Turning Theory into Practice for Trusts and Estates
Author: Michael Miranda
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 to receive credits. 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.
Publication Date: February 2025
Designed For
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
- Identify the common types of trusts by their purpose
- Identify how to use IRC §645 election to implement post-mortem planning
- Identify how to use an estate’s fiscal year and various tax accounting options
- Identify how to use an Intentionally Defective Trust (IDIT) in estate planning
- Identify how to use charitable trusts and how such impact an individual’s estate plan
- Identify the possible changes in estate basic exclusion amount and appropriate estate planning strategies
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
A general understanding of trust and estate taxation
Advance Preparation
None
