Defined Value Clauses: Drafting & Avoiding Red Flags - Audio Webcast
April 2018
Defined Value Clauses: Drafting & Avoiding Red Flags
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Program Description
Formula and defined value clauses are used in estate planning to attempt to “fix” the value of property transferred in a lifetime gift, testamentary transfer, or in a sale. These clauses are also frequently used in marital deduction and credit shelter trusts, and in GST allocations. Carefully drafted formula clauses can withstand IRS scrutiny and optimize tax outcomes for a client’s estate. But the IRS has recently issued new guidance in this area and has become more aggressive in challenging formula clauses as not reflecting economic reality and understating the value of property transferred. This program will provide you with an in-depth discussion of the uses of formula clauses in trust and estate planning, recent regulatory and case law developments, and practical guidance in drafting clauses to avoid red flags and withstand IRS scrutiny.
- Understanding the uses and risks of defined value clauses in trust and estate planning
- Types of clause – formula allocation by subsequent agreement, final value for gift taxes, or price adjustment
- How clauses are used in marital deduction and credit shelter trusts, and in Generation Skipping Transfer Tax allocations
- Spotting red flags that may adverse IRS action and planning to avoid
- Recent case law and regulatory developments, including IRS 20-16-17 Priority Guidance Plan
- Special considerations in “de-coupled” states
Faculty:
Jennifer A. Pratt is a partner in the Baltimore office of Venable, LLP, where she has assists client with estate planning, charitable giving, and estate and gift tax controversy matters. She has extensive experience with estate administration, the preparation of federal estate and gift tax returns, as well as fiduciary income tax returns. Earlier in her career, she worked with a major national bank and has particular expertise in adapting financial products to the estate planning needs of clients. She has been named in the 2011 edition of “Maryland Super Lawyers Rising Stars Edition.” Ms. Pratt received her B.A., summa cum laude, from the University of Baltimore, her J.D., magna cum laude, from the University of Baltimore School of Law, and her LL.M. in taxation from the University of Baltimore.
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