Description
Gain an understanding of how income tax and estate planning are affected once a client passes away.Attorneys for fiduciaries of estates and testamentary trusts must provide proper advice to their fiduciary clients. In addition, the fiduciary client and the beneficiaries of the estate or trust expect that the attorney will be able to save them taxes or headaches in the future. This topic will give the fiduciary the vocabulary, and tools, to limit their liability and defer taxes of the estate or trust. It will also help beneficiaries of the estate or trust who may be unfairly impacted by unexpected events, tax laws, or poor or thoughtless estate planning by the decedent. This material will also aid the practitioner with tools for dealing with estates with cash liquidity issues.
Date: 2021-11-29 Start Time: End Time:
Learning Objectives
Requesting Prompt Assessment and Discharge of Personal Responsibility of Fiduciary
• Discharge of Liability for Taxes by
• Executor
• Fiduciary Other Than Executor
• Discharge of Gift Tax Liability
Renunciations and Disclaimers
• Why and When to Use Disclaimers
• Types and Purposes of Disclaimers
• What Constitutes a Disclaimer?
• Partial Disclaimers
• Use of Property Transfers as Qualified Disclaimers
Waiver of Fee by Fiduciary
• Why and When to Use
• Pitfalls
Fiduciary Tax Returns
• Deferral Through Staggered Years
• Fiduciary Return Estimated Payments
• Administration Expenses as Deductions of Fiduciary Income Tax Return
• Termination of the Probate Estate
• Timing
• Carryover Deductions
• When an Estate Is Deemed to Have Ended
• Requestion Valuation Information From the IRS
Liquidity Issues
• Corporate Stock Redemptions
• Elective Deferrals to Pay Estate Taxes With Respect to Small Businesses
• Extensions to Pay on Estate Tax on Value of Reversionary or Remainder Interests
• Alternate Valuations
• Special Use Valuations
The Spouse
• Election Against Will
• Decedent Spouse Unused Exemption Amount (DSUE)
• QTIP Elections
• Splitting Gifts Between Executor and Surviving Spouse
• Qualified Domestic Trusts
Elections Affecting S Corporations
• Who May Own S Corp Stock?
• Qualified Subchapter S Trusts and Its Election
• Electing Small Business Trusts and Its Elections
• Practitioner Considerations
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Antar P. Jones, Esq. LL.M.-The Law Office of Antar P. Jones, PLLC
