TELESEMINAR: Fiduciary and Income Tax Issues in Estate Planning, Part 1 – A National Perspective
October 28, 2014
12:00 – 1:00 p.m.
1.00 MCLE hours
Fiduciary income taxation – the taxation of grantor and non-grantor trusts, complex and simple trusts – has recently undergone a sea change. Enactment of a new 3.8% tax on “Net Investment Income” under health care reform has added complexity to an already complex area of law. The tax treatment of trust income and accounting for distributions and expenses varies depending on the type of trust involved and how “Distributable Net Income” is allocated. The new 3.8% tax adds a significant planning consideration when you advise trusts. This program will provide you with a real-world guide to the essential rules, timeframes, planning techniques and traps of the taxation of trusts after the new 3.8% tax. Part 1 of 2.
- Fiduciary income taxation framework and rules for estate and trust planners
- Treatment of “Distributable Net Income,” including impact of new 3.8% tax
- How fiduciary and income tax planning differ from each other
- Types of trusts – simple, complex, grantor – and differing tax rules for each
- Planning for fiduciary taxation v. planning for individual and corporate tax purposes
- Understanding “Trust Accounting Income,” and impact of Prudent Investor Rule
Jeremiah W. Doyle, IV, BNY Mellon Wealth Management, Massachusetts