Tax Intensive

Wednesday, October 18, 2023

8:20 a.m. - 8:30 a.m.

Welcome and Announcements

8:30 a.m. - 9:30 a.m.

A ‘LIVE’ Demonstration of the Preparation of a 1041 
Hyman Darling and Letha McDowell
Watch the tax ‘disappear’ before your eyes as the tax return is prepared and revised. The presenters will create a return, revise it and educate the attendees on how to create a lower net tax, whether a simple, complex, grantor or qualified disability trust. You will see an interactive display of how income is included, distributed on the K-1, or on a Grantor Letter, and then included on the beneficiary’s personal return (1040).

9:30 a.m. - 10:20 a.m.

2023 Tax Update 
Shannon Laymon-Pecoraro
A dive into tax developments pertinent to the trusts and estates world since Fall 2022.

10:20 a.m. - 10:40 a.m.

Break and Visit with Sponsors and Exhibitors
Sponsored by Special Needs Alliance

10:40 a.m. - 11:30 a.m.

A ‘LIVE’ Demonstration of the Preparation of a 1040 
Hyman Darling and Letha McDowell
Don’t forget that the beneficiary may also have to file a tax return personally (and a state return). Whatever the trustee does with regard to the 1041 may have an effect on the 1040. Be aware of the situation and be sure to consider ALL of the options available to a person who has a disability that may reduce the tax, including medical and disability deductions as well as tax credits.

11:30 a.m. - 12:20 p.m.

AMBT Planning Considerations 
Bradley Frigon
This session will discuss developments in planning for disabled and chronically ill beneficiaries and Applicable Multi-Beneficiary Trusts (ABMT) under Secure 2.0, including the distinction between Type I AMBTs and Type II ABMTs. Participants will also learn about the Secure 2.0 impact on Able Accounts and Special Needs Trusts.

12:20 p.m. - 1:40 p.m.

Sponsored by FND Trust Services

1:45 p.m. - 2:35 p.m.

Breakout Session 1

  • The "Tax Anatomy" of Powers of Appointment
    Mark Munson
    Powers of appointment can provide tremendous flexibility with respect to trusts and trust planning.  In this sense, they can be extremely beneficial and useful.  This session will explain what powers of appointment are and will also dissect the taxation of them, including income taxation and wealth transfer taxation. 
  • Navigating IRS Appeals: Resolving IRS Disputes without Litigation 
    Andrew Vazquez
    This session will explore options available to taxpayers to resolve disputes with the IRS without litigation. Topics will include the Taxpayer First Act, the Independent Office of Appeals, and the Taxpayer Advocate Service. 

2:40 p.m. - 3:30 p.m.

Breakout Session 2

    • The Tax "Ins and Outs" of Gifting
      Mark Munson and Deirdre Wheatley-Liss
      Gifting occurs frequently.  When a gift is made, what tax rules are implicated that practitioners and advisors need to be aware of?  What are the income tax consequences?  What are the gift tax consequences?  This session will provide a case study approach to the tax consequences from making gifts.
    • Residency for State Personal Income Taxation
      Andrew Appleby
      This presentation covers the residency determination for state personal income taxation.  States use varying tests to determine if, and to what extent, an individual is a resident of the state and thus subject to that state’s personal income tax (and estate/inheritance taxes).  These tests range from domicile, to facts-and-circumstances presumptive tests, to complicated and inconsistent “day count” tests.  This program walks through these tests and how practitioners can guide clients through a change of residency, including the information and documentation taxpayers can use to support their change in residency.

3:30 p.m. - 3:45 p.m.

Break and Visit with Sponsors and Exhibitors
Sponsored by Special Needs Alliance

3:50 p.m. - 4:40 p.m.

Breakout Session 3

    • Tax Considerations in the Year of Death
      Deirdre Wheatley-Liss
      A fiduciary is responsible for multiple income tax filings in the year of death.  Using case study examples, seminar will address items related to a final Form 1040, the Form 1041 required to be filed by an estate/trust, the executor’s responsibilities were federal or state income tax returns have not been previously filed.  The seminar will also address properly documenting basis step up in the absence of a requirement to file an estate tax return. The purpose of the seminar is to allow special needs attorneys to issue spot and work in tandem with their clients and their accountants ensuring that all tax related responsibilities are properly addressed.
    • Fiduciary Tax Returns - Tips and Tricks
      Katie Everlove-Stone
      This course will review the different tax filing obligations for fiduciaries, available exemptions and credits, and some examples and case law we can learn from to avoid pitfalls.