Venable attorney Emily Plocki presented "Brilliant Estate Planning You No Longer Need – Unwinding the Plan Due to Death, Divorce, or Desire" at the ABA RPTE National CLE Conference in Boston, Massachusetts on May 10, 2019.
Estate planning that was brilliant at the time may nonetheless need to be revisited because of an unexpected change in financial or family circumstances, or a shift in focus to a step-up in income tax basis on death with the increased estate tax exemption. This presentation discussed tips and traps for unwinding estate planning vehicles that are no longer needed or that are counterproductive to current goals. The panel addressed:
- Unwinding vehicles such as FLPs, CRTs, QPRTs and QTIPs
- Releasing grantor trust powers
- Strategies for trusts to meet changing needs and objectives