Taxes in Estate Administration: Basis Reporting and Other Key Issues

Agenda / Content Covered

1. Valuation of Assets
   10:00 - 10:30, Lisa Cosper
2. Understanding Tax Basis and Step-Up at Administration
   10:30 - 11:00, Lisa Cosper
3. Estate's Income Tax Returns
   11:00 - 11:30, Leah A. Morrison
   1. Forms and Supporting Docs
   2. Tax on Income Earned by Estate After Decedent's Death
   3. Who Owns the Income at the Death of the Decedent?
   4. Deadlines and Filing
4. Estate Tax: Portability, Elective Share, Disclaimers and More
   11:45 - 12:30, Leah A. Morrison
5. Sales of Real Property
   12:30 - 1:00, Leah A. Morrison
6. How the Generation-Skipping Transfer Tax Affects the Estate and the Heirs
   1:00 - 1:30, Evaleen M. Davis
7. Decedent's Final Income Tax Returns: Forms, Deadlines, Filing, Supporting Docs
   1:30 - 2:00, Evaleen M. Davis
8. Legal Ethics
   2:30 - 3:30, Lisa Cosper
   1. Attorney Fees and Engagement Agreements
   2. Guarding Confidentiality
   3. Data Security
   4. Fiduciary Liability Considerations
9. Current Tax Rates and Exemptions
   3:30 - 3:45, Neal B. Jannol
10. Tax Issues in Distributions to Minors and Trusts
    4:00 - 4:30, Neal B. Jannol
11. Tax Basis Consistency and Reporting for Assets Received at Death
    4:30 - 5:00, Neal B. Jannol
    1. When is it Necessary to File and to Whom?
    2. Forms and Filing and Furnishing Requirements
    3. What Information Must be Included
    4. Strategic Valuation of Assets for Basis Reporting Purposes
    5. Beneficiaries Reporting
    6. Penalties for the Estate and the Recipient

Accreditation Details:

Lisa Cosper is a member of Sutin Thayer & Browne's commercial group, whose practice focuses on estate planning, trusts, and probate. Prior to joining Sutin, she worked as a paralegal, and then as a lawyer in estate planning and estate administration for a specialty law firm with offices throughout Arizona and New Mexico. Ms. Cosper frequently presents on planned giving and estate planning. She earned her J.D. from Arizona Summit Law School, graduating magna cum laude.

Evaleen M. Davis is the principal of the Law Office of Evaleen M. Davis in Plano. She focuses in estate planning, probate, corporate law, and tax planning, including compliance for exempt organizations, as well as asset protection. Ms. Davis is board certified in estate planning and probate law by the Texas Board of Legal Specialization. She has previously lectured on claims procedures in probate and is a frequent lecturer at the Dallas Police and Fire Pension System Pre-Retirement programs. Ms. Davis earned her B.A. degree from the University of Texas at Arlington and her J.D. degree from Texas Tech University School of Law.

Neal B. Jannol is a sole practitioner in Los Angeles at the Law Office of Neal B. Jannol. He has been an attorney for more than 20 years and concentrates his practice on sophisticated estate and tax planning for individual clients; the representation of individual and corporate fiduciaries; and the administration of estates and trusts. Mr. Jannol's experience includes drafting revocable and irrevocable trusts, business succession planning, premarital planning, charitable gift planning, and all aspects of estate administration and probate procedures. He is a member of the State Bar of California. Mr. Jannol earned his B.A. degree, magna cum laude, from the University of California at Los Angeles; and his J.D. degree from the University of California at Berkeley, Boalt Hall School of Law.

Leah A. Morrison is an attorney with English, Lucas, Priest & Owsley, LLP in Bowling Green, Kentucky. She concentrates her practice in designing estate, asset protection, and business succession plans in a tax advantageous manner. Ms. Morrison is a member of the American, Kentucky, Louisville, and Bowling Green-Warren County bar associations. She earned her J.D. degree, magna cum laude, from the University of Louisville Brandeis School of Law; her LL.M. degree in taxation, magna cum laude, from the University of Alabama; and her B.A. degree in criminal justice from George Washington University.