PMEP
POST-MORTEM ESTATE PLANNING: FORMS 706, 1041, AND 1040

Emphasizing special rules and elections, the decedent's estate tax return, and the estate's income tax returns, this course uses a nuts-and-bolts approach to competent post-mortem estate planning. Learn how to minimize taxes on estate and inheritance tax returns, estate income tax returns, and the decedent's final income tax return. Presented with practical examples, it provides practice points, case examples, and checklists.

Major topics include:

Issues regarding Form 706

• Alternative valuation date issues
• Installment payments of estate taxes
• Corporate redemptions
• QTIP elections
• Planning with qualified disclaimers -- Avoiding the loss of your exemption equivalent
• Key issues to understand in dealing with basis step-up
• Post-mortem tax planning checklist

Issues regarding Form 1040

• Working with incorrect W-2 and 1099 Forms
• Partnership and S Corporation K-1 issues and problems in year of death
• Decedent carryover losses and credit -- What to do with passive loss investment, interest, and more
• Estimated taxes
• Final return -- Joint or separate?
• Medical expenses of final illness
• Savings bond interest acceleration

Issues regarding Form 1041

• Estate fiscal year and accounting method elections
• Sheltering income from the highest tax rate
• Passing out administrative expenses to maximize benefits to beneficiaries
• The 65-day rule election
• Income and deductions in respect of the decedent -- Opportunities and pitfalls to watch out for
• Qualified plans and IRAs

Level of knowledge: Intermediate