Relationship Between Forms 709, 706 and 1041

Administering Special Needs Trusts can be particularly problematic because it involves caring for beneficiaries with special needs and the risk of losing critical benefits. This program will cover the common problems attorneys encounter in administering special needs trust including finding a good trustee, managing the beneficiary’s expectations, handling distributions, handling a failed trust, and dealing with creditors. This program will also cover common solutions including decanting, trust termination, NJSAs, guardianships, changing trustees, as well as using pooled trusts, corporate trustees, trust protectors, care managers, and considering ABLE accounts as an alternative. Understanding the problems and solutions in administering special needs trusts will enable you to better advise your clients on creating a special needs trust in addition to solving problems after they arise.

Explore key strategies for handling large estates, including tax-efficient planning, trust structures, liquidity management, and compliance with current estate and gift tax laws. Gain practical guidance to help clients preserve and transfer wealth effectively.
Originally presented as part of Elder Law Short Course 2025.

This presentation will include a timeline for the estate tax return preparation process, a list of information to gather from the client, tips on preparing schedules for different types of assets, valuation issues, and a typical computation for the marital deduction. A sample estate tax return will also be presented based on the day’s hypothetical, including common elements in the estate of a second-to-die spouse.
Originally presented as part of Gift & Estate Tax Workshop: Forms 709, 706 & 8971 2025.