The Impact of Distributable Net Income and the
Taxation of Trusts and Beneficiaries
Income tax planning has become the primary focus of many estate planners in recent years. There are a number of income tax implications when it comes to estate planning, particularly related to the taxation of trusts and the beneficiaries when they receive trust distributions.
Income tax is no longer just a planning responsibility for CPAs or accountants!
There are a number of things that estate planners must know while advising clients and preparing their estate plans, which can play an important role for tax planning purposes for clients’ loved ones and beneficiaries.
Learn the rules about fiduciary accounting income and distributable net income as they affect a beneficiary’s tax burden. It’s an issue clients should know about, and you’ll distinguish yourself by bringing these ideas into the conversation while designing a plan.
This is why we’ve brought in the nation’s leading CPA and tax expert, Robert S. Keebler, CPA/MST, AEP (Distinguished), MST, to help guide estate planners on this very subject with this presentation entitled, “Understanding DNI: The Taxation of Trusts & Beneficiaries”.
In this 91-minute presentation, he will cover the following:
- An overview of Subchapter J of the Internal Revenue Code
- An overview of Form 1041 and the general rules for Taxation of Estates and Trusts
- Everything you need to know about Distributable Net Income (DNI)
- What is it?
- How is it used?
- How is it calculated?
- Special issues and planning strategies
- Practical example and case study
- The importance of Bracket Management and key planning strategies that can be extracted from the Multi-Dimensional Tax System
- A checklist for Accounting in the Year of Death, including how to allocate income on the 1040 vs 1041 (plus 2 special tax planning opportunities available!)
- A review of the Final Form 1040 after the taxpayer dies
- A review of the necessary returns that need to be filed by the administrator of the estate
- Tax implications when shifting income using trusts with an in-depth look at what types of trusts are used and what types of income
- Understanding the tier rules
- A look at the Separate Share and 65-Day Rules
- Examples for effective and ineffective shifts of capital gains to beneficiaries
- Income shifting strategies using partnerships
- A practical discussion about how to go about choosing trust situs, including a look at state income taxation rules
- And much, much more!
Your purchase includes an instantly downloadable video and audio recording and PDF handout materials. A PDF transcript is available as an add-on for an additional fee.
- Program Title: Understanding DNI: The Taxation of Trusts & Beneficiaries
- Speaker: Robert S. Keebler
- Duration: 91 minutes
ABOUT THE SPEAKER
CPA/PFS, MST, AEP (Distinguished), CGMA
Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planning Counsels. He has been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. Mr. Keebler is the past Editor-in-Chief of CCH’s magazine, Journal of Retirement Planning, and a member of CCH’s Financial and Estate Planning Advisory Board. His practice includes family wealth transfer…
IMPORTANT NOTICE REGARDING CE CREDIT
The Ultimate Estate Planner, Inc. and the presenter are not registered Continuing Education Sponsors and this program is not pre-approved for continuing education credit for any state or regulatory agency.
However, please note that each program includes a Certificate of Completion and, depending on the license and the regulatory agency for which governs a participant’s CE credit, some professionals may be able to self-report his or her participation and receive credit. It is the responsibility of the participant to complete any process necessary to seek self-reported CE credit for his or her participation. By registering for a teleconference (or purchasing on On-Demand program), you understand that CE credit is not guaranteed or warranted by the presenter or The Ultimate Estate Planner, Inc.