Partnership Tax Issues in Estate Planning: Key Challenges and Guidance for Trusts and Estates Counsel
Capital Accounts, Basis Rules, Cash Distributions; Tax Implications of Partnership Assets, Transfers, Debts and Liabilities
Note: CPE credit is not offered on this program
Recording of a 90-minute CLE webinar with Q&A
This CLE course will provide trusts and estates counsel guidance for recognizing and overcoming critical tax issues of partnerships in estate planning. The panel will discuss the fundamentals of partnership income tax rules for estate planners, maintaining capital accounts, basis rules, traps involving cash distributions, transfers, and partnership debts and liabilities. The panel will also discuss key planning opportunities and provide useful techniques for using partnerships in estate planning.
Outline
- Common partnership tax issues for estate planners
- Partnership assets
- Capital accounts
- Pass-through taxation
- Basis rules
- Distributions
- Cash distributions; current vs. liquidating distributions
- Exceptions
- Marketable securities
- Disguised sale rules
- "Mixing bowl" rules
- "Hot" assets
- Partnership debts and liabilities
- Essential planning techniques for counsel
Benefits
The panel will review these and other key issues:
- What are the critical partnership tax issues for estate planners?
- What issues are presented by the basis rules concerning partnership assets?
- What are the potential tax traps relating to cash distributions, transfers, and partnership debts and liabilities?
- How do the disguised sale, mixing bowl, and hot asset rules apply to partnerships in estate planning?
- How do you calculate the capital account and basis of transferred interests?
- What planning opportunities are available to estate planners?
Faculty
Cliff Capdevielle
Managing Attorney
Moskowitz
Mr. Capdevielle has been developing sophisticated tax planning strategies and resolving tax disputes for clients more... | Read More
Mr. Capdevielle has been developing sophisticated tax planning strategies and resolving tax disputes for clients more than two decades. As lawyer, accountant, longtime instructor and adjunct professor, Mr. Capdevielle formulates strategies to utilize the ever-changing array of federal and state tax laws – and relevant treaties – to clients’ benefit. This includes comprehensive counsel to businesses adapting to sweeping tax law changes enacted in 2017, and ongoing work with business owners and other individual taxpayers seeking to preserve assets through trust and estate planning.
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Beth S. Cohn
Shareholder
Jaburg Wilk
Ms. Cohn chairs the firm’s Estate Planning and Business Law Department. As both a Tax Specialist certified by the... | Read More
Ms. Cohn chairs the firm’s Estate Planning and Business Law Department. As both a Tax Specialist certified by the State Bar of Arizona - Arizona Board of Legal Specialization and a Certified Public Accountant, she has a unique expertise in assisting her clients with their estate planning as well as closely held businesses. She has assisted hundreds of families - including ones with substantial assets - with their estate needs ranging from simple estate plans to complex multi-generational gifting plans. She assists families, closely held businesses owners and individuals by providing succession planning, business planning and estate planning.
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