FORM 1041 PRACTITIONER PREPARATION

This seminar will focus on the preparation of Form 1041 and advising clients about the many unique rules and issues involving the taxation of estates and trusts.

Topics will include:

• Reviewing and identifying different types of trusts for income tax purposes, including simple and complex trusts, grantor trusts, revocable living trusts, electing small business trusts (ESBTs), business trusts, and charitable/split interest trusts.
• Understanding the differences between trust accounting income and taxable income.
• Classifying receipts between “income” and “corpus” under the Uniform Principal and Income Act.
• Determining the taxation of distributions to beneficiaries – distributable net income (DNI) and the income distribution deduction.
• Allocation of income and expenses for estates/trusts (including deduction rules for bundled expenses).
• Impact of the net investment income tax on estates/trusts.
• Application of the separate share rule.
• Terminating trusts and liquidating distributions

Workforce Training Express Fund Course #1141924.  Apply 3 weeks prior to course date for a maximum 100% reimbursement: Express Program – Workforce Training Fund

Speaker Bio:  Luke Bean is a partner at Rico, Murphy, Diamond & Bean LLP. He focuses his practice on Estate Planning and Estate and Trust Administration. He has extensive experience with all levels of estate planning, from simple will and revocable trusts to sophisticated techniques involving charitable giving and lifetime transfers using irrevocable trusts for tax reduction or asset protection purposes. He also offers income and estate tax minimization strategies as well as advice on the often intertwined corporate, real estate and tax issues involved in the development and execution of a fully inclusive and effective estate plan. Luke also has an extensive background in representing fiduciaries and beneficiaries through the estate and trust administration process, helping clients navigate the probate process, tax considerations and fiduciary obligations. Luke provides his clients with practical advice and reasonable solutions, using his tax background to guide clients through their options. In his free time, Luke enjoys hiking and is an avid Penn State football fan.

Speaker Bio: Jennifer Z. Flanagan is a partner at Vacovec, Mayotte & Singer LLP. She concentrates her practice in all areas of trusts and estates law for a diverse client base, including estate planning, estate administration, trust administration, taxation, and fiduciary advising. She works closely with clients to provide them comprehensive and highly personalized plans that minimize taxes and effectively carry out the clients’ wishes for passing on their legacy. She also assists clients with carrying out their philanthropic goals, providing for family members with special needs, and helping them preserve their assets, including the preparation of prenuptial agreements.

In addition to advising clients on purely domestic estate planning, Jennifer frequently works with individuals who have international planning issues. She counsels such clients on estate planning, gifting, and taxation from the U.S. perspective, often collaborating with attorneys and other advisors from foreign countries to develop a comprehensive, tax-efficient plan. Jennifer also works with clients on estate settlement involving foreign assets, including preparing estate tax returns, requesting transfer certificates, and ensuring foreign tax reporting compliance

Registration Form:  January 2023 CPE Registration Form