Estate Basis Consistency Rules for Fiduciaries: Navigating Reporting Requirements and Distribution Strategies
Avoiding Penalties, Determining Impact of Disclosure Rules on Estate and Beneficiaries, Making Post-Mortem Basis Adjustments
Recording of a 90-minute CLE/CPE video webinar with Q&A
This CLE/CPE course will provide estate planners and advisers to trusts and estates with a practical guide to estate basis consistency reporting requirements as they impact trustees and fiduciaries. The panel will explain the IRS pronouncements on coordinating basis reporting with the filing of the estate tax return and valuations reported on Form 8971, and will offer strategies to help fiduciaries avoid adverse tax consequences in estate distributions.
Outline
- Section 1014 basis consistency rules
- Estates subject to basis consistency
- Property subject to basis rule
- Final value determination methods
- Zero-basis rule and other tax consequences due to omission or non-reporting
- Section 6035 reporting requirements
- Supplemental reporting requirements
- Distribution considerations and strategies
Benefits
The panel will review these and other relevant topics:
- Reporting property on Form 8971
- Coping with scenarios in which the executor does not wish to disclose asset basis values to a particular beneficiary
- Rules on post-mortem basis adjustments to estate assets
- Penalties for failure to disclose all assets on Form 8971 and Schedule A
- How fiduciaries should remedy reporting mistakes or failures
- Distribution concerns and strategies under the basis consistency reporting rules
Faculty
Sarah N. Gaymon, CPA
Associate Director of Tax Services
Berkowitz Pollack Brant
Ms. Gaymon is an Associate Director of Tax Services at Berkowitz Pollack Brant Advisors + CPAs located in the West Palm... | Read More
Ms. Gaymon is an Associate Director of Tax Services at Berkowitz Pollack Brant Advisors + CPAs located in the West Palm Beach office, specializing in trusts and estates. Her background includes tax compliance and tax consulting for high net worth individuals, family groups, trusts, estates, and gift tax issues. Ms. Gaymon aids her clients in the year-end planning process as well as assisting with family wealth, succession and estate planning. She also has experience in US planning and compliance related to foreign trusts, foreign estates, and individual foreign tax compliance and residency issues. Ms. Gaymon has completed extensive research in the gift and estate tax area and has contributed to the publication of an international estate and gift tax planning handbook for the DFK group. She was also published in the Naples Daily News Estate Planning Insert for two consecutive years.
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Neal B. Jannol
Attorney
Law Offices of Neal B. Jannol
Mr. Jannol is a sole practitioner in Los Angeles at the Law Offices of Neal B. Jannol. He has been an attorney for more... | Read More
Mr. Jannol is a sole practitioner in Los Angeles at the Law Offices of Neal B. Jannol. He has been an attorney for more than 20 years and concentrates his practice on sophisticated estate and tax planning for individual clients, the representation of individual and corporate fiduciaries, and the administration of estates and trusts. His experience includes drafting revocable and irrevocable trusts, business succession planning, premarital planning, charitable gift planning, and all aspects of estate administration and probate procedures. He is a member of the State Bar of California and is a Certified Specialist in Estate Planning, Trust & Probate Law. Mr. Jannol earned his B.A. degree, magna cum laude, from the University of California at Los Angeles and his J.D. degree from the University of California at Berkeley, Boalt Hall School of Law.
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