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The Law Firm Of Steven F Bliss Esq.

Living Trust Attorney

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Estate Lawyer San Diego
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Probate Lawyer San Diego
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Estate Planning Attorney San Diego
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
San Diego Probate Lawyer
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
San Diego Probate Attorney
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
San Diego Probate Lawyer
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
San Diego Estate Planning Attorney
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
San Diego Estate Planning Lawyer
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
San Diego Trust Attorney
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
San Diego Trust Lawyer
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
San Diego Wills and Trusts Attorney
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
San Diego Wills and Trusts Lawyer
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Estate Attorney
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Estate Lawyer
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Probate Attorney
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Probate Lawyer
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Estate Planning Lawyer
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Trust Attorney
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Trust Lawyer
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Wills and Trusts Attorney
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Wills and Trusts Lawyer
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
The Law Firm Of Steven F. Bliss Esq.
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800

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Charitable Deduction:

There is no up-front income or gift-tax charitable deduction available when a grantor establishes an inter vivos HEET. Nor is there an estate tax charitable deduction available for assets funding a testamentary HEET. An inter vivos HEET should probably be drafted as a “grantor trust” so that, when the HEET makes distributions to charity, the grantor will be entitled to an annual charitable income tax deduction for same. Since the grantor of the HEET pays the tax on the HEET’s income, a grantor HEET also benefits the beneficiaries, because the growth of the HEET’s corpus is not diminished by income taxes.

A testamentary HEET, an inter vivos non-grantor HEET, and an inter vivos grantor HEET after the grantor’s death, will all be taxed as complex trusts and will file their own Form 1041. In such case, the trust itself will deduct distributions of income to the charitable beneficiary. IRC Section 642(c). And unlike individuals whose charitable contribution deductions are limited by a 50% of AGI ceiling (at best), a trust can deduct its charitable contributions up to 100% of trust income.

Qualified Transfers:

Among those distributions that constitute a “qualified transfer” are tuition payments for full or part-time students to both domestic and foreign institutions. However, the costs of books and room and board do not qualify. To cover room and board, books and other college expenses, the grandparents may also want to fund IRC Section 529 plans. Qualifying medical expenses include expenses paid on behalf of a beneficiary to any person who provides services for the “diagnosis, cure, mitigation, treatment or prevention of disease or for the purpose of affecting any structure or function of the body or for transportation primarily for and essential to medical care.” Treas. Reg. Section 25.2503-6(b)(3). Covered are payments for hospital services, nursing care, medical laboratory, surgical, dental and other diagnostic services, x-rays, medicine and drugs (whether or not requiring a prescription), artificial teeth and limbs, and ambulance. Not covered are payments for elective surgery. Finally, the HEET can be used to provide medical and long-term care insurance for its beneficiaries.

Creditor Protection:

To maximize creditor protection, the trustee of the HEET should be given broad discretion to make distributions among a class of beneficiaries. While a beneficiary may be a trustee, for optimal protection of assets, it is preferable to assign all distribution powers to an independent trustee or co-trustee. The grantor and/or the beneficiaries can be given the power to remove and replace the independent trustee without adverse estate tax consequences, as long as any successor trustee so appointed is not “related or subordinate” (within the meaning of IRC Section 672(d)) to the grantor or beneficiary exercising the removal power.

Applications:

A HEET is most commonly used as part of the grantor’s testamentary plan for assets in excess of the GST exemption. For example, after the decedent’s GST exemption is allocated to a Dynasty Trust, a portion of the remaining estate could be allocated to a HEET. Those who want to make a large bequest to charity might divide the charitable portion of their estate between a family foundation and a HEET. The family foundation could also serve as the charitable beneficiary of the HEET. Of course, the advantage of a direct bequest to charity over a HEET is that estate taxes have to be paid on the assets passing to the HEET.
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Map To The Law Firm of Steven F. Bliss Esq. | The Law Firm Of Steven F Bliss Esq. Estate Planning Attorney

Estate Lawyer San Diego
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Probate Attorney San Diego
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Probate Lawyer San Diego
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Estate Planning Attorney San Diego
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
San Diego Estate Planning Attorney
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Estate Attorney
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Estate Lawyer
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Probate Attorney
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
Wills and Trusts Attorney
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
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3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800
The Law Firm Of Steven F. Bliss Esq.
3914 Murphy Canyon Rd a202, San Diego, CA 92123
(858) 278-2800

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