Joint Meeting with South Dakota State Bar
Please join us for this joint event with the State Bar of South Dakota. A webinar of this event will not be offerd. It is in-person only. Please note this event is at The Country Club of Sioux Falls.
Read will speak on The Secret Life of Powers of Appointment, Estate Planning for GST Nonexempt Trusts, and Estate Planning for QTIP Trust Assets.
- The Secret Life of Powers of Appointment. This presentation revisits tax law and property law basics of powers of appointment and addresses some lesser-known tax and property law rules related to powers of appointment.
- Estate Planning for GST Nonexempt Trusts. Most GST tax-related presentations, however, focus on how to ensure trusts are exempt from the GST tax whether by grandfathering or the application of GST exemption. Presentations on the GST tax, however, rarely cover how the GST tax on nonexempt trusts works. Since the GST tax was implemented in 1986, however, clients have set up thousands of trusts that are not exempt from the GST tax. This presentation describes how the GST tax applies to nonexempt trust and covers planning opportunities. Although the GST exemption has increased substantially in the last 20 years, there are lots of trusts out there with inclusion ratios of one created when the GST exemption was much smaller. Those trusts now will soon face GST tax-related issues even though the trust’s assets may be less than the current GST exemption for a living person.
- Estate Planning for QTIP Trust Assets. Since 1981 clients have created a very large number of QTIP trusts in the name of estate tax deferral. However, all deferral comes to an end, so often estate tax-related planning is necessary for assets held in QTIP trusts. Planning of this kind, however, is considerably different than when an individual deals with estate planning for individually owned assets. Planning for assets in QTIP trusts involve considerations of fiduciary duties of the trustees to all beneficiaries as well as complicated tax issues related to how section 2044 and 2519 work. This presentation will address how these issues play out.
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About the Speaker
M. Read Moore is a partner in the international law firm of McDermott Will & Emery LLP and provides legal counsel on all aspects of estate planning, estate and trust administration, tax controversy, and privately owned business governance and succession planning. Read works with clients across the United States and around the world on innovative planning and tax and nontax controversies for private companies, domestic and foreign trusts, and wealthy family groups. He has considerable experience in the international aspects of the private client practice, including inbound investment and wealth transfers to the United States, the U.S. tax and legal aspects of non-U.S. private company and wealth management structures, and U.S. tax compliance for clients with global investments and assets.
Read is a Fellow of The American College of Trust and Estate Counsel and is an Academician of the International Academy of Estate and Trust Law. Read is listed in Best Lawyers in America, which named him 2012 and 2018 Trusts and Estates Lawyer of the Year for Chicago and 2021 Trusts and Estates Lawyer of the Year for San Francisco. Read is one of only three lawyers in Northern California ranked in Band 1 for Private Wealth Law by Chambers & Partners. Read is also a member of the Advisory Committee for the Heckerling Institute on Estate Planning. Read is an active member of the bars in Illinois, California, Oregon, and Washington.
A native of Seattle, Washington, Read received his B.A. magna cum laude from Rice University in 1987, where he was elected to Phi Beta Kappa. Read received his J.D. in 1990 from the University of Virginia School of Law, where he was a member of the Editorial Board of the Virginia Law Review.
