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Self-StudySELECT STARTING AT $175

Downloadable PDF

Credits: 12

Qualifies For: IRS

$175

Textbook

Credits: 12

Qualifies For: IRS

$190
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Post-Mortem Estate Planning: Forms 706, 1041 & 1040 (PMEP)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    12
  • Qualifies for

    IRS CPE

Overview

Emphasizing special rules and elections, the decedent's estate tax return, and the estate's income tax returns, this course uses a nuts-and-bolts approach to competent post-mortem estate planning. Learn how to minimize taxes on estate and inheritance tax returns, estate income tax returns, and the decedent's final income tax return. Presented with practical examples, it provides practice points, case examples, and checklists.

Major Topics:

  • Issues regarding Form 706
    • Alternative valuation date issues
    • Installment payments of estate taxes
    • Corporate redemptions
    • QTIP elections
    • Planning with qualified disclaimers -- Avoiding the loss of your exemption equivalent
    • Key issues to understand in dealing with basis step-up
    • Post-mortem tax planning checklist
  • Issues regarding Form 1040
    • Working with incorrect W-2 and 1099 Forms
    • Partnership and S Corporation K-1 issues and problems in year of death
    • Decedent carryover losses and credit -- What to do with passive loss investment, interest, and more
    • Estimated taxes
    • Final return -- Joint or separate?
    • Medical expenses of final illness
    • Savings bond interest acceleration
  • Issues regarding Form 1041
    • Estate fiscal year and accounting method elections
    • Sheltering income from the highest tax rate
    • Passing out administrative expenses to maximize benefits to beneficiaries
    • The 65-day rule election
    • Income and deductions in respect of the decedent -- Opportunities and pitfalls to watch out for
    • Qualified plans and IRAs

Learning Objectives

  • Identify and solve the most important issues in the: (1) maximizing of estate liquidity through alternate valuation, installment payments, Sec. 303 redemptions, QTIP elections, and disclaimers; (2) accurate completion of the decedent’s final Form 1040 including optimal use of deductions also permitted on Form 706; and (3) use of an estate or testamentary trust for the sheltering of income from the highest rates and pass through of excess deductions to maximize benefits to beneficiaries

Who should take this course:

Designed for:

CPAs who must advise fiduciaries to either estates or trusts as well as their beneficiaries and are responsible for post-mortem estate planning and estate administration

Prerequisite:

None

Advanced Preparation:

None

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