DESCRIPTION
This module provides an overview of federal estate, gift, and generation-skipping transfer taxes, including their structure, purpose, and key rules. It introduces foundational concepts related to trusts, including their characteristics, common types, and role in estate planning. The course also covers fiduciary income taxation, including Form 1041, distributable net income (DNI), and the income distribution deduction. In addition, participants will review key considerations in preparing a decedent’s final individual income tax return. These concepts are reinforced through discussions, exercises, and a case study.
LEARNING OBJECTIVES
- Explain the purpose, structure, and interaction of federal estate, gift, and generation-skipping transfer taxes.
- Identify gift tax rules and analyze the implications of the generation-skipping transfer tax on intergenerational transfers.
- Describe the purpose, key characteristics, and common types of trusts.
- Identify the components of Form 1041 and explain the calculation and purpose of distributable net income (DNI) and the income distribution deduction (IDD).
- Analyze key considerations in preparing a decedent’s final individual income tax return and apply relevant rules in a case study scenario.
