Martins West, Baltimore, MD (map)

Maryland Society of Accountants - This seminar explores the decisions required in handling clients' estates and trusts from beginnng to close, including tax elections, distributing assets to beneficiaries, and filing all applicable tax forms. We analyze form 1041, U.S. Income Tax Return for Estates and Trusts, Form 709, U.S. Gift (and GST) Tax Return, and Form 706, Estate Tax Return, as well as the changes in the 2010 Act. How to deal with 2010 deaths, i.e. elect modified carryover basis or stick with Form 706 and full step-up?

  • "Portability" - a new concept available for decedents dying in 2011 and 2012
  • Why making a distribution from an estate or trust can create income tax liabilities, and how to minimize them
  • the proper way to conclude affairs of an estate or trust • A review of the generation skipping transfer tax
  • A review of special planning trusts, including asset protection trusts and irrevocable life insurance trusts
  • Line-by-line review of Form 706
  • Post-death elections
  • Review of marital deduction formula clauses and why all current estate plans should be reviewed now Note: The 8 credit 1041 course is contained in the 16 credit Estates and Trusts course.