Navigating Section 645 Elections in Estate Planning: Qualified Revocable Trusts, Requirements, Tax Implications
A live 90-minute CLE/CPE video webinar with interactive Q&A
This CLE/CPE course will provide estate planning counsel and advisers with a comprehensive guide to the tax planning opportunities and pitfalls to avoid with making a Section 645 election to treat qualified revocable trusts (QRTs) as estates. The panel will discuss the advantages of electing estate treatment of existing revocable trusts, describe the impact of the "separate share rule" of IRC 663 in calculating distributable net income (DNI), and detail tax allocation strategies.
Outline
- Qualified revocable trusts
- Section 645
- Making the election
- Impact of Sec. 645 election
- Due dates and expiration
- Tax benefits
- Charitable contributions
- S corporation stock
- Estimated tax payments
- Certain passive losses
- Other benefits
- Other issues to consider
- Termination
- Separate share rules
- Other caveats
Benefits
The panel will discuss these and other important topics:
- What types of trusts qualify as QRTs and are eligible to make a Section 645 election?
- How is the "separate share" rule applied to DNI calculations and allocations between the QRT and the estate after the election?
- What post-mortem tax planning strategies are available with a Section 645 election?
- Mechanics of making the election with initial income tax filing
Faculty
Jeremiah W. (Jere) Doyle, IV
Senior Vice President
Bank of New York Mellon
Mr. Doyle provides clients with integrated wealth management advice on how to hold, manage and transfer their... | Read More
Mr. Doyle provides clients with integrated wealth management advice on how to hold, manage and transfer their 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 Understanding and Using Trusts and a contributing author of Drafting Irrevocable Trusts in Massachusetts. He is a lecturer in law in the Graduate Tax Program at Boston University School of Law.
CloseCannot Attend November 12?
Early Discount (through 10/18/24)
You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. CPE credit is not available on recordings. Strafford will process CLE credit for one person on each recording. All formats include course handouts.