Preparing Estate Income, Gift and Fiduciary Tax Returns after the 2010 Act

Massachusetts Association of Public Accountants (MAPA)

Preparing Estate Income, Gift and Fiduciary Tax Returns after the 2010 Act

Presented by Todd E. Lutsky, Esq., LLM

October 4, 2011

9:00AM - 5:00PM

Taunton Holiday Inn

700 Myles Standish Boulevard

Taunton, MA 02780

Understanding the new tax act as the estate and gift tax laws have changed again. The coming changes are significant, and they are critical to your practice: Are you ready? We will discuss Preparing Fiduciary Income, Gift & Estate Tax Returns and brief you on a spectrum of topics for 2011 and beyond, such as the increases to the applicable exclusion amount for deaths occurring in 2011, 2012 and 2013; the taxpayer option to choose a modified carryover basis for 2010; the portability of the estate tax exemption; the adjustment of the generation-skipping tax (GST) to inflation; and the scheduled maximum tax rate for gifts, estates and GST for 2011 and 2012. Sharpen your pencil and come to this hypothetical-packed morning session ready to "do the math."

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 estate 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!

You will learn...

Differences between simple, complex and grantor trusts; tax elections available to decedent, executor and trustee; drafting tips to maximize tax efficiency; how income gets reported to beneficiaries; how to handle IRA distributions payable to estate or trust; how to compute the Section 691(c) deduction; the five tax issues essential to funding bequests; the concept of distributable net income (DNI); the four components of the distribution system (tier system, the 65-day rule, the separate share rule, and specific bequests); what income is reported by the trust versus by the beneficiary; the secrets of preparing fiduciary income tax returns. Plus - tax season tips essential for your practice.

AGENDA

  • Overview of the New Law-and What Changes
  • Introduction to Form 706; Federal and Massachusetts
  • Hypotheticals to Illustrate Tax Return Filing Problems; Computation of the Gross Estate, the Taxable Estate;
  • Step-by-Step Tax Return Preparation-Covering Gifting, Domicile Issues, Conveyancing and Other Particulars
  • Appeals Processes, Including Various Levels of Judicial Appeals
  • "Ask the Experts" Q& A Session
  • The Decedents Final Income Tax Return
  • Protecting the Executor from Tax Liability
  • Trust Accounting Income Versus Taxable Income
  • How to Compute Distributable New Income
  • How to Compute the Taxable Income of a Trust or Estate
  • The Fiduciary Income Tax Charitable Deduction
  • Income Tax Consequences of Funding Bequests
  • Recent Developments
  • Completion of Sample Complex Trust Federal Fiduciary Income Tax Return
  • "Ask the Experts" Q& A Session

National Business Institute (NBI)

The Nuts and Bolts of Income-Only Trusts Teleconference

Todd E. Lutsky

October 6, 2011

3:00PM - 4:30PM

This legal course is designed for attorneys. It will also benefit trust officers, estate and financial planners, social workers, and paralegals.

One of the most effective tools in planning for long-term care and probate is an income-only trust. This focused legal course will demonstrate how these irrevocable trusts operate and how to incorporate them into your plans.

  • Explore the gift, estate and capital gains tax issues associated with income-only trusts.
  • Prepare for the look back rules and penalty period rules when planning with these trusts.
  • Determine when using a life estate in connection with an income-only trust makes sense.
  • Coordinate the tax consequences of using life estates in conjunction with the income-only trusts.

AGENDA

  • The Gift tax Issues Associated with Funding the Trust
  • The Estate Tax Issues Associated with Income-Only Trusts
  • The Grantor Trust Rules and Related Income Tax Issues
  • The Use of Life Estate in Connection with Income-Only Trusts after the DRA of 2005
  • The Gift, Estate and Income Tax Consequences Associated with Life Estates in Conjunction with the Trust or Otherwise
  • The Step Up in Basis Rules Associated with the Trust and/or Life Estate Assets and Related Capital Gains Tax Issues
  • The Look Back Rules and the Penalty Period Rules when Planning with Income-Only Trusts

Cushing & Dolan Fall 2011

October 13, 2011

8:30AM - 5:30PM

Embassy Suites Boston/Waltham

Foundation for Continuing Education (FCE)

Medicaid Update

Presented by Todd E. Lutsky, Esq., LLM

October 20, 2011

9:00AM - 1:00PM

Cushing & Dolan Conference Center

375 Totten Pond Road, Suite 200

Waltham, MA 02451

The Medicaid Planning Survival Guide includes new Annuity Rule Changes, Planning with Promissory Notes, and much more (365 + Pages with New Sample Irrevocable Trust)

  1. Mass. Medicaid Update - Deficit Reduction Act of 2005 as Adopted by Massachusetts Regulations and Related Planning Opportunities.
  2. Medicaid Update - Federal Deficit Reduction Act of 2005 and Related New Rules.
  3. Medicaid Update - Deficit Reduction Act of 2005! New rules coupled with old rules and related planning opportunities.
  4. 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.
  5. Repeal of Expanded Estate Recovery Rules and A Return to Probate Estate Recovery and a Review of the Old & New Rules & Remaining Opportunities.
  6. DISCUSSION AND ANALYSIS.
  7. Changes to the Treatment of Married Couple's Assets When One Spouse is Institutionalized.
  8. New Appendix / Valuable Reference Materials & New Sample Irrevocable Trust.
  9. New 2009 Medicaid Numbers.

Massachusetts Association of Public Accountants (MAPA)

706 Workshop

Presented by Todd E. Lutsky, Esq., LLM

November 1, 2011

9:00AM - 5:00PM

Westborough Doubletree Inn

5400 Computer Drive

Westborough, MA 01581

The estate tax laws have changed again so come and learn how to prepare estate and gift tax returns in this new environment. We will begin by briefing you on a spectrum of topics from 2011 and beyond, such as the changes to the applicable exclusion amount for deaths occurring in 2011, 2012 and 2013; the taxpayer option to choose a modified carryover basis for 2010; the portability of the estate tax exemption; the adjustment of the generation-skipping tax (GST) to inflation; and the scheduled maximum tax rate for gifts, estates and GST for 2011 and 2012. Using a hypothetical example we will then walk you through schedule by schedule the preparation of a federal and Massachusetts estate tax return along with a brief explanation of the different estate planning documents you may encounter when preparing these returns. This course will also include the preparation of a gift tax return in connection with the use of a qualified personal residence trust. So Sharpen your pencil and come to this hypothetical-packed session ready to "do the math."

•· Filing Release of Liens, General Information & 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

•· Questions and Answers.

Foundation for Continuing Education (FCE)

706 Workshop

Presented by Todd E. Lutsky, Esq., LLM

November 8, 2011

9:00AM - 1:00PM

Cushing & Dolan Conference Center

375 Totten Pond Road, Suite 200

Waltham, MA 02451

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

•· Filing Release of Liens, General Information & 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.

•· Questions and Answers.

Foundation for Continuing Education (FCE)

Advanced Estate Planning

Presented by Leo J. Cushing, Esq., CPA, LLM

November 10, 2011

9:00AM - 5:00PM

Cushing & Dolan Conference Center

375 Totten Pond Road, Suite 200

Waltham, MA 02451

  • Proposed Legislation
  • Estate Planning Techniques After the 2010 Act
  • Reducing Taxes: Planning & Lifetime Giving
  • Review of the Basics: Computation Example
  • Examination of Typical Trust: General Marital, Special Marital, and Bypass 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
  • S Corporation Problems
  • Buy and Sell Agreements
  • Questions and Answers.