Gain hands-on knowledge while focusing on the trust administration process on the death of the single settlor and the first spouse in a joint settlor trust. In today’s estate tax environment, possible changes in exemptions and removal of step-up in basis, the answers to core questions concerning whether to file an estate tax return, make a portability election or make a QTIP election may surprise you. Learn what clauses to look for in the trust; when and how to make portability and QTIP elections; when to use the “Delaware Tax Trap” in lieu of QTIP election; how to educate the client concerning trust administration; and how to deal with assets outside the trust. Using checklists and forms, understand how to create a practical system for administering the living trust after a death. Formerly titled: Practical Workshop on Trust Administration of the Living Trust.
Determine how to develop a systematic approach to trust administration. Identify portability and QTIP elections and when to file an estate tax return. Identify how to administer a single-person trust and how to administer a two-person trust on the first death. Recognize key provisions in the trust instrument. Determine income and estate tax issues associated with administration. Recognize the effect of estate tax law on administration. Determine when to file a 706 at First Death for Portability and/or QTIP election, or to hold filing the 706 and when to prepare even when not filing.
Delaware Tax Trap for step-up in basis Affect of possible changes in exemption and elimination of step-up in basis Whether to file a 706 for portability election and/or Q-Tipping the Credit Trust Preparation of trust accountings Estate tax return requirements and opportunities Tax issues related to funding Use of the administrative trust Dealing with “stale” trusts Disclaimers in post-mortem planning Trust memoranda and allocation agreements Trust administration of Medi-Cal Trusts, QPRT, GRAT and IDGTs
CPAs, attorneys and trust and estate planners.
General knowledge of income, estate and gift taxes.