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Fiduciary and Income Tax Issues in Estate Planning - 2 CLE hours
Fiduciary income taxation – the taxation of grantor and non-grantor trusts, complex and simple trusts – has recently undergone a sea change. Enactment of a new 3.8% tax on “Net Investment Income” under health care reform has added complexity to an already complex area of law. 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 new 3.8% tax 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 after the new 3.8% tax.
Day 1: October 28, 2014:
• Fiduciary income taxation framework and rules for estate and trust planners
• Treatment of “Distributable Net Income,” including impact of new 3.8% tax
• How fiduciary and income tax planning differ from each other
• Types of trusts – simple, complex, grantor – and differing tax rules for each
• Planning for fiduciary taxation v. planning for individual and corporate tax purposes
• Understanding “Trust Accounting Income,” and impact of Prudent Investor Rule
Day 2: October 29, 2014:
• Practical income allocation for simple, complex and grantor trusts
• Specific allocation rules for DNI – Tier System, Separate Share Rule, 65 Day Rule, specific bequests
• Charitable giving – tax treatment and practical impact
• Treatment of depreciation, administrative expenses, and allocation to income
• Trust terminations – capital loss carryover and excess deductions
Jeremiah W. Doyle, IV is senior vice president in the Boston office of BNY Mellon Wealth Management, where he provides integrated wealth management advice to high net worth individuals on holding, managing and transferring wealth in a tax-efficient manner. He is the editor and co-author of “Preparing Fiduciary Income Tax Returns,” a contributing author of Preparing Estate Tax Returns, and a contributing author of “Understanding and Using Trusts,” all published by Massachusetts Continuing Legal Education. Mr. Doyle received his B.S. from Providence College, his J.D. form Hamline University Law School, and his LL.M. in banking from Boston University Law School.