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Unexpected Complexity of Marital Deductions

Understand the intricate planning strategies of marital deductions and how to avoid unintended tax consequences. The marital deduction is simple in concept, but often proves complex in application, particularly in the arena of trusts and their administration. This topic helps the trusts and estates practitioner have a better understanding of the intricacies of marital deduction planning in offsetting the gift and estate tax, and also in the context of the generation-skipping transfer tax, and fiduciary income taxation. It also addresses the types of trust and estate administration expenses and their effect on the calculation of the marital deduction. Additionally, the selection of marital deduction formula for trust allocation purposes is discussed. Failure to understand the requirements of the marital deduction and its complex interaction with other tax concepts can result in unintended and severe gift, estate, GST, and income tax consequences. This material is a launching point for the attorney who wishes to expand his or her practice into the realm of advanced estate planning and administration.


Runtime: 87 minutes
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Why Lorman?

Over 30 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

Prerequisite Federal Tax Concepts

Marital Deduction Formula Planning

  • Pecuniary vs. Fractional Dispositions
  • Pecuniary Amount Formula
  • Fractional Share Formula

Preserving the GST Tax Exemption in Marital Deduction Trust Funding

  • Drafting Strategies
  • Powers of Appointment and Third-Party Powers
  • Severances and Marital Deduction Formula Selection

Valuation Issues

Income Tax Consequences

Related Tax Issues in Trust and Estate Administration

  • Impact of Management vs. Transmission Expenses on the Marital Deduction
  • Section 67(E) Expenses
  • IRD Issues

Examples and Conclusions

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Why Lorman?

Over 30 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 program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

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

MP3 Download

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

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Why Lorman?

Over 30 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

T. James Lee, Esq.

T. James Lee, Esq.

Fennemore Craig, P.C.

  • Partner and director in the Phoenix office of Fennemore Craig, P.C.
  • Practices in the areas of estate planning, business design and structuring, and commercial transactions, including tax planning, corporate, partnership, LLC, real estate, and international matters
  • Advises clients on planned giving methods, and establishing charitable trusts, foundations, and other tax-exempt organizations
  • Achieved the highest rating with Martindale-Hubbell Law Directory
  • Conducts regular seminars and workshops on estate planning, tax and probate topics
  • Writer of several articles related to estate planning
  • Member of ACTEC and the ABA, Taxation Committee, and listed in Best Lawyers
  • J.D. degree, with honors, Brigham Young University, J. Reuben Clark Law School; B.S. degree, Brigham Young University
  • Can be contacted at [email protected]
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Product ID: 399849
Published 2016
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