Income Tax Issue Spotting for Estate Planners Seminar Materials

Information

With higher estate tax exemptions and a lower estate tax rate, income tax planning will likely have an increased importance in estate planning. This publication highlights income tax issues that tend to come up in estate planning and administration. Learn what to look out for and when to give certain issues more in-depth attention.

This comprehensive, stand-alone publication is direct from a November 2011 seminar. It is available as a PDF download; however, the user has a license to print the materials if this format is more desirable. Click here for more information on electronic books.

CONTENT SUMMARY

  1. Life Insurance
  2. Gifts - Income Tax Issues
  3. Income Tax Issues with Intra-Family Loans
  4. Retirement Plan Beneficiary Designations - Income Tax Issues
  5. Charitable Contributions
  6. Income Tax Reporting For Grantor Trusts (Regulation §1.671-4)
  7. Sale or Exchange of Personal Residence - Income Tax Issues
  8. Miscellaneous Fiduciary Income Tax Issues

Copyright © 2011 Virginia Law Foundation. All rights reserved.

Table of Contents

TABLE OF CONTENTS

I. LIFE INSURANCE

        A. Life Insurance Proceeds – Transfer for Value Rule
        B. Income Tax Issues with Surrender and Exchanges of Life Insurance Policies

II. GIFTS - INCOME TAX ISSUES

        A. Gift – Income to Beneficiary
        B. Gift – Basis Issues

III. INCOME TAX ISSUES WITH INTRA-FAMILY LOANS


        A. Loan vs. Gift
        B. Loan
        C. Benefits of Collateral/Interest Deduction
        D. Refinancing Loans
        E. Forgiving Interest Payments
        F. Forgiving Principal

IV. RETIREMENT PLAN BENEFICIARY DESIGNATIONS - INCOME TAX
ISSUES


        A. General Rule
        B. Designated Beneficiary
        C. Other Issues

V. CHARITABLE CONTRIBUTIONS


        A. Generally
        B. Limitations
        C. Tangible personal property
        D. Carry Over
        E. Charitable contributions from complex trusts
        F. Qualified Charitable Distributions

VI. INCOME TAX REPORTING FOR GRANTOR TRUSTS
(REGULATION §1.671-4)


VII. SALE OR EXCHANGE OF PERSONAL RESIDENCE - INCOME TAX
ISSUES


        A. General Rule
        B. Specific Issues

VIII. MISCELLANEOUS FIDUCIARY INCOME TAX ISSUES

        A. General Types of Trusts for Federal Income Tax Purposes
        B. The Unintended Foreign Trust
        C. Summary of Tax Implications of Distributions
        D. IRC § 663(b) (“65 Day Rule”)
        E. Section 643(g)(1)(A)
        F. State Income Tax
        G. Selection of Tax Year
        H. Section 645 Election
        I. Trusts as Shareholders of Subchapter S Stock
        J. Miscellaneous Itemized Deductions
        K. Passive Activity Losses
        L. Separate Share Rules
        M. Estimated Income Tax Issues
        N. Excess Deductions – The Final Year

Authors

John D. Bristow

Robert F. Peel

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