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A Practical Explanation of Estate Tax Return Preparation
Trusts & Estates Section
Credit(s):
1 Legal Specialization in Estate Planning; Trust & Probate Law
1 Legal Specialization in Taxation Law
1 Participatory MCLE Credits
Completing an estate tax return can present the fiduciary of the estate both opportunities for effective post-mortem estate planning as well as liability. Understanding the fiduciary's obligations to file and how to file the estate tax return (Form 706) is essential for any attorney advising the fiduciary. During the course of the presentation, attendees will receive in-depth analysis and practical guidance on how to report assets, get the biggest benefit out deductions, and make advantageous elections. Understanding estate tax reporting is not just for large estates as portability elections make filing a consideration even for non-taxable estates. In representing a fiduciary, it is critical to understand how to insulate them from liability. The presentation will cover the potential risks to a fiduciary and how an advisor can proactively mitigate these risks. Finally, in recent years the new basis consistency requirements have become one of the more confusing aspects of filing estate tax returns. The presentation will address when the reporting (Form 8971) needs to be completed and how to file these reports efficiently and accurately.
1 Legal Specialization in Estate Planning; Trust & Probate Law
1 Legal Specialization in Taxation Law
1 Participatory MCLE Credits
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