Navigating Post-Mortem Tax Planning


CLE credits earned: 2 GENERAL (or 2 LAW & LEGAL for WA state)

In contrast to popular opinion, many of the most advantageous estate and income tax planning opportunities are only available to a fiduciary after the death of a client.

This program will review post-mortem income and estate tax elections and techniques of which fiduciary may avail himself in order to minimize the income and estate tax liability.

This program will also review techniques available to estate planning counsel to infuse flexibility into planning documents to address the uncertainties of the future, including the tax laws that will be in place at that time.

Key topics to be discussed:

•   Review of elections available on final personal income tax return (Form 1041) and fiduciary income tax return (Form 1041)
•   Explore post-mortem planning opportunities available to the fiduciary to minimize a decedent’s and their beneficiary’s income and estate tax burdens
•   Satisfying the estate tax liability, including planning opportunities to defer paying the estate tax and navigating the automatic estate tax lien
•   Structuring the estate plan with flexibility in light of changing estate tax laws, including the Tax Cuts and Jobs Act

Date / Time: January 25, 2019

•   10:00 am – 12:00 pm Eastern
•   9:00 am – 11:00 am Central
•   8:00 am – 10:00 am Mountain
•   7:00 am – 9:00 am Pacific

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•   Live Video Broadcast/Re-Broadcast: Watch Program “live” in real-time, must sign-in and watch program on date and time set above. May ask questions during presentation via chat box. Qualifies for “live” CLE credit.
•   On-Demand Video: Access CLE 24/7 via on-demand library and watch program anytime. Qualifies for self-study CLE credit. On-demand versions are made available 7 business days after the original recording date and are view-able for up to one year.

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Original Broadcast Date: January 25, 2019

Shaina Kamen, Esq. is an attorney in the Personal Client Services Group at Stroock & Stroock & Lavan LLP. She concentrates her practice on sophisticated trusts and estates matters for individuals and families. She advises clients on all aspects of estate, gift and generation-skipping transfer tax planning, and works with clients and family offices to create estate and business succession plans consistent with family goals. In addition, she works with clients to build their charitable legacies by developing and administering charitable giving programs through the use of entities such as private foundations and charitable trusts. Her practice also encompasses all aspects of estate and trust administration in New York and Florida.

Ms. Kamen earned her Juris Doctorate from Syracuse University College of Law and her Master of Laws in Taxation from Georgetown University Law Center. She currently serves on the Trusts, Estates, and Surrogate’s Court Committee of the New York City Bar Association and the UJA Federation of New York Lawyers Division Trusts & Estates Group, and is a former member of the Estate and Gift Tax Committee of the New York City Bar Association.

David J. Spacht, Esq. is a member of Pryor Cashman’s Trusts + Estates, Private Client and Tax Groups. He is experienced in all aspects of estate planning, international tax planning, charitable planning, tax controversy, and estate administration. David provides individuals with strategies to effectuate tax-savings, asset protection, and business succession.

David is involved in the administration of estates in New York, New Jersey and Florida and provides guidance in matters involving income, estate, and generation-skipping transfer taxation.

A frequent speaker on estate planning topics, David has lectured on subjects relating to estate planning with flexibility in a dynamic wealth transfer tax and income tax environment, estate planning with retirement benefits, tax planning for corporate executives, and the intricacies of leveraging wealth transfer tax exemptions.

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Section I. Navigating Tax Liens and Protecting the Fiduciary
a) Filing Notice of Fiduciary Relationship (Form 56)
b) Discharge of personal liability for income, gift and estate taxes
c) Planning strategies of executor’s personal liability extends past termination of estate, including filing Request for Prompt Assessment
d) Basis Consistency Reporting Pitfalls

Section II. Estate Tax Planning and Deferral Opportunities
a) Spousal Elections/Marital Deduction Planning
b) Alternate Valuation
c) IRC 6166
d) Graegin Loans

Section III. Income Tax Planning
a) Opportunities on Decedent’s Final Return vs. Fiduciary Income Tax Returns
b) Making the 645 Election
c) Planning with Distributions from Estates and Trusts and Maximizing Basis

Section IV. Disclaimer Planning Under TCJA
a) Review of 2518 and Regulations
b) Cascading Disclaimers
c) Disclaimer Strategies to accomplish tax objectives
d) Postmortem planning fixes

Section V. Postmortem Planning for Qualified Retirement Benefits
a) Required Minimum Distribution Rules
b) Common Mistakes to Avoid
c) Income and Estate Tax Fixes
d) Structuring receipt of Qualified Retirement Benefits in Trust

Section VI. Postmortem Planning to Preserve the S-Corp Election