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Turning Theory into Practice for Trusts and Estates (Completed)

Date: Thursday, February 6, 2025
Instructor: Michael Miranda
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

Join Michael for an exciting discussion on what can be done in 2025 to assist clients in developing an appropriate estate action plan both now and beyond. The potential reduction in the Federal Estate “basic exclusion amount” on January 1, 2026, is causing many wealthy taxpayers to consider what actions they should take with respect to large gifts and other lifetime planning strategies. Clients will be best served by consideration of planning techniques or series of techniques designed to maximize estate tax reduction and still maintain as much control of their remaining assets.

Who Should Attend
All tax professionals who desire a better understanding of the tax and estate planning strategies available for their wealthier clients.

Topics Covered

  • Review the various types of trusts by purpose
  • Asset Protections Trusts
  • Special needs Trusts
  • Irrevocable Life Insurance Trusts
  • Intentionally Defective Grantor Trusts
  • Qualified Terminable Interest Property Trusts
  • Qualified Personal Residence Trusts
  • Grantor Retained Annuity Trusts
  • Charitable Trusts
  • IRC §645
  • Form 8855
  • Use of an Estate’s Fiscal Year
  • Form 1041
  • Form 706
  • Form 709
  • Final regulation on “Anti-Claw” back of the utilization of the basic exclusion amount
  • Portability election for the Deceased Spousal Unused Exemption (DSUE)

Learning Objectives

  • Understand common types of trusts by their purpose
  • Be able to use IRC §645 election to implement post-mortem planning
  • Use an estate’s fiscal year and various tax accounting options
  • Use an Intentionally Defective Trust (IDIT) in estate planning
  • Use charitable trusts and how such impact an individual’s estate plan
  • Understand the possible changes in estate basic exclusion amount and appropriate estate planning strategies

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A general understanding of trust and estate taxation

Advance Preparation
None

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