Understanding Fiduciary Income Taxation for Estate Planners, Part 1 and Part 2 CLE

Understanding Fiduciary Income Taxation for Estate Planners, Part 1 and Part 2

August 2012

Understanding Fiduciary Income Taxation for Estate Planners, Part 1 and Part 2

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Program Description:

Fiduciary income taxation - the taxation of grantor and non-grantor trusts, complex and simple trusts - has a logic all its own. Familiar tax concepts for individuals and business entities do not apply or apply in non-intuitive ways. Understanding how income and gain are calculated in trusts, when they are reported and by whom - the trust itself or a beneficiary - are essential concepts for estate planners to know. Understanding these complexities is essential to minimizing adverse tax consequences in planning a client's estate. This program will provide estate planners with a real-world guide to the essential concepts, timeframes, planning techniques and traps of the taxation of trusts.

Day 1: August 14, 2012:

- What estate planners need to understand about the taxation of trusts

- Grantor v. non-grantor trusts and when it's beneficial to classify as one or the other for tax purposes

- “Distributable net income” and allocation of income and gain to trusts and beneficiaries

- Differences between fiduciary income taxation and business entity and individual taxation

- Common misunderstandings of fiduciary income taxation

Day 2: August 15, 2012:

- How the fiduciary income tax applies to simple and complex trusts

- Distribution planning to maximize tax-efficiency

- Relationship of federal tax to state taxes, and planning traps and opportunities

- Expense issues - what costs can you expense, when and how?

- Common compliances issues across different types of trusts

Faculty:

Jeremiah W. Doyle, IV is senior vice president in the Boston office of BNY Mellon Wealth Management, where he provides integrated wealth management advice to high net worth individuals on holding, managing and transferring wealth in a tax-efficient manner. He is the editor and co-author of “Preparing Fiduciary Income Tax Returns,” a contributing author of Preparing Estate Tax Returns, and a contributing author of “Understanding and Using Trusts,” all published by Massachusetts Continuing Legal Education. Mr. Doyle received his B.S. from Providence College, his J.D. form Hamline University Law School, and his LL.M. in banking from Boston University Law School.