[EstGift] Summer Meeting Material

[Mickey Davis]

All,

I'm looking forward to seeing all of you at the Summer Meeting in beautiful Dana Point!  The E&G Committee meets on Saturday, June 21 from 2:45 to 5:15 PDT.  The meeting promises to be a Basis Adjustment Blockbuster.  Among the topics scheduled are:


*         A new twist from new committee member Les Raatz on triggering the Delaware Tax Trap to obtain basis in states that have adopted the Uniform Statutory Rule Against Perpetuities.

*         Is a power held by a trust protector to grant a beneficiary a general power the same as a power "held jointly" with the trust protector?  A potential Section 2041(b)(1)(C)(iii) "gotcha."

*         Can I get a basis adjustment for assets sold to an "Accidentally Perfect" Intentional Defective Grantor Trust for a note?  The 2053 regulations suggest maybe not but the partnership rules suggest maybe so.  Stacey Eastland promises to help us sort this out.

*         Some advocate buying low basis assets from your grantor trust so that you can get a step-up in basis in those assets at death.  Jerry Hesch will discuss whether this tool results in gain recognition to the trust upon the grantor's death.

*         Section 1014(b)(6) provides for a new cost basis for the surviving spouse's one-half interest in community property.  Jonathan Blattmachr will discuss whether the adjustment works for a community property decedent when real estate in a non-community property state is involved (and a possible fix for this potential problem).

*         Our popular Open Forum Topic this meeting with be:  It's All About Basis-What strategies are you considering to help ensure a basis adjustment upon the death of your clients?
If time permits, we will review some other recent developments on topics of interest.

Here's a link to the material (they don't seem to be posted on the App just yet).

http://tinyurl.com/ACTEC-S14-EstGift

Hope to see you there!

Mickey R. Davis
Davis & Willms, PLLC
Fellow, American College of Trust and Estate Counsel
Board Certified - Estate Planning & Probate Law Texas Board of Legal Specialization
3555 Timmons Lane, Suite 1250
Houston, Texas 77027
(281) 786-4502 voice
(281) 742-2600 fax
mickey at daviswillms.com<mailto:mickey at daviswillms.com>   |   www.daviswillms.com<http://www.daviswillms.com/>
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