Gain hands-on knowledge while focusing on the trust administration process on the death of the single settlor and the first spouse in a joint settlor trust.
In today's estate tax environment, the answers to core questions concerning whether to file an estate tax return, make a portability election or make a QTIP election may surprise you. Learn what clauses to look for in the trust; when and how to make portability and QTIP elections; when to use the "Delaware Tax Trap" in lieu of QTIP election; how to educate the client concerning trust administration; and how to deal with assets outside the trust. Using checklists and forms, understand how to create a practical system for administering the living trust after a death.
Formerly titled: Practical Workshop on Trust Administration of the Living Trust.
- Determine how to develop a systematic approach to trust administration.
- Identify portability and QTIP elections and when to file an estate tax return.
- Identify how to administer a single-person trust and how to administer a two-person trust on the first death.
- Recognize key provisions in the trust instrument.
- Determine income and estate tax issues associated with administration.
- Recognize the effect of estate tax law on administration.
- Determine when to file a 706 at First Death for Portability and/or QTIP election, or to hold filing the 706 and when to prepare even when not filing.
Level of Difficulty:
- Delaware Tax Trap for step-up in basis
- Preparation of trust accountings
- Estate tax return requirements and opportunities
- Tax issues related to funding
- Use of the administrative trust
- Dealing with "stale" trusts
- Disclaimers in post-mortem planning
- Trust memoranda and allocation agreements
- Trust administration of Medi-Cal, QPRT, GRAT and IDGTs
- Administrating other types of trusts
General knowledge of income, estate and gift taxes.
CPAs, attorneys and trust and estate planners.
This course will adjourn at 4 p.m.