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.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
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
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on November 29, 2021.
Call 1-866-352-9540 for further credit information.
- CA MCLE 0.75
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 0.75 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Antar P. Jones, Esq. LL.M.
The Law Office of Antar P. Jones, PLLC
- Founder of The Law Office of Antar P. Jones, PLLC, located in Brooklyn, New York
- Practice includes advising fiduciaries and successful individuals concerning the administration of estates, trusts, and the income and estate taxation matters affecting them
- Appointed over 70 times as guardian ad litem with respect to decedents’ estates in the State of New York
- Published "Providing Capital to Entities or Individuals That Go Bust" on Complinet.com, a website owned by Thomson Reuters
- Received an acknowledgment for his work on the textbook, Corporate Finance and Governance, Jeffrey J. Haas, Carolina Academic Press (3d ed. 2006)
- Has presented at dozens of speaking engagements on taxation and trusts, and estates matters
- Co-chair of the Surrogate’s Court Committee at the Brooklyn Bar Association
- Adjunct Professor of Law at New York Law School and teaches a course on the income taxation of estates and trusts
- LL.M. degree in taxation, graduate program in taxation, New York Law School
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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- OnDemand Courses
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- Course Manuals
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- White Papers and Articles
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- State Specific Credit Tracker
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