Step-Up in Basis in Trusts and LLCs: 2022 Guide

Agenda / Content Covered

1. Federal Tax Update: Rates, Exemptions, Proposed Legislation
   1:00 - 1:30, Neal B. Jannol
   1. Current Income and Capital Gains Tax
   2. Estate, Gift, GST Tax, and Portability Update
   3. Step-Up Basis Rules: Inherited Assets and Gifted Assets
   4. Stepped-Up Tax Basis at Death
   5. Legislative Effort to Curb Step-Up Planning
2. What to do With Trusts That Maximize Step-Up in Basis
   1:30 - 2:00, Neal B. Jannol
   1. Top Trust Structures
   2. Key Provisions
   3. Powers of Appointment: LPOA and Conversion to GPOA
   4. Elections
   5. Post-Mortem Techniques
   6. Transfers of Highly Appreciated Assets Back into the Taxable Estate
3. LLCs and the Step-Up in Basis: Gifts of Fractional Interests
   2:00 - 2:30, Roger J. McClure
4. Second Step-Up in Estates Under Federal Estate Tax Exemption
   2:45 - 3:15, Roger J. McClure
5. Tax Reporting Rules and Requirements
   3:15 - 3:45, Neal B. Jannol
6. Planning and Administration in the Event the Step-Up is Nixed and What can be Done Now
   3:45 - 4:15, Roger J. McClure

Accreditation Details:

Neal B. Jannol is a sole practitioner in Los Angeles at the Law Office of Neal B. Jannol. He has been an attorney for more than 20 years, and concentrates his practice on sophisticated estate and tax planning for individual clients, the representation of individual and corporate fiduciaries, and the administration of estates and trusts. Mr. Jannol's experience includes drafting revocable and irrevocable trusts, business succession planning, premarital planning, charitable gift planning, and all aspects of estate administration and probate procedures. He is a member of the State Bar of California. Mr. Jannol earned his B.A. degree, magna cum laude, from the University of California at Los Angeles and his J.D. degree from the University of California at Berkeley, Boalt Hall School of Law.

Roger J. McClure is a practicing attorney with Washington Wealth Counsellors® PC, and has more than 35 years of experience. He maintains a business, estate and charitable planning law practice based in Virginia. He has conducted civil and criminal trials in local courts, represented creditors in bankruptcy proceedings, and litigated antitrust and trade regulation cases involving the largest corporations in America in federal regulatory proceedings. Mr. McClure served 10 years in the Virginia legislature (House of Delegates) and is past president of the Northern Virginia Estate Planning Council and the Northern Virginia Apartment Association. He has published books and articles in ABA publications. Through Wealth Counsel and his professional associations, he works with professionals in every state to assist their clients in solving problems and enhancing planning. Mr. McClure holds an undergraduate degree in international studies; a Masters degree in Political Science from Northwestern University; and his J.D. degree, with honors, from The Ohio State University Law School.