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