ENG2338. Income Tax Consequences of Funding Bequests (EST, TAX)

This session will discuss the income tax consequences with an estate or trust transfer assets to the beneficiaries, whether that beneficiary is an individual or a trust. We will review the funding issues for (1) a specific bequest, (2) a pecuniary bequest and (3) a fractional or residuary bequest. The session will review the 6 issues that must be addressed for each of the three listed types of bequests.

Learning Objectives:

• Learn the 6 issues that must be addressed when distributions are made from an estate or trust to a beneficiary
• Discover what sections of the Internal Revenue Code affect the income tax consequences of funding bequests
• Learn the planning opportunities available when funding a bequest.