Income Taxation of Trusts and Estates: Fundamentals Every Estate Planner Should Know
As trust planning becomes more prevalent, the need to understand the federal and state income tax treatment of trusts has become more important than ever. This program will provide the practical fundamentals that every estate planner should know about fiduciary income taxation. Different definitions of income, including taxable income, fiduciary accounting income, and distributable net income, will be translated in a clear and concise manner for practitioners to protect themselves from many of the traps for the unwary. In addition, this program will review recent case law, Internal Revenue Service guidance, and Treasury Regulations to help uncover opportunities for trustees to minimize the impact of the compressed trust and estate tax brackets for ordinary income, capital gains, dividends, and the net investment income tax.
Program topics include the following:
- Grantor, simple, and complex trusts
- Taxable income, fiduciary accounting income, and distributable net income
- Section 67(e) deductions and section 67(g) suspension of miscellaneous itemized deductions
- Section 265 disallowance of deductions attributable to tax-exempt income
- Section 642(c) charitable deductions
- Sections 651 and 661 distribution deductions
- Section 642(e) depreciation deductions
- State income taxation of trusts
Presented by: Justin T. Miller
CLE: 1.0 general credit
Approved States: CA, CO, FL, GA, IL, NJ, NV, NY, OK, PA, TN, TX, UT, VT
(AK, AZ, CT, MO, ND, NH eligible to claim credit.)
We will supply you with the information needed to apply in other states.
Contact shopcle@wealthcounsel.com for CLE assistance.
WealthCounsel members: This CLE eligible program may be complimentary for WealthCounsel members, depending upon their subscription bundle. Please access and view it here via the member website for optimal experience and inclusion in your CLE Profile Account.
