DESCRIPTION
Income and Fiduciary Tax Issues for Trust and Estate Planners, Part 1
Understanding fiduciary income taxation – the taxation of grantor and non-grantor trusts, complex and simple trusts – is essential to trust planning. It impacts the type of trust chosen, how it’s structured and administered. Recently changes to federal tax law have added to the complexity of fiduciary income taxation. The tax treatment of trust income and accounting for distributions and expenses varies depending on the type of trust involved and how “Distributable Net Income” is allocated.This program will provide you with a real-world guide to the essential rules, timeframes, planning techniques and traps of the taxation of trusts.
Day 1:
- Fiduciary income taxation framework and rules for estate and trust planners
- How fiduciary and income tax planning differ from each other
- Planning for fiduciary taxation v. planning for individual and corporate tax purposes
- Types of trusts – simple, complex, grantor – and differing tax rules for each
- Treatment of “Distributable Net Income”
- Understanding “Trust Accounting Income,” and impact of Prudent Investor Rule
Day 2:
- Practical income allocation for simple, complex and grantor trusts
- Specific allocation rules for DNI – Tier System, Separate Share Rule, 65 Day Rule, specific bequests
- Charitable giving – tax treatment and practical impact
- Treatment of depreciation, administrative expenses, and allocation to income
- Trust terminations – capital loss carryover and excess deductions
SPEAKER:
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.
Disclaimer: All views or opinions expressed by any presenter during the course of this CLE is that of the presenter alone and not an opinion of the Oklahoma Bar Association, the employers, or affiliates of the presenters unless specifically stated. Additionally, any materials, including the legal research, are the product of the individual contributor, not the Oklahoma Bar Association. The Oklahoma Bar Association makes no warranty, express or implied, relating to the accuracy or content of these materials.