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Estate, Insurance, and Charitable Planning following the 2017 Enactment of the Tax Cuts and Jobs Act of 2017
March 20 @ 12:00 pm - 1:00 pm
The 2017 Tax Cuts and Jobs Act will have a dramatic effect on both estate and insurance planning for 2018 – and at least through 2025 – because of the increase in transfer tax exemptions and the lowering of the corporate and pass-through income tax rates. The increase in estate tax exemptions will mean that many insurance policies purchased to “pay” the estate tax may no longer be needed for that purpose (as long as death occurs before 2026) and many structures used to finance those policies in irrevocable life insurance trusts (ILITs) may no longer be needed. From an estate planning view, the increase in the exemptions through 2025 will mean wealthy clients will have additional opportunities to make transfers to beneficiaries or trusts for their benefit – but it will also mean estate plans which relied on a formula allocation will need to be reviewed, and in many cases, revised.
The program will also discuss potential pitfalls and opportunities in charitable lifetime gifting and bequests, including methods of maximizing the tax benefits of charitable contributions after tax reform.
Practitioners will be prepared to advise clients how to deal with:
- Potentially unwanted life insurance policies, unneeded irrevocable insurance trusts, and unnecessary split-dollar arrangements – all in light of the Tax Cuts and Jobs Act;
- Maximum charitable deductions in light of the higher standard deduction;
- Modifying charitable bequests in light of the (temporary) estate tax exemptions;
- How the new law will affect the creation of new charitable trusts and foundations.
Larry Brody, JD, LLM is Senior Counsel in the St. Louis office of Bryan Cave where he practices in the private client area. He is also an adjunct professor at Washington University School of Law and a visiting adjunct professor at the University of Miami School of Law. He focuses his practice on estate planning for high net worth individuals and the use of life insurance in estate and non-qualified deferred compensation planning. He has authored two BNA Tax Management Portfolios, two books for the National Underwriter Company and is a frequent lecturer at national conferences on estate and insurance planning. Mr. Brody received the designation of Accredited Estate Planner by the National Association of Estate Planners and Councils, and was one of ten individuals awarded its Distinguished Accredited Estate Planner designation in the initial class, in 2004.
John J. (“Jeff”) Scroggin, JD, LLM has been practicing as a business, tax and estate planning attorney in Atlanta for 39 years. Jeff serves as a member of the Board of Directors of the University of Florida Levin College of Law and Florida Alumni Tax Advisory Council (for UF’s LL.M.(tax) program). He serves as a founding Director of the Florida Tax Institute. In 2017 Jeff was inducted into the NAEPC Estate Planning Hall of Fame. Jeff was Founding Editor of the NAEPC Journal of Estate and Tax Planning (2006-2011). He was Co-Editor of CCH’s Practical Estate Planning (2004 to 2006). Jeff is the author of over 260 published articles, white papers and books. Jeff has been widely quoted in national media, including 9 times in the Wall Street Journal and in the New York Times (2005, 2013, 2014), USA Today (2014, 2016), Forbes Magazine (1999, 2001, 2012, 2014, 2016), and Money (1999, 2005, 2015). Jeff practices out of an 1887 building in the historic district of Roswell. The building contains one of the largest collections of tax memorabilia in the country.