Fiduciary Income Taxation: Minimizing Taxes in Trust and Estate Administration
Section 645 Election, Withdrawal Powers Under Section 678, Special Planning With Existing Trusts
Note: CPE credit is not offered on this program
Recording of a 90-minute CLE webinar with Q&A
This CLE course will provide practical guidance to estate planners and administrators on complex federal and state fiduciary tax issues. The panel will discuss income tax rules and tax traps faced by fiduciaries, methods in minimizing unexpected income tax liabilities, and offer techniques to ensure income tax benefits for trusts and estates.
Outline
- Overview of the taxation of estates and trusts under Subchapter J
- Structuring trusts to minimize income tax liability
- Challenges stemming from existing trusts and methods to overcome them
- Taxation of estates under Subchapter J
- Best practices for fiduciaries
Benefits
The panel will review these and other key issues:
- Determining what income is taxable under Subchapter J
- Taxation of certain types of trusts and key planning considerations
- Considerations for structuring trusts to minimize federal income tax liability for the trust and its beneficiaries
- Overcoming challenges stemming from existing trusts
- Calculating distributable net income
- Section 645 elections
- Section 678 withdrawal power over trust income
- Income taxation of estates under Subchapter J
Faculty
Clinton J. Bentz, CPA
Adjunct Instructor
Cannon Financial Institute
Mr. Bentz is both a Certified Public Accountant and a Certified Management Accountant. After working as a corporate... | Read More
Mr. Bentz is both a Certified Public Accountant and a Certified Management Accountant. After working as a corporate controller for several years, he joined Boldt Carlisle Smith, a 50 person local CPA firm, in 1989 and became a Member in 1999. Mr. Bentz is the former chair of the firm's management team. A graduate of the Cannon Trust Tax School he also lead the firm's Trust and Estate group. He retired from the firm in 2018 to found Business Navigators LLC, a family business consulting firm focused on estate and succession planning for family businesses. Mr. Bentz is an adjunct instructor for the Cannon Financial Institute teaching on trust and estate taxation.
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Daniel A. Smith, CWS, CFP
Executive Vice President
Cannon Financial Institute
Mr. Smith’s extensive real-world experience brings his classroom instruction into immediate, practical and... | Read More
Mr. Smith’s extensive real-world experience brings his classroom instruction into immediate, practical and applicable use. He specializes in integrating sales and relationship management with the complexities of estate planning, estate taxation, charitable giving, and investment management issues of the High Net Worth and Ultra High Net Worth client.
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Russell A. Willis, III, JD, LLM
Consultant
Planned Gift Design Services
Mr. Willis works as a freelance paralegal consultant with nonprofits, donors, and their advisors in structuring... | Read More
Mr. Willis works as a freelance paralegal consultant with nonprofits, donors, and their advisors in structuring charitable contributions of closely held business and real property interests, so as to serve the mutual advantage of all parties. He also provides legal research and advice on income and transfer tax planning more generally.
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