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Understanding Basis of Inherited Property and Multiple Tax Challenges

It's no easy job - understand the myriad of reporting and tax challenges faced by an executor.

The executor's job is no easy task. An executor is responsible for probating a decedent's will, inventorying a decedent's assets, identifying the estate beneficiaries and distributing the assets of the estate. In today's world, in which people own assets across multiple institutions and the click of a button can transfer such assets across continents, estate administration is more time-consuming and complex than ever. In addition, the executor must carefully consider the income tax consequences of the administration and distribution of the estate, and the new basis consistency and reporting requirements add another layer of complexity to the task. This topic will provide an overview of the estate administration process, focusing on the new basis consistency rules, the reports and forms the executor must file and the rules that must be followed. Special attention will be given to the income tax considerations relevant to estate administration.

Runtime: 88 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction/Overview

  • An Executor's Responsibilities, Generally
  • The New Basis Consistency and Information Reporting Requirements
  • The Income Tax Challenges Faced by Executors

An Executor's Responsibilities, Generally

  • The Probate Process
  • Inventorying Assets
  • Distribution of Property
  • Tax Issues

The New Basis Consistency and Information Reporting Requirements

  • Background and History
  • Unpacking the New Rules
  • Basis Consistency vs. Duty to Report

Tax Issues Facing Executors

  • Overview of the Income Tax Rules Relevant to Estate Administration
  • Specific Bequests
  • Debts Owed to the Estate
  • Non-US Beneficiaries
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on April 26, 2017.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • AK CLE 1.5
     
  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NM CLE 1.5
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Stacey Delich-Gould

Morrison Cohen LLP

  • Partner with Morrison Cohen LLP in the individual client services department
  • Advises clients on their personal, tax and estate planning needs and has significant experience drafting wills, revocable trusts, insurance trusts, grantor trusts, GRATs and other estate-planning documents
  • Significant experience counseling private foundations and public charities on important effects of the Pension Protection Act and compliance with self-dealing and unrelated business income tax rules under Chapter 42 of the Internal Revenue Code
  • Lectures frequently on various different estate planning topics
  • Recognized by New York Super Lawyers as a "Rising Star" in the area of Estate Planning & Probate, 20142016
  • LL.M. and J.D. degree, cum laude, New York University School of Law; B.A. degree, Tufts University
  • Can be contacted at [email protected]
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 397754
Published 2017
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