Practical Advice: Basic Tax Issues in Trusts and Estates Planning

MCLE Credits: 2.0
Ethics Credits Included: 0.0

Thursday, August 31, 1:00–3:00 p.m. ET Live Webcast Live Telephone Live on Site at Bobzien-Gaither Education Center 4801 Cox Road, Suite 108 (Richmond/Innsbrook - Glen Allen)
Wednesday, October 11, 1:00–3:00 p.m. ET Webcast with Live Q&A Telephone with Live Q&A
MCLE Credit:	2.0 Pending
Live-Interactive Credit:	2.0 Pending (all dates, all formats)
Designation Credit:	2.0 Trusts and Estates (Designations Information)
Registration Fees:	Live on Site: $159 Webcast: $159 Telephone: $179

Information
Schedule
Faculty
Locations, Dates and Fees

Information

Why Attend?

Develop an understanding of basic fiduciary income tax and estate tax and how to navigate Form 1041 and Form 706
Learn how trust and estate income tax “passes through” to the beneficiaries
Understand selecting an appropriate tax year for your trust or estate and how to properly time its termination
Review how the estate tax exemption works in combination with portability, including how to make the portability election
Compare the different estate tax filing options available to your client

Every estate planning document we draft has income and possible estate tax consequences. Understanding those consequences during the drafting process is critical to ensuring the client’s assets ultimately reach the intended beneficiaries in the expected amounts. During the planning process, clients are likely to ask questions about tax-related topics such as, will my beneficiaries pay income tax on money they receive, what is portability, and how much will the government take from my estate? Are you prepared to accurately answer?

This course is divided into two parts, fiduciary income tax and estate tax. The fiduciary income tax portion will assist the attorney with determining the post-mortem income tax consequences of estates, and trusts typically used in estate planning. We will examine the first year Form 1041 and available elections: what expenses can and cannot be deducted on the Form 1041 and their interaction with Form 706; how to calculate the income distribution deduction; how distributions are taxed to the trust beneficiaries; and the tax effects of trust terminations. The estate tax portion of this course will provide an understanding of the estate tax exclusion amount, date of death asset valuation, estate tax portability, alternate valuation (and other elections), deductible expenses, and the interaction of the Form 706 with Form 1041.

ATTENDING IN PERSON ON AUGUST 31?

The Bobzien-Gaither Education Center in Richmond/Innsbrook is our new state-of-the-art facility designed with your safety in mind. It features a Centurion air filtration system, which quickly and effectively eliminates viruses and bacteria. Additionally, the facility is thoroughly cleaned before each seminar, and face masks and hand sanitizer will be available.

COVID-19 POLICY FOR LIVE-ON-SITE ATTENDANCE

By attending a live-on-site Virginia CLE^® seminar, you acknowledge the health risks associated with COVID-19 and that you MUST follow all Virginia CLE^® COVID-19 policies. You may NOT attend a live-on-site program if you have tested positive for COVID-19, if you are experiencing COVID-19 symptoms, or if you are under any self-quarantine orders per CDC guidelines.

Discounts available for Virginia CLE webcast-telephone-live seminars

Registration Deadlines:
Webcast:	10 minutes prior to seminar. If you register for a webcast the day of the seminar, your e-mail receipt will include a link to launch the seminar and download the materials.
Telephone:	Online registration ends at 11:59 p.m. the day preceding the seminar Call (800) 979-8253 to register up to one hour prior to the seminar
Live on Site:	Online registration ends at 11:59 p.m. the day preceding the seminar Walk-in registration is permitted on a space-available basis

Cancellation Policy: Cancellation/transfer requests will be honored until 5:00 p.m. the day preceding the seminar. You will, however, be charged $40 if you cancel or transfer your registration to a different seminar after the link to the materials has been e-mailed by Virginia CLE.

Full refunds or transfers are available up to two days after a webcast in the unlikely event that you experience technical difficulties.

Inclement Weather Policy and Updates.

MCLE Credit Caveat: The MCLE Board measures credits by the time you spend in attendance. If you enter a seminar late or leave it early, or both, you must reflect those adjustments accurately in the credits you report on your credit reporting form. A code will be given at the end of the seminar, which must be written on your MCLE form.

Can't Attend?
E-mail distance_ed@vacle.org to be notified when/if this program is made available as an On Demand or USB seminar.
E-mail publications@vacle.org to be notified when/if this program's seminar materials are made available for sale.

Schedule

COURSE SCHEDULE (August 31) (Eastern Time)

1:00	Practical Advice: Basic Tax Issues in Trusts and Estates Planning
3:00	Adjourn

Sign-in for live seminar attendees in Richmond/Innsbrook begins at 12:30 a.m.
Q&A will be handled via chat room for Webcast attendees.
Q&A will be handled via e-mail for telephone seminar attendees.

COURSE SCHEDULE (October 11) (Eastern Time)

1:00	Practical Advice: Basic Tax Issues in Trusts and Estates Planning
3:00	Adjourn

Q&A will be handled via chat room for Webcast attendees.
Q&A will be handled via e-mail for telephone seminar attendees.

Faculty

ABOUT THE SPEAKER

Nathan R. Olansen, Midgett Preti Olansen PC / Virginia Beach

Nate Olansen is the Managing Shareholder at the law firm of Midgett Preti Olansen, with a practice focused on estate planning, probate and trust administration, IRS and state and local tax audit and tax collection cases, as well as individual and entity tax planning, asset protection, and a variety of related transactional matters such as business succession planning and business entity start-ups.

Mr. Olansen has extensive experience in drafting and implementing all types of basic and complex estate planning documents such as revocable trusts, irrevocable life insurance trusts (ILIT), grantor retained annuity trusts (GRAT), charitable remainder trusts (CRT), asset protection trusts, and generation-skipping transfer tax trusts. He regularly assists clients with the administration of trusts and estates, whether through the probate process or in private trusts, and serves as the executor and/or trustee for clients seeking long-term, professional trust management. He also has extensive experience in individual, gift, estate and trust income tax compliance and preparation (Form 1040, 1041, 706 and 709), and trust and estate fiduciary accounting preparation and forensic examination.

A significant part of Mr. Olansen’s tax practice is dedicated to representing individuals and businesses before the IRS, state, and local taxing authorities in tax disputes, audits, appeals, and collection actions. The scope of his audit and examination defense practice covers the entire process, from the initial Information Document Request through audit, administrative hearings, appeals, and litigation if necessary. He helps clients by removing levies, garnishments and liens, amending and correcting previous tax returns, filing delinquent tax returns, negotiating with the IRS and state governments to establish payment plans, conducting Collection Due Process Hearings (CDP), and submitting Offers in Compromise (OIC) to settle taxpayer debts that cannot be repaid.

Mr. Olansen is also a certified public accountant and former U.S. Marine. He is listed in Best Lawyers in America® in three categories: Trusts & Estates, Tax, and Litigation—Trusts & Estates.