Learn about the areas of overlap and differences between federal and Illinois estate tax law. Learn about challenges you might face if you have no federal estate tax but have an Illinois estate tax. The discussion will also include issues with establishing or changing domicile, structuring an estate plan to minimize Illinois estate tax, and questions you should ask your clients to avoid future Illinois estate tax problems.
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.
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.
We will walk step-by-step through the basics of federal gift tax preparation, including the calculation of tax due, gift tax splits, and filing procedure and deadlines. Sample completed forms will be provided and discussed. Includes An Introduction to the Topic and the Hypothetical.
Learn from successful estate planners about tricky issues such as: navigating parentage laws and evolving assisted reproductive technologies, citations to discover/recover assets, construing and modifying wills and trusts, and detecting and proving alterations and forgeries; and ethical considerations when clients have diminished capacity.
The 18th Annual Elder Law Short Course is designed for the Illinois elder law attorney who is dedicated to client service and eager to stay on the cutting-edge of legal issues affecting elderly clients and their families.
Get updates on tax planning for the elderly, updates on the Illinois Trust Code and Remote Signature Act, and the annual judges’ panel. In addition, you’ll get the latest on advising your clients about Medicaid (planning and application), preparing for a guardianship trial, divorce in guardianship, and much more!