Video

  • 25 minutes

Tax Implications of Funding and How to Handle the Trust That Never Got Funded

 
“Tax implications of trust funding if it’s a revocable trust, since it’s ignored for tax purposes, all of the income will be reported on Form 1040 and it will get a carryover basis. If it’s an irrevocable trust § 1015 covers the tax basis for property acquired by gifts and transferred into trusts. For a non-grantor trust you will need to determine if it’s a simple trust – income will be reported on the beneficiary’s return; or if it’s a complex trust – income will be reported on the trust or beneficiary’s return.”

In this 24-minute video our speakers, Jenifer A. Jewkes and Mary Lee Moseley, review tax implications of trust funding both during life and at death. They also discuss how to handle trusts that were never funded during life and at death. Trustee fiduciary duties are defined and they discuss litigation that results from improper trust funding. Our speakers wrap up the video by providing useful tips for after trust funding.

Jenifer A. Jewkes is an attorney at Lane Powell PC. Her practice focuses on estate and succession planning, as well as estate and trust administration for high net worth families and individuals. She is a frequent presenter and author on estate planning topics, including a recent presentation at Financial Planning Association of Puget Sound’s Annual Symposium titled “The Financial Planner’s Role in Estate Planning”.

Mary Lee Moseley is a shareholder and co-chair of the Trusts and Estates Practice Group at Lane Powell PC. She has 29 years of experience in estate planning and trust and estate administration. Ms. Moseley worked as a trusts and estates attorney in Maine, California and Washington State. She has extensive experience with complex estate planning, IRS gift and estate tax audits, charitable planning and tax-exempt organizations.

Runtime: 24 minutes

Faculty

Mary Lee Moseley

Mary Lee Moseley

Lane Powell PC

Agenda

Faculty

Mary Lee Moseley

Mary Lee Moseley

Lane Powell PC

  • Shareholder and co-chair of the Trusts and Estates Practice Group at Lane Powell PC
  • Twenty nine years of experience in estate planning and trust and estate administration
  • Worked as a trusts and estates attorney in Maine, California and Washington state
  • Extensive experience with complex estate planning, IRS gift and estate tax audits, charitable planning and tax-exempt organizations
  • Former director with Deloitte Tax LLP’s Estate, Gift and Trust Tax Practice for 16 years
  • Frequent presenter and author on topics involving trusts, tax and planned giving
  • J.D. degree, University of Washington School of Law; LL.M. degree in taxation, Boston University; M.S. degree, University of Massachusetts; B.A. degree, magna cum laude, Bowdoin College
  • Can be contacted at 206.223.7132 or [email protected]

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