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Trust and Estate Planning, Wyoming Uniform Trust Code Changes, IRA Beneficiary Designation, and Portability

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Time: 10:15 AM - 11:45 AM
Presenters: Mr. Robert H. Leonard
Ms. Jessica Ann Schneider
Credits: 1.5 (including 0 ethics)

This presentation will be crucial for Wyoming attorneys who do trust and estate work. Three important topics will be addressed.

The first topic will be an update of important changes to Wyoming’s Uniform Trust Code in the 2013 legislative session. The changes include a provision for tenancy by entireties in trust, a new asset protection trust, a new provision for lifetime contests of revocable trusts, and the addition of a trustee power to decant property from a trust.

The second topic will cover designating a trust as an IRA or employer retirement plan beneficiary. This topic will cover IRS trust beneficiary designation requirements; the pros and cons of designating a marital trust, credit shelter, or children’s trust as a beneficiary; and the common pitfalls for using a trust as an IRA or retirement plan beneficiary.

The final topic will cover portability of a deceased spouse’s estate and gift tax exclusion amount. Portability was first introduced in the 2010 Tax Relief Act and made permanent in the American Taxpayer Relief Act of 2012. Portability has changed how attorneys approach estate planning for married couples and has created a whole new area of potential attorney malpractice. The portability presentation will cover recommendations on when to use portability and when not to use it. It will also cover the requirements for carrying forward a deceased spouse’s unused exclusion amount and how a deceased spouse’s unused exclusion amount may be used by the surviving spouse for lifetime gifts and transfers at the second death. The portability presentation will also address how a portability election or a failure to make a portability election could have important income tax consequences at the second death.

     

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