Estate Planning/Probate Section Meeting
Topic: Tax Tips for Estates and Trusts
This presentation will examine the complexities involved in estate and trust tax laws and tax return filings, using examples of real-life scenarios that highlight the legal and tax implications of various situations. I will share illustrative examples, such as the challenges faced when a deceased taxpayer leaves behind multiple heirs, the step-up in basis rules, and the complications arising from dual handwritten wills and dual executors. Additionally, I will discuss effective tax strategies, including the importance of income smoothing to avoid higher tax brackets for individuals and the options of the capital gains tax to be taxed in trusts or estates or at the beneficiary level. I will also emphasize the critical nature of filing for portability elections on Form 706 to maximize estate exemptions and possibly eliminate estate taxes upon the second spouse's death. I will provide tips for effective communication with the IRS regarding estate tax matters and tips to eliminate IRS penalties. This session aims to equip attendees with practical insights and strategies to navigate the challenges of estate income taxes.
Speaker: Nancy Phillips
Matt's Ranch Martinez, 401 Central Expwy S., Allen, 75013
Registration not available at this time
