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Tax Planning for Trusts and Estates  

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training seminars by NBI Inc. NBI Inc.   

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This basic-to-intermediate level program will benefit: Attorneys, Estate Planners, Investment Advisers, Accountants, Trust Officers, Fiduciary Tax Specialists, Paralegals

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Seminar Summary:

Get straightforward instruction to help you through both routine tax return preparation and the final accounting. (see full course description)

 

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Training Course Syllabus:


Get Practical Strategies to Ease Your Clients' Tax Burdens

The recent EGTRRA upheaval of estate and gift tax has brought to the forefront many challenges attorneys face in planning for and reporting taxes connected with trusts and estates. Are you prepared to insulate your clients' estate plans from regulatory storms and ensure smooth and secure preservation and transfer of wealth? This course offers practical tax planning strategies that will help you minimize tax burdens and ensure IRS compliance. Get straightforward instruction to help you through both routine tax return preparation and the final accounting. Register today!

  • Decrease your client's tax burden through resourceful estate planning.
  • Find out how the current status of federal estate tax affects your ongoing cases.
  • Gain federal tax return preparation tips from experienced faculty.
  • Get practical guidance through the nuts and bolts of income tax planning for trusts and estates.
  • Learn how to handle common problems in distributions to minors and trusts after grantor's death.
  • Avoid unnecessary burden on the estate with clear delineation of income and principle.
  • Classify estate assets for the most favorable taxation.
  • Adapt your practices and update your clients' current plans according to the latest regulations.


  1. GIFT TAX PLANNING
    9:00 - 10:15, Cathy L. Knapp
    1. Federal Gift Tax
      1. What is a Gift?
      2. Gifts in Trust and Crummey Powers
      3. Other Indirect Gifts
      4. Determining the Fair Market Value of the Gift
      5. Exclusions and Deductions
      6. Reporting Requirements
      7. Who is Responsible for Paying the Gift Tax?
      8. Carryover Basis Rules
    2. Generation-Skipping Transfer Taxes
    3. State Gift Taxes
  2. FEDERAL ESTATE TAX UPDATE
    10:15 - 11:15, Stephanie F. Tribe
    1. Overview of EGTRRA and Other Legislative Changes
    2. The 2010 Tax Regime
      1. Repeal of the Estate Tax
      2. Basis Adjustment Rules
    3. Estate Taxes in 2011 and Beyond
      1. Pre-EGTRRA Rules
      2. Return to Stepped-Up Basis
      3. Major Legislative Changes under Discussion
    4. Updating and Correcting Existing Plans – What to Look For
  3. ESTATE TAX PLANNING CONSIDERATIONS
    11:30 - 12:30, Stephanie F. Tribe
    1. Choosing the Strategy to Use for Different Types of Property
      1. Real Property
      2. Closely Held Companies
      3. Retirement Plans and Beneficiary Designations
    2. Marital Deduction Planning – Qualifications and Basic Formula Approaches
    3. Charitable Deduction Planning
  4. POST-MORTEM TAX PLANNING OPTIONS
    1:30 - 2:30, John Paul Parks
    1. Valuation of Assets
    2. Special Elections
    3. Disclaimers
    4. Subtrust Funding
    5. Charitable Planning
    6. Handling Distribution to Minors and Trusts
    7. Determining Alternatives for the Surviving Spouse
  5. FEDERAL ESTATE TAX RETURN (FORM 706)
    2:30 - 3:30, Debra J. Polly
    1. Deciding Whether to File in a Borderline Situation
    2. Should You get the Automatic Six-Month Extension?
    3. Use of the Alternate Valuation Date
    4. Valuation and Appraisals
      1. Understanding the Elements of an Effective Appraisal
      2. Appraiser Standards
    5. How to Complete the Return
      1. Assembling Schedules and Supporting Documents: Gathering and Presenting the Pertinent Information; Key Issues to Consider
      2. Anticipating the Audit
      3. Suggested Engagement Letter for Representing an Estate Fiduciary
      4. Sample Letter Sent by the IRS to Start an Audit
  6. INCOME TAXATION OF TRUSTS AND ESTATES
    3:45 - 4:30, Debra J. Polly
    1. Grantor Trusts versus Non-Grantor Trusts
    2. Calculating Taxable Income
      1. Income
      2. Distribution Deduction
      3. Miscellaneous Itemized Deductions
      4. Other Deductions
    3. Distributable Net Income: Apportioning Income between the Trust and Its Beneficiaries
    4. Elections
      1. Section 645(a) Election
      2. Administrative Expenses
      3. 65-Day Election
    5. Filing the Return

Seminar Summary:

Get straightforward instruction to help you through both routine tax return preparation and the final accounting. (see full course description)

print this agenda print agenda for the Tax Planning for Trusts and Estates training seminar

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