Sep
21
Our quarterly Elkhart County Estate Planning Council meeting on September 21 will offer two sessions focused on how to avoid possible mistakes in tax return reporting and when drafting revocable living trusts. The session will start with registration and breakfast at 7:30 a.m. and those attending the two, 90-minute sessions will earn three hours of continuing education credits from Indiana Commission on Continuing Legal Education and American Bankers Association. Ten Common Gift Tax Return Reporting Mistakes to Avoid, 8:05 to 9:35 a.m. With the lifetime gift tax exemption amount nearly doubled under the recently enacted Tax Cuts and Jobs Act, clients have a historic and limited opportunity to engage in significant lifetime transfers until the exemption is scheduled to restore to pre-reform figures in 2026, or perhaps earlier if the tax laws change before then. The surge of lifetime gifts and related transfers have necessitated the preparation and filing of gift tax returns. However, property reporting and presenting gifts on a Federal Gift Tax and Generation Skipping Tax Return, Form 709, are riddled with nuances and complexity. This presentation will help the tax practitioner navigate through these nuances and complexity, to properly present gifts on the gift tax return and begin the running of the statute of limitations for assessment. Preventing Landmines When Drafting Revocable Living Trust: Ten Tax Traps to Avoid, 9:45 to 11 a.m. Many estate planning lawyers incorporate a revocable living trust in their practice when building a holistic estate plan. The term “ trust” is often used synonymously with “revocable trust,” “living trust,” or “inter vivos trust,” among others. The tax provisions included in the revocable living trust, many of which are not intuitive, are critical to enabling certain tax elections and types of tax minimization strategies. This presentation will help the practitioner identify these critical tax provisions and draft them through the lens of successful intentional implementation, rather than a hidden landmine that could potentially derail the entire estate plan upon the Settlor’s death.  
The Estate Planning Council provides multi-disciplinary education, understanding, and cooperation among professionals who are involved in estate planning.
This event is free for members of the Estate Planning Council. The cost is $75 for nonmembers. If you haven't joined for $100 annually, you can do so here. This event will be in-person with no virtual availability.
About our speaker:
Raj A. Malviya, J.D., LL.M. (Tax), is a partner in the Private Client practice group at Miller Johnson, and he practices in all areas of domestic and international estate planning. Mr. Malviya specializes in transfer tax, fiduciary income tax, and matters related to tax and nontax planning for U.S. citizens, residents, and nonresidents who have ties to foreign jurisdictions. Mr. Malviya provides estate planning services to all ranges of private clients and incorporates tax planning, managed succession and asset protection in the planning. His focus is:
  • General estate planning: preparing foundational estate plans that include living trusts, wills, durable power of attorney and health care directives.
  • Asset protection: implementing “life-planning” strategies through reliance on statutory protections, proper asset titling, beneficiary designations, trust and entity formation and related techniques to protect assets from an individual’s creditors, predators and themselves.
  • Retirement plans: using assets including qualified plans, government plans, IRAs, deferred compensation plans, split dollar plans, executive bonus plans, and carve out plans.
  • Transfer tax and income tax: utilizing trusts, gifting techniques, entities and various “estate freeze” strategies including installment sale arrangements, private annuities, qualified personal residence trusts (QPRTs), grantor retained annuity trusts (GRATs), and sales to intentionally defective grantor trusts (IDGTs).
  • Generation and business succession: preparing for the next generation on a tax-advantaged basis using gifting and sales techniques, GRATs, life insurance trusts, sales to IDGTs, and family limited partnerships and limited liability companies
  • Charitable giving: planning with gifting techniques to utilize and leverage charitable income tax and transfer tax deductions by using various types of irrevocable trusts including charitable remainder trusts (CRTs) and charitable lead trusts (CLTs).
  • Formation, planning, and governance, associated with domestic and foreign charitable and tax-exempt organizations.
Event Agenda
Giving

The Community Foundation of Elkhart County is focused on improving the quality of life in Elkhart County by inspiring generosity.