Drafting 1st Party Special Needs Trusts and Taxes on 1st Party Special Needs Trusts

Proceed step-by-step through the basics of federal gift tax preparation, including calculation of tax due, gift tax splits, and filing procedure and deadlines. Sample completed forms are provided and discussed.

Basis consistency (IRC §1014(f)) and new reporting requirements with regard to property the value of which is included in a decedent’s gross estate for federal estate tax purposes to be reported to the IRS on Form 8971 and provided to the recipients of the property on Schedules A (IRC §6035) were enacted July 31, 2015. This presentation will overview these new Code sections, the pending Proposed Regulations (and final regulations if issued prior to the presentation), and the new Form 8971 and Schedule A.