Form 1041 Advanced Series Part 4: Post Mortem Administration Considerations 2024

Overview

This final segment of our four-part Form 1041 series addresses the special income tax issues that arise on the grantor’s death or the first spouse. The once docile revocable living trust ignored for income tax purposes now comes to life and requires attention. Trust administration is just as rigorous as probate administration, if not more rigorous. We will review the importance of an approach to Trust Administration and the important income tax tools available to the fiduciary.

Highlights

• A Review of the Expansive Nature of Trust Administration
• The Use of Post-Mortem Elections
• The Use of an Administrative Trust & its Advantages
• Choosing a Fiscal Year for the Administrative Trust
• The Successor Trustee of an Administrative Trust and whether the Trust is Simple or Complex?
• Making the Sec. 645 Election, its Duration , Advantages and Disadvantages

Prerequisites

Form 1041 Advanced Workshop Part 3

Designed For

Tax practitioners, accountants and financial professionals.

Objectives

• Recognize and review the Depth and Scope of Trust Administration
• Identify and analyze the Administrative Trust
• Determine the need and use of the IRC Sec. 645 Election

Preparation

None

Notice

This course is offered by a 3rd party vendor. Login instructions will not be accessible in the My CPE Tracker section of the ISCPA website. Login instructions will be emailed directly to you by California Education Foundation (CalCPA).