First Run Broadcast: January 21, 2016
Live Replay: August 18, 2016
1:00 p.m. E.T. (60 minutes)
“Portability,” a relatively new concept in estate planning, allows a spouse to transfer – or make “portable” – the unused portion of his or her lifetime gift tax exclusion to the other spouse. There are substantial planning opportunities to maximize the previously unused portion of a lifetime gift tax exemption, reduce client taxes, and achieve other client goals. However, the concept of portability is still new and the process of electing it and integrating it with clients’ larger estate plans can be problematic. Planners also need to consider the impact of electing portability on existing credit shelter and bypass trusts, and how those trusts may need to be modified. This program will provide you with a practical guide to estate and trust planning with portability.
· Practical estate planning with portability and how it alters current practice
· How to elect portability for clients – timing, forms, common traps
· Portability and second marriages – planning and drafting challenges
· Integrating portability into a client’s overall estate and trust plans
· Planning limitations and risks of portability
· Impact of electing portability on credit shelter and bypass trusts
Blanche Lark Christerson is a managing director at Deutsche Bank Private Wealth Management in New York City, where she works with clients and their advisors to help develop estate, gift, tax, and wealth transfer planning strategies. Earlier in her career she was a vice president in the estate planning department of U.S. Trust Company. She also practiced law with Weil, Gotshal & Manges in New York City. Ms. Christerson is the author of the monthly newsletter “Tax Topics." She received her B.A. from Sarah Lawrence College, her J.D. from New York Law School and her LL.M. in taxation from New York University School of Law.
Jeffrey M. Gad is a partner in the Tampa, Florida office of Akerman, LLP, where his practice emphasizes representing individuals emphasizing a broad range of probate, business and taxation related issues. His practice integrates the personal and estate tax planning concerns of individuals with tax and business planning for their closely-held businesses. He has extensive experience in all aspects of probate and trust administration, including the preparation of estate tax returns. Mr. Gad earned his B.S.B.A. from the University of Florida, his J.D., magna cum laude, from Nova Southeastern University, Shepard Broad Law Center, and his LLM from New York University School of Law.