ENG2308. Planning for Estates Under $10 Million (EST, TAX)

This session will discuss why it is important for the modest estate owner to have a comprehensive estate plan. We will cover basic documents, beneficiary designations, conventional credit shelter planning, the mechanics of filing Form 709 to make the portability election; along with the benefits and downside of making the election. We will also review Roth conversion and insurance planning for smaller estate owners; post-mortem estate, administrative and fiduciary elections, filing the decedent's final return along with the estate's fiduciary return and issues that arise when the decedent is a partner or shareholder in a passthrough entity.

Learning Objectives:

• The participant will gain an understanding of the importance of the need for estate planning for smaller estate owners' especially when they hold interests in passthrough business entities.
• The participant will gain an understanding of the various post-mortem elections available to smaller estate owners, including the benefits and mechanics of making the portability election.
• The participant will gain an understanding of the importance of income tax and basis planning when the estate is less than the federal exclusion amount, including state tax implications.