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Self-Study

Income and Fiduciary Tax Issues for Estate Planners, Part 1 - 2018


Total Credits: 1.2 Self Study

Practice Area:
Trusts, Estate Planning & Probate
Format:
Audio Only


Description

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.  The 3.8% on distributable net income adds a significant planning consideration when you advise trusts.  This program will provide you with a real-world guide to the essential rules, timeframes, planning techniques and traps of the taxation of trusts.

• 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,” including impact of 3.8% tax
• Understanding “Trust Accounting Income,” and impact of Prudent Investor Rule

Speaker: Jeremiah W. Doyle, IV, BNY Mellon Wealth Management, Boston, MA

 

NOTE: This program was originally produced as a telephone seminar and is available on demand in streaming audio. This material qualifies for self-study credit only. Pursuant to Regulation 15.04.5, a lawyer may receive up to six hours of self-study credit in a reporting year. Self-study programs do not qualify for ethics or elimination of bias credit.

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