Basis Issues for Trusts and Estates: Form 8971, Removing Assets From Trusts, Upstream Gifting, Substantiating Basis
Recording of a 110-minute CPE webinar with Q&A
This course will discuss common basis issues encountered by trust and estate advisers, including planning for volatile markets and the flux of estate taxation rules. Our veteran estate advisers will explain how to structure adaptable trusts, remove appreciated assets from trusts, determine and substantiate tax basis, and other basis conundrums commonly encountered by estate and trust advisers.
- Tax basis: an overview
- Planning for change under the new administration
- Structuring for flexibility
- Removing appreciate assets
- Upstream gifting
- Basis consistency rules and Form 8971
- Substantiating basis
- Basis discrepancies
The panel will cover these and other critical issues:
- Under what circumstances should taxpayers consider moving assets out of a trust?
- What methods are available for removing assets from a trust?
- How is Form 8971 used to establish basis?
- What are best practices for substantiating basis when records do not exist?
- How can trusts be structured and utilized to allow for flexibility considering the flex of estate tax rules?
Griffin H. Bridgers
Hutchins & Associates
Mr. Bridgers' practice encompasses all areas of private wealth and family business. In addition to estate... | Read More
Mr. Bridgers' practice encompasses all areas of private wealth and family business. In addition to estate planning and estate administration, he is experienced in mergers and acquisitions, taxation, business transactions, franchising, commercial contracts, asset protection, executive compensation, employee benefits, qualified and non-qualified retirement plans, and nonprofit organizations. He counsels closely-held and family businesses, and nonprofit organizations, with their planning, succession, and liquidity needs in a variety of industries including tech, restaurant and retail, healthcare, manufacturing, construction, real estate, financial services, consulting, and professional staffing.Close
Kelley C. Miller
Ms. Miller's practice areas include cloud computing, complex federal tax controversies, state and federal... | Read More
Ms. Miller's practice areas include cloud computing, complex federal tax controversies, state and federal tax issues involving closely held entities, state tax planning and litigation and tax planning issues involving E-Commerce, and state nexus. She presents on cloud computing, particularly negotiating SaaS agreements. She also has written and spoken widely on numerous federal and state tax topics for clients representing a broad spectrum of industries, including exempt organizations.Close