Grantor Trusts: Issues, Strategies and Threats And The Decedent’s Final 1040 and Post-Mortem Planning and Elections


November 30, 2022


Steven G. Siegel

  12:00 PM ET | 11:00 AM CT | 09:00 AM PT | 240 Minutes

* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-‪814-892-0304


The Decedent’s Final 1040 and Post-Mortem Planning and Elections

Form 1040 is the standard Internal Revenue Service (IRS) form that individual taxpayers use to file their annual income tax returns.  Tax practitioners need special knowledge and skills when working with clients after a family member’s death. There are special tax rules associated with preparing a client’s final Form 1040 and a host of other issues and options that must be carefully addressed. Your clients need you to be at your absolute best as you support them through the necessary steps during those difficult times.

With the increasing complexity and ever-changing nature of tax laws and issues, this class will keep you current on federal individual income tax laws, new tax forms, changes to existing tax forms as well as tax planning opportunities and pitfalls.

  • Identify the major federal income tax laws impacting individuals as well as changes to Form 1040 and other related schedules and forms.
  • Identify the Affordable Care Act (ACA) income tax provisions that were repealed and retained.
  • Cover issues related to the various taxes, i.e., income, capital gain, self-employment and alternative minimum tax (AMT).
  • Review changes to depreciation, itemized deductions, adjustments to income, passive activities and tax credits.
  • Discuss the key unique post-death elections and decisions that should be considered for a decedent client
  • Identify how S corporation income is reported to a deceased S corporation shareholder in the year of death

Session Highlights:

  • Understanding and preparing the Final Form 1040
  • What should be filed and reported
  • Who Must File the Return
  • Income, Losses and Deductions to be Reported
  • Estimated Taxes, Liabilities and Refunds
  • Income in Respect of a Decedent (IRD) Considerations
  • The Final Income Tax Return for a Decedent
  • Items of Income and Deduction
  • Elections that Affect the Fiduciary Income Tax Return
  • Disclaimers
  • Code Section 6166 Installment Payments
  • Marital Deduction Planning
  • Electing the Alternate Valuation Date
  • Electing Special Use Valuation for Real Property Used in Farming or Closely Held Businesses
  • Section 754 Election to Adjust the Basis of Partnership Assets
  • Special Elections to Protect a Corporation's S Corporation Election

Grantor Trusts: Issues, Strategies and Threats

Grantor trusts are among the most effective tax planning for CPA and Tax professionals. Join this summit with Mr. Steven G. Siegel, to learn common planning issues and strategies you can use to help your clients make the best use of grantor trusts. Despite the complex grantor trust rules in the Internal Revenue Code, grantor trusts still hold their own as a key tax and estate planning tool. Get the latest thinking on planning with grantor trusts from a top expert, including what to consider given the government's proposals that limit its advantages.

  • Navigating grantor trust planning issues
  • Determining the viability of grantor trusts for your clients
  • Optimizing your planning strategy 
  • Viability and future of grantor trusts
  • Optimization of grantor trust planning
  • Key issues and concerns when planning with clients

Session Highlights:

  • Identify the issues related to planning with grantor trusts.
  • Recognize strategies to make the best use of grantor trusts in planning for your clients.
  • Determine the viability for grantor trusts planning going forward.

Credits and Other information:

  • Recommended CPE credit – 4.0
  • Recommended field of study – Taxes
  • Session Prerequisites and preparation: None
  • Session learning level: Basic
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • NASBA Sponsor: 138804
  • IRS Course ID: DFFSC
  • Attendance Requirement:  Yes
  • Session Duration: 4 Hours
  • Case Studies and Live Q&A session with speaker
  • PowerPoint presentation for reference

Who Will Benefit:

  • CPA
  • Enrolled Agents (EAs)
  • Tax Professionals
  • Attorneys
  • Other Tax Preparers
  • Finance professionals
  • Financial planners

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