Fiduciary Income & Estate Tax Issues with Foreign Beneficiaries of Estates & Trusts (Completed)

Foreign beneficiaries introduce an additional level of complexity to the estate tax and fiduciary income tax reporting processes. Delays in corresponding with these beneficiaries and potential language barriers further complicate the tax preparation process especially when left until the last minute. In this course you will learn how a foreign beneficiary of a U.S. estate or trust adds to the overall reporting burdens from an estate tax or fiduciary income tax perspective. A review of the necessary forms which must accompany each return will also be included. Attendees should have a general understanding of both estate tax and fiduciary income tax before taking this course.

Who Should Attend
Attorneys, CPAs, and Enrolled Agents.

Topics Covered

• Foreign treaty provisions and their impact on reporting obligations
• Additional estate tax reporting requirements for foreign beneficiaries
• Allocating distributable net income to foreign beneficiaries for fiduciary income tax purposes
• Obtaining tax identification numbers for foreign beneficiaries
• Estate planning techniques to minimize administrative complexity related to foreign beneficiaries

Learning Objectives

• Recognize how to advise clients on the additional reporting requirements associated with a foreign beneficiary
• Identify the importance of communicating with foreign beneficiaries early in the estate or trust administration process to avoid unnecessary delays
• Describe the necessary forms and disclosures for estate tax and fiduciary income tax associated with a foreign beneficiary of a U.S. estate or trust
• Recognize how to evaluate the reporting obligations related to a foreign beneficiaries receiving a distribution from a U.S. estate or trust
• Recognize how to analyze planning techniques to minimize administrative complexity related to foreign beneficiaries

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of estate planning.

Advance Preparation
None