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New federal exemptions, portability and common trust techniques explained at Ways & Means briefing
Summary
Mark Langan told Ways & Means members that trusts are widely used to avoid probate and described grantor-trust rules, the evolution of federal estate exemptions, portability, and how donor-advised funds changed charitable giving.
Mark Langan, head of the probate and trust practice at Dinsey and section chair of the Vermont Bar Association’s probate and trust section, gave Ways & Means members a primer on trust types, federal tax rules and estate-tax history, using concrete examples to illustrate tax consequences.
Langan started with fundamentals: a trust typically involves a grantor (donor/settlor), a trustee (legal owner) and beneficiaries (equitable owners). He distinguished revocable trusts (amendable during life) from irrevocable and testamentary trusts (created by will and effective…
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