Abby McGowan was a featured speaker at the Milwaukee Bar Association on Tuesday, Dec. 16. In her presentation, "Tax Consequences of Trust Modifications and Terminations," she provided practical insights into identifying tax-sensitive issues and structuring modifications to achieve estate planning goals while minimizing unintended tax exposure, and explored the income, gift, estate and generation-skipping transfer (GST) tax implications that might arise when modifying irrevocable trusts.
McGowan also examined key IRS rulings, common modification techniques—such as modification by decanting, judicial reformation, and nonjudicial settlement agreements—and potential tax effects on grantors and beneficiaries.
McGowan is an attorney in Reinhart's Trusts and Estates Practice, where she advises clients on the complex issues surrounding trust, estate and fiduciary litigation, from compliance counseling and litigation prevention all the way through trial and appeal.