2013 Seminar Archive

January 24, 2013

MSCPA Annual Estate Tax Conference

"Preparing Gift Tax Returns and Fiduciary Income Tax Returns After the Gift Giving Gold Rush… What Have Those Lawyers Done to Us! – MSCPA Annual Estate Tax Conference"

Date: 1-24-2013

Time: 9:00AM – 5:00PM

Location: Sheraton Hotel, Framingham, MA

Speaker: Leo J. Cushing, Esq., CPA, LLM

Description:

Very few believed that the $5,120,000 federal gift tax exemption would sunset, but this all changed after the election.  You will be confronted with an unprecedented number of gift tax returns to prepare and, of course, corresponding fiduciary income tax returns.  Decisions will be made as to whether to allocate or not allocate generation skipping tax exemptions.  Mistakes can have significant adverse tax consequences.

This program will explore the following:

  1. Spousal Limited Access Trusts (SLATs
    • Completed Gift or Incomplete Gift
    • Is the SLAT an Intentionally Defective Grantor Irrevocable Trust – How do you recognize an IDGIT?
    • S corporations and Intentionally Defective Grantor Irrevocable Trusts before and after the Grantor’s death
    • Who pays the income tax and is there an income tax reimbursement clause?
    • Completed Gift or Incomplete Gift
  2. Gift tax returns issues
    • Valuation issues
    • Qualified appraisals or a valuation which includes information that would be contained in a qualified valuation
    • Discounts, discounts, and more discounts
    • Automatic allocation of generation skipping tax exemption
    • The impact of Crummey withdrawal notices
    • Determination and allocation of basis (S corporations, real estate and limited liability company interests)
  3. Gift Splitting
    • The basic rules
    • Limitations
    • The income tax and federal employer identification number requirements
  4. Sample Returns

Understanding transfers and transactions between a grantor and grantor trust (Qualified Personal Residence Trusts, Grantor Retained Annuity Trusts, sales to intentionally defective trusts, home security trusts, promissory notes).

February 7, 2013

Cushing & Dolan, P.C.'s Pre-Tax Season Seminar

"Estate Planning and Compliance Under a New Paradigm...A Look Back & A Look Forward"

Date: 2-7-2013

Time: 8:00 am – 10:00 am

Location: Embassy Suites Boston/Waltham, 550 Winter Street, Waltham, MA

Description:

What should you be telling your clients during tax season?

It is estimated that over 500,000 gift tax returns will be filed in 2013 for gifts made in 2012. A similar number of new fiduciary income tax returns will need to be filed. The new Massachusetts Uniform Trust Code, enacted July 8, 2012, requires that qualified beneficiaries be kept reasonably informed by trustees. Mistakes in preparing gift tax returns, fiduciary income tax returns, and failure to comply with the UTC can have serious adverse consequences.

This program will explore the following:

  • Preparing Gift Tax Returns and Fiduciary Income Tax Returns After the Gift Giving Gold Rush...What Have Those Lawyers Done to Us!
  • Looking Forward
  • Portability: Myth, Miracle, or Malpractice?
  • Uniform Trust Code

February 21, 2013

Estate Planning for the Moderate Estate – (Massachusetts Society of Enrolled Agents)

Date: 2-21-2013

Time: 7:00 PM – 9:00PM

Location: Embassy Suites, Waltham, MA

Speaker:Todd E. Lutsky, Esq., LLM

May 2, 2013

Medicaid Update - MCLE

Date: 5-2-2013

Time: 9:00AM - 12:00PM

Location: MCLE Conference Center, 10 Winter Place, Boston

Speaker: Leo J. Cushing, Esq., CPA, LLM & Todd E. Lutsky, Esq., LLM

Description:

This program provides an overview of current regulations and recent case law in Massachusetts and offers guidance to help you develop effective planning techniques.

The landscape of Medicaid Planning in 2011 was marked by numerous decisions over the last five years, including Doherty, Clark, Wilson, Cuddemi, Victor, O'Brien, Shelales, Guerriero, Maguire, and Jackson.

You will learn:

  • How to draft an effective Irrevocable Trust under Doherty and Guerriero
  • How to draft a Testamentary Trust in light of Victor
  • The lookback and penalty period in light of the Shelales case
  • Private Annuities and Promissory Notes in light of O'Brien, Jackson, Clark, Cuddemi, and Wilson
  • Are personal care contracts permissible after Morrison?
  • The caretaker child exception after Maguire
  • Should your Medicaid Trust permit the donor to use and occupy the family home?
  • How to be prepared to litigate and win attorney's fees
  • How to protect yourself from legal malpractice claims

May 6, 2013

REBA Annual Conference - Probate: Estates & Trusts

Date: 5-6-2013

Location: Four Points Sheraton, Norwood MA

Speaker: Leo J. Cushing, Esq.,CPA, LLM

Description:

While the MUPC has now been in effect for nearly four years, just last year the legislature enacted a myriad of technical corrections to the law. There are now - literally - hundreds of new points of interest for the probate practitioner. The faculty will offer essential insight into the practical aspects of the MUPC as it continues to unfold and evolve every day since its adoption. The program will place special emphasis on real estate conveyancing under the new MUPC with a focus on the recent updates to the REBA Handbook of Standards & Forms.

May 10, 2013

Latest Techniques for Moderate Estates – MCLE

Date: 5-10-2013

Time: 9:00AM – 12:00PM

Location: MCLE Conference Center, 10 Winter Place, Boston

Speaker: Leo J. Cushing, Esq., CPA, LLM

Description:

The fiscal cliff looms and estate planning hangs in the balance. Depending upon congressional action, estate planning for the middle class will be forever changed. Previously, on December 17, 2010, President Obama signed the "Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010," which temporarily extended the so-called "Bush Tax Cuts." As a result, a moderate estate now includes married couples with combined assets up to $10,240,000 at least for federal estate tax purposes, but only until December 31, 2012. On top of this, Massachusetts considers married couples with $2 million dollars to be wealthy, but does not have a gift tax. To make estate planning more complicated, one out of two individuals will spend at least one year in a nursing home. Can effective estate tax planning be combined with effective Medicaid planning? The answer is yes if you understand both disciplines.

You will learn

  • How to blend effective Estate Tax Planning with Medicaid Planning
  • The benefits and pitfalls of portability
  • Why the Massachusetts estate tax exemption is really $5,120,000 with a giving program
  • Should your trusts be revocable or irrevocable?
  • How to obtain a step-up in basis even if the trust is irrevocable
  • How to effectively utilize Powers of Appointment
  • How to handle retirement assets
  • How to deal with the new Massachusetts Uniform Probate Code, Uniform Trust Act, and Uniform Principal and Income Act

May 30, 2013

Preparing Fiduciary Income Tax Returns for Decedents, Estates, and Trusts – MAA

Date: 5-30-2013

Time: 9:00AM – 5:00PM

Location: Plymouth

Speaker: Leo J. Cushing, Esq., CPA, LLM

Description:

If your practice involves the administration of estates, then this practical "clinic" will be time well spent. Get your questions answered regarding the income taxation of decedents, estates, and trusts; learn how to protect your client from tax liability; learn how to distinguish trust accounting income from taxable income; get practice computing taxable income and distributable income; be briefed on how to fund a bequest - and much more. The session features a hands-on drafting challenge - a sample federal fiduciary income tax return for a complex trust, which you complete with expert guidance. Before the day is over, you have a unique opportunity to "ask the experts" your questions. Don't miss it!

June 11, 2013

Federal & Massachusetts Issues (706 & Mass 706) - FCE

Date: 6-11-2013

Time: 9:00AM – 1:00PM

Location: Cushing & Dolan, P.C., 375 Totten Pond Road, Suite 200, Waltham, MA

Speaker: Todd E. Lutsky, Esq., LLM

Description:

Join Todd in this exciting walk through of a Federal & Mass Estate.

  • Filing release of liens, general information and elections
  • Real Estate - Schedule A
  • Stocks & Bonds - Schedule B
  • Mortgages, Notes, & Cash - Schedule C
  • Life Insurance - Schedule D
  • Joint Property - Schedule E
  • Other Miscellaneous Property - Schedule F
  • Lifetime Transfers - Schedule G
  • Powers of Appointment - Schedule H
  • Pensions & Annuities - Schedule I
  • Deductions: Admin. Expenses, Debts & Losses - Schedules J, K, L
  • Bequests to Surviving Spouse - Schedule M
  • Charitable Deductions - Schedule O
  • Generation Skipping Transfers - Schedule R
  • Credits for Taxes on Prior Transfers, etc. - Schedule P & G
  • Hypothetical Problem & Federal & State Computations in Detail

June 13, 2013

Latest Techniques for Middle Class Estates After the American Taxpayer Relief Act of 2012 - MAA

Date: 6-13-2013

Time: 9:00 AM - 5:00PM

Location: Marlborough, MA

Speaker:Todd E. Lutsky, Esq., LLM

Description:

After the American Taxpayer Relief Act of 2012, estate planning for the moderate estate has changed. A moderate estate now includes married couples with combined assets up to $10,500,000, at least for Federal estate tax purposes. Planning under this new paradigm requires a look back and the revival of the joint revocable trust as a way to have your portability cake and eat it too. On top of this, Massachusetts considers married couples with $2,000,000 to be wealthy, but does not have a gift tax. Does gift giving through the use of spousal lifetime access trusts still make sense for Federal and Massachusetts estate tax purposes? Don't forget about Elder Law planning as one out of two individuals will spend at least one year in the nursing home. With these new higher Federal estate tax exemptions, more people can do effective estate planning and Medicaid planning at the same time, but you must understand both disciplines.

You Will Learn:

  • A review of the new Federal and state exemption amounts and related income tax landscape
  • How to blend effective estate planning with Medicaid planning
  • The benefits and pitfalls of portability - Myth, Miracle, or Malpractice?
  • Why the Massachusetts estate tax exemption is really $5,250,000 with a giving program
  • Should your trusts be revocable or irrevocable?
  • How to obtain a step-up in basis even if the trust is irrevocable
  • How to effectively utilize Powers of Appointment
  • How to handle retirement assets
  • How to deal with the new Massachusetts Uniform Probate Code, Uniform Trust Code, and Uniform Principal Income Act
  • Understand how to use joint revocable trusts - to have your portability cake and eat it too
  • Why joint trusts do not work when doing Medicaid and Estate Tax planning together
  • How to effectively use spousal lifetime access trusts
  • The importance of a step-up in basis and a closer look at §1014e and a possible double step-up

June 18, 2013

Medicaid Planning Update - FCE

Date: 6-18-2013

Time: 9:00AM – 1:00PM

Location: Cushing & Dolan, P.C., 375 Totten Pond Road, Suite 200, Waltham, MA

Speaker: Todd E. Lutsky, Esq., LLM

Description:

The Medicaid Planning Survival Guide includes new annuity rule changes, planning with promissory notes, and much more (600+ pages with sample irrevocable trust)

  1. Mass Medicaid Update - Deficit Reduction Act of 2005 as adopted by Massachusetts regulations and related planning opportunities
  2. Federal Deficit Reduction Act of 2005 and related new rules
  3. A primer on income, gift, and estate tax consequences of life estates and whether or not they should still be used as a planning tool
  4. Repeal of expanded estate recovery rules and a return to probate estate recovery and a review of the new and old and new rules, and remaining opportunities
  5. Changes to the treatment of married couple's assets when one spouse is institutionalized
  6. New 2013 Medicaid Numbers

June 20, 2013

Estate Planning: Intermediate/Advanced - FCE

Date: 6-20-2013

Time: 9:00AM – 5:00PM

Location: Cushing & Dolan, P.C., 375 Totten Pond Road, Suite 200, Waltham, MA

Speaker: Leo J. Cushing, Esq., CPA, LLM

Description:

  • Proposed Legislation
  • Estate Planning Techniques After the 2010 Act
  • Reducing Taxes: Planning & Lifetime Giving
  • Review of the Basics: Computation Example
  • Examination of Typical Trusts: General Marital, Special Marital, and By-Pass Shares
  • Marital Deduction & Credit Shelter
  • The QTIP
  • Selection of a Trustee
  • Disclaimers
  • Generation Skipping
  • The Irrevocable Life Insurance Trust
  • The Estate Tax Freeze
  • Retirement Plans Problems
  • Buy-Sell Agreements

June 26, 2013

Income Taxation of Trusts and Estates &

Preparation of Fiduciary Returns - FCE

Date: 6-26-2013

Time: 9:00AM – 1:00PM

Location: Cushing & Dolan, P.C., 375 Totten Pond Road, Suite 200, Waltham, MA

Speaker: Leo J. Cushing, Esq., CPA, LLM

Description:

  • Definitions and General Filing Requirements
  • Income Taxation of Simple, Complex, and Grantor Trusts
  • Decedents Final Return & Income Respect of Decedent
  • Estate Administration Procedural Checklist
  • Computations of DNI with related 1041 Tax Return Examples