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Income and Fiduciary Tax Issues for Trust and Estate Planners - Part 2

Description

Understanding fiduciary income taxation – the taxation of grantor and non-grantor trusts, complex and simple trusts – is essential to trust planning. It impacts the type of trust chosen, how it's structured and administered.

Recently changes to federal tax law have added to the complexity of fiduciary income taxation. 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.

This program provides a real-world guide to the essential rules, timeframes, planning techniques and traps of the taxation of trusts.

Part 2 topics include:

  • 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

Contributors

  • Jeremiah W. Doyle, IV

    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.

    Click here for more information about Jere.

October 12, 2022
Wed 1:00 PM EDT

Duration 1H 0M

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