Powers of Appointment Explained

In this webinar, presenter Edwin Morrow will explain powers of appointment and their uses in estate planning, including the following:

• How to differentiate trustee and fiduciary powers from nonfiduciary powers of appointment, and how to recognize them
• How to best exercise powers of appointment and the dangers of appointing to revocable trusts
• How lifetime powers of appointment can be used to shift income tax liability and avoid compressed tax brackets, including how beneficiary deemed owner trusts (BDOTs) work
• When such powers can affect see-through trust status (and when they don’t) for trusts receiving individual retirement accounts after the Secure Act
• How targeted and formula testamentary powers of appointment can be used to achieve a step up in basis for the most advantageous assets at death, without causing estate tax to be due
• How upstream powers of appointment can be used to achieve a step up in basis step at a parent’s or grandparent’s death, and how to avoid the risks with such strategies
• How powers of appointment that require the consent of another party affect a client’s exposure under state law and bankruptcy law and to estate, gift, and generation-skipping transfer taxes
• Issues with adding such powers via decanting or court reformation to pre-existing irrevocable trusts

This course is eligible for 1.0 CFP credit. CFP credit approval will expire on 12/31/2026.

To receive certified financial planner (CFP) credit, you must complete a short multiple-choice quiz. You can expect 15-30 minutes to complete the quiz and must earn a passing score of at least 70 percent. Please note the following before you begin:

• This on-demand program is not eligible for certified professional education (CPE) credit or continuing legal education (CLE) credit.
• You will need to provide the attendance verification code given during the on-demand course and your CFP identification number, if applicable, so have them both ready before starting the quiz.
• Upon passing, you will receive an email with your attached certificate. Keep this email for your records.
• After you have passed the quiz, WealthCounsel will report your credits to the CFP Board within 14 days, if applicable.
• If you need to self-apply or submit information to an organization for other types of continuing education credit, contact shopcle@wealthcounsel.com for the agenda, speaker bio, and written materials.
  

Click here to start the quiz.