Navigating the complexities of wills, trusts, and tax compliance for effective end-of-life planning.
There are 2 components to this course, Estate Tax Planning & Taxation Core Deck Presentation and the Estate Tax Planning & Taxation Case Study & Practice Applied Addendum. Estate Tax Planning is the core principles which provides a comprehensive overview of estate tax planning and administration, focusing on the roles of legal and tax professionals in managing decedent estates. It covers the fundamental legal documents required for estate planning, including wills, living trusts, and powers of attorney, while detailing the specific responsibilities of executors, trustees, and administrators. The curriculum addresses federal tax filing requirements, such as Form 1041 and Form 706, and explains the tax treatment of various assets, including life insurance and retirement accounts. Additionally, it examines the complexities of generation-skipping transfer taxes and the strategic use of irrevocable life insurance trusts to mitigate estate tax liabilities.
In the second component, Estate Tax Planning & Taxation Case Study & Applied Practice Addendum, I discuss the advantages and disadvantages of Irrevocable Life Insurance Trusts (ILITs) and their role in estate tax planning. I explain the importance of Crummy powers in making ILIT funding tax-efficient by allowing annual exclusion gifts. I present a case study comparing estate tax implications with and without an ILIT, highlighting the benefits of using an ILIT to shelter life insurance proceeds from estate tax. I also cover how ILITs interact with other trust structures like Revocable Living Trusts (RLTs), Spousal Lifetime Access Trusts (SLATs), GST Dynasty Trusts, and Charitable Remainder Trusts (CRTs) in comprehensive estate planning. The discussion includes the impact of legislative changes, particularly the permanent increase in estate tax exemptions under Public Law 119-21, shifting the focus of estate planning from tax avoidance to asset protection and multi-generational wealth preservation.
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"When not knowing, we open our minds, get informed & learn."
Leslie Bonner, Enrolled Agent, MLS, has 39 years of experience in tax law in the areas of individuals, corporations (both C-Corp & S-Corp), partnerships & LLCs, non-profit and tax-exempt entities, and employment tax law. Leslie is skilled in Tax Consulting, Tax Preparation, Employment Tax, Sales Tax, Internal Audit and Accounting. Leslie is a Tax Advisor and Enrolled Agent (EA) with professional experience in helping clients resolve complex tax issues - especially as these issues relate to rental property and passive loss rules, employment taxes, trust, estate and gift taxes, real property & taxation, alien individuals and other foreign persons who need to meet their tax compliance and filing responsibilities, including tax planning, tax preparation, tax audits and representation, and appeals representation before the Internal Revenue Service. Leslie holds a Master in Legal Studies from Washington University at St. Louis School of Law, and a Bachelor of Science in Accounting from Woodbury University. Leslie is an Enrolled Agent who is admitted to practice before the Internal Revenue Service, as well as a Certifying Acceptance Agent (CAA), authorized to act on behalf of alien individuals and other foreign persons with respect to those person who need to obtain an Individual Taxpayer Identification Number (ITIN) or an Employer Identification Number (EIN) from the Internal Revenue Service. Leslie frequently speaks and holds events and webinars on multiple topics including Small Business Workshop, Foreign Persons & Their Tax Responsibilities, Foreign Banks and Financial Account and Tax Reporting Requirements, Real Property & Its Taxation, Estate Tax Planning & Taxation, Worker Classification & Tax Filing Requirements, and Personal Income Tax, Reasonable Compensation & Risk Mitigation, as well as various other tax-related topics.
