Tax and Accounting Basics for Trusts and Estates Attorneys

Agenda / Content Covered

1. New and Current Tax Rules and Their Effects on the Practice
   11:00 - 11:30, Michael G. Zapson
2. What Executors Need to Know and Do
   11:30 - 12:00, Michael G. Zapson
   1. How to Inventory all Assets and File it With the Court
   2. How to Open and Close Accounts
   3. How to Pay Creditors and Handle Illiquidity and Insolvency
   4. How to Keep the Decedent's Business Going
   5. How to Keep Proper Records
   6. How to Handle Real Estate - Before and After Sale/Distribution
   7. Liability and Hot Spots for Executors
3. Estate and Fiduciary Accounting
   12:00 - 12:45, Debra L. Scott
   1. Duty to Account, Legal Requirements and Reasons for the Accounting
   2. What Records/Documents are Needed?
   3. What Information to Include: Transactions, Valuation, Capital Changes, Interest and Dividends and More
   4. Account Reconciliation
   5. Proper Delivery, Consent, Contested Issues
4. Trust Accounting
   1:00 - 1:45, Debra L. Scott
   1. Basics of Trust Accounting
   2. Required Information for Trust Accounting
   3. When is a Special Accounting Needed?
   4. Notices of Proposed Action
5. Tax Basics for Estates
   1:45 - 2:30, Michael G. Zapson
   1. What Taxes Need to be Paid, What Returns Need to be Filed With What Government Agency and When
   2. Where is it Taxable? Form 1040 vs. 1041
   3. Final Income Tax Return of the Decedent and Decedent's Delinquent Taxes
   4. Basis, Market Value, and Taxable Transfer Issues
   5. IRA and Retirement Account Special Issues
   6. Tax Elections: Fiscal Year, 663(b) and Other
6. Trust Tax Essentials
   3:00 - 3:45, Michael G. Zapson
   1. Basis, Market Value, and Taxable Transfer Issues for Trusts
   2. Tax Set Up and Reporting During Lifetime
   3. Tax Reporting after Death
   4. Tax Reporting on Final Distribution
   5. Tax Election of Fiscal Year
   6. Grantor vs. Non-Grantor Trusts: Pros and Cons, How They're Taxed, Who Pays the Tax, When a Tax ID is Needed, etc.
   7. Liability Issues and Hot Spots for Trustees
7. Tax Minimization Tactics, Common Tax Situations, and Red Flags to Avoid
   4:00 - 5:00, Nancy R. Crow
   1. Taking Advantage of the Basis Step-Up Rules
   2. Time Value of Money as it Relates to Discounting
   3. Charitable Giving to Reduce Tax
   4. Creative Planning With and Taxation of Stock, Money Market, and IRA Accounts
   5. The Tax Consequences of Trust Gifts to Grandchildren
   6. Smart Tax Moves When it Comes to Irrevocable Trusts vs. Revocable Trusts
8. Legal Ethics
   5:00 - 6:00, Nancy R. Crow
   1. Duty of Competence in Trusts and Estates Practice
   2. Spotting Conflicts of Interest
   3. Guarding Client Information: Confidentiality and Data Security
   4. Ethical Issues in Multiple Representation
   5. Supervising and Subordinate Attorneys
   6. Fee Agreements
   7. Attorneys Serving as Fiduciaries

Accreditation Details:

Nancy R. Crow is special counsel to the law firm of Hutchins & Associates LLC, where she practices in the areas of tax law, estate planning and administration, trusts, and exempt organization law. She is a frequent lecturer and writer on topics related to her areas of practice. She wrote and has updated chapters on estate planning, estate administration, trusts and will drafting, and execution for Colorado Methods and Practice, Thomson Reuters/West, through the Sixth Edition. Ms. Crow is a member of the Denver, Colorado (past chair, Taxation Section; column editor, Trust & Estate Section), and American (Taxation and Real Property, Probate, Trust & Estate sections) bar associations, the Colorado Women's Bar Association, the Denver Tax Association, and the American College of Trust and Estate Counsel. She is also a member of the State Bar of California. Ms. Crow earned her B.A. degree in sociology from Antioch College, her J.D. degree from the University of Colorado at Boulder and her LL.M. degree in taxation from New York University.

Debra L. Scott is the sole practitioner with The Scott Practice, LLC, where she represents clients concerning estates and trusts matters, and fiduciary disputes. With more than 19 years of experience handling fiduciary matters, Ms. Scott introduced a new nonprofit consulting division to the law firm called SP Consulting. She has a law, public health and accounting background. Ms. Scott earned her bachelor's degree from the University of California, Riverside. She studied accounting post-baccalaureate at Clayton State University, where she was conferred membership into the Golden Key Honor Society. Ms. Scott earned her J.D. degree from Syracuse University College of Law and her master's degree from Emory University. Ms. Scott has worked with various nonprofit organizations such as The Emory Clinic, Nature Abounds, Clayton County Family Care and the National Association of Chronic Disease Directors.

Michael G. Zapson is a partner at Certilman Balin Adler & Hyman LLP. He concentrates his practice in the areas of commercial and estate litigation, real estate and zoning. Mr. Zapson represents real property owners, national companies, developers, purchasers, REITs, lenders and brokers. He is a member of the Long Beach Lawyer’s Association, the Nassau County Bar Association, and the Association of the Bar of the City of New York. Mr. Zapson is admitted to practice in New York, Washington D.C, and the U.S. District Courts for the Southern, Eastern and Northern Districts of New York. He earned his B.A. degree from Cornell University and J.D. degree from the State University of New York at Buffalo.