Trust Establishment and Termination: Avoiding Common Errors
Funding, Choosing a Trustee, Situs, Final Distributions, Excess Deductions on Termination, Loss Carryforwards
Recording of a 110-minute CPE webinar with Q&A
This webinar will review the primary concerns of grantors, taxpayers, and trust and estate professionals when forming and terminating trusts. Our panel will discuss initial concerns, including trust situs, funding a trust, and selecting an appropriate trustee. Our experts will cover finalizing a trust and discuss terminating events, final distributions, and the tax consequences of final year distributions.
Outline
- Establishing and terminating trusts: introduction
- Establishing a trust
- Types of trusts
- Situs
- Selecting a trustee
- Funding a trust
- Other issues
- Terminating a trust
- Determining final distributions
- Terminating events
- Tax consequences
- Other issues
Benefits
The panel will review these and other critical issues:
- How trust situs is determined, and how it affects taxation of a trust
- Evaluating trustee choices, including co-trustees, family, friends, professionals, and institutions
- Reporting excess deductions on terminations and loss carryforwards in the final year
- Key provisions in a trust document
Faculty
Charles J. Allen
Partner
Edmondson Sage Allen
Mr. Allen focuses his practice on estate planning, income tax planning, business planning, and probate and estate... | Read More
Mr. Allen focuses his practice on estate planning, income tax planning, business planning, and probate and estate administration. He counsels clients on the design and implementation of tax efficient estate and business plans, and represents executors in all phases of estate administration, including probate administration, preparation of federal estate tax returns, and the settlement of the estate. Specifically, Mr. Allen works with his clients to ensure their goals are met with regard to the disposition of their estate while also maximizing the use of credits and exemptions from federal estate and gift taxes and planning for income taxes. He has extensive experience advising, drafting, and administering trusts, as well as in the charitable and non-profit arena. Mr. Allen also represents clients with respect to the establishment, operation, taxation, re-organization and restructuring, business succession, and tax reporting requirements of their business as well as advises on business related transactions including the disposition of a business.
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S. Gray Edmondson
Partner
Edmondson Sage Allen
Mr. Edmondson practices in partnership, corporate, and individual tax planning; business transactions, including... | Read More
Mr. Edmondson practices in partnership, corporate, and individual tax planning; business transactions, including mergers and acquisitions; business planning; tax controversy; estate and wealth transfer planning; probate; estate and trust litigation; asset protection; and charitable planning. He has conducted, authored, and directed numerous seminars for professional, academic, and civic groups on taxation, business, asset protection and estate planning.
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