With income tax planning now more important than estate tax planning to your clients,
and the burgeoning number of trusts and estates,
it’s imperative that you know…
The Basics of Trust & Estate Income Taxation
If you are a CPA, EA, or tax preparer, understanding how to properly prepare the Form 1041 (Federal Income Tax Return for Estates and Trusts) is both a necessity (to avoid malpractice) and an opportunity to expand your practice (and your bottom line!).
If you’re an estate planning attorney or financial advisor, understanding Trust and Estate income taxation is essential to good plan design, drafting and administration (particularly with regard to tax planning for investments and distributions, and protecting your Trustee-client).
Unfortunately, unless you’ve attended an LL.M. or MBT program, you probably never learned the basics of Trust and Estate income taxation.
Now you have a time-efficient way to do so.
Please join us and one of the nation’s leading tax experts - - Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA - - for a very special 2-part presentation entitled, “The Basics of Trust & Estate Income Taxation”.
On these two 90-minute programs, in his usual to-the-point and understandable teaching style, Bob Keebler will cover just what you “need to know” about:
- The core concept unique to Trust and Estate income taxation - - “DNI”
- How different types of Trusts are treated differently for income tax purposes (“simple” vs. “complex” vs. “grantor” vs. charitable)
- The interplay between “fiduciary accounting income”, taxable income, the income “tier” rules and the “separate share” rule
- Planning Trust and Estate distributions to shift income and maximize the use of lower brackets
- How to utilize the “65 day” rule to defer distributions and still shift income after the tax year is over
- Unique limitations on “miscellaneous itemized” deductions
- How to take advantage of the overlooked “IRD” deduction
- What happens to excess deductions on termination of a Trust or Estate
- Reporting (and better yet, planning to avoid) the “Obamacare” 3.8% surtax on net investment income
- The incredibly complex Grantor Trust rules - - finally explained simply!
- Accounting in the year of death - - a mini to-do list, including the interaction of the 1040, 1041 and 706
- State income tax planning for Trusts
- The overlooked income tax issues of Domestic Asset Protection Trusts
- Plus, Bob will provide you with 5 comprehensive examples of how to prepare a 1041, including a line-by-line explanation of completed forms!