Tax

4.56

Tax Basis in Probate

Credits Available
Credit Status Total
Alaska CLE Reciprocity 1.5 Total
Arkansas CLE Approved 1.5 Total
Arizona CLE Approved 1.5 Total
California CLE Approved 1.5 Total
Colorado CLE Approved 2 Total
Connecticut CLE Approved 1.5 Total
Delaware CLE Approved 1.5 Total
Florida CLE Approved 2 Total
Georgia CLE Approved 1.5 Total
Hawaii CLE Approved 1.5 Total
Idaho CLE Approved 1.5 Total
Illinois CLE Approved 1.5 Total
Maine CLE Approved 1.5 Total
Minnesota CLE Approved 1.5 Total
Missouri CLE Approved 1.8 Total
Northern Mariana Islands CLE Approved 1.5 Total
Montana CLE Approved 1.5 Total
North Dakota CLE Approved 1.5 Total
Nebraska CLE Approved 1.5 Total
New Hampshire CLE Approved 1.5 Total
New Mexico CLE Approved 1.5 Total
Nevada CLE Approved 1.5 Total
New York CLE Approved 1.5 Total
Oklahoma CLE Approved 2 Total
Oregon CLE Approved 1.5 Total
Pennsylvania CLE Approved 1.5 Total
Tennessee CLE Approved 1.5 Total
Vermont CLE Approved 1.5 Total
Washington CLE Approved 1.5 Total
Wisconsin CLE Approved 1.5 Total
West Virginia CLE Approved 1.8 Total
Wyoming CLE Upon Request 1.5 Total
OnDemand
1 hours 29 minutes
Michael Menninger
With Michael J. Menninger from Houck Menninger Law, LLC
Recorded April 22, 2025.
Product ID 100245

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Overview

Step up Your Knowledge

Understanding the concept of tax basis and the stepped-up basis rule is essential for every attorney handling trusts and estates cases, especially new attorneys. Master these principles to help your clients maximize the tax benefits of inherited assets and ensure a smooth transition of wealth to the next generation. Register today!

  • Clarify the role of tax basis in the transfer of assets from decedent to beneficiaries.
  • Prevent mistakes in calculating stepped-up basis (consider IRD and other exceptions and special rules!).
  • Avoid serious tax consequences for failure to correctly report the stepped-up basis.

Abbreviated Agenda

  1. Understanding Basis for Estate Assets: Original and Adjusted
  2. Practical Application of Basis in Probate
    1. Determining Basis for Common Probate Assets
    2. Documentation Requirements for Basis Calculation
    3. The Role of Executors and Fiduciaries in Basis Determination (IRS Form 8971)
    4. Reporting Requirements (Form 1040, 706, Heirs' Income Tax Returns)
  3. Essential Planning: Basis Consistency Rules (IRC 1014(f)), Portability, etc.

Related Topics

Product ID 100245

Credit Details

Credits Available
Credit Status Total
Alaska CLE Reciprocity 1.5 Total
Arkansas CLE Approved 1.5 Total
Arizona CLE Approved 1.5 Total
California CLE Approved 1.5 Total
Colorado CLE Approved 2 Total
Connecticut CLE Approved 1.5 Total
Delaware CLE Approved 1.5 Total
Florida CLE Approved 2 Total
Georgia CLE Approved 1.5 Total
Hawaii CLE Approved 1.5 Total
Idaho CLE Approved 1.5 Total
Illinois CLE Approved 1.5 Total
Maine CLE Approved 1.5 Total
Minnesota CLE Approved 1.5 Total
Missouri CLE Approved 1.8 Total
Northern Mariana Islands CLE Approved 1.5 Total
Montana CLE Approved 1.5 Total
North Dakota CLE Approved 1.5 Total
Nebraska CLE Approved 1.5 Total
New Hampshire CLE Approved 1.5 Total
New Mexico CLE Approved 1.5 Total
Nevada CLE Approved 1.5 Total
New York CLE Approved 1.5 Total
Oklahoma CLE Approved 2 Total
Oregon CLE Approved 1.5 Total
Pennsylvania CLE Approved 1.5 Total
Tennessee CLE Approved 1.5 Total
Vermont CLE Approved 1.5 Total
Washington CLE Approved 1.5 Total
Wisconsin CLE Approved 1.5 Total
West Virginia CLE Approved 1.8 Total
Wyoming CLE Upon Request 1.5 Total
Select Jurisdiction
CLE

Agenda

All times are shown in

  1. Tax Basis in Probate

    1. Understanding Basis for Estate Assets: Original and Adjusted
    2. Practical Application of Basis in Probate
      1. Determining Basis for Common Probate Assets
      2. Documentation Requirements for Basis Calculation
      3. The Role of Executors and Fiduciaries in Basis Determination (IRS Form 8971)
      4. Reporting Requirements (Form 1040, 706, Heirs' Income Tax Returns)
    3. Essential Planning: Basis Consistency Rules (IRC 1014(f)), Portability, etc.

Who Should Attend

This legal guide is designed for attorneys. Accountants, tax professionals, fiduciaries, and paralegals will also benefit.

Speakers

Michael J Menninger
Michael J.
Menninger
Houck Menninger Law, LLC
Speaker bio
Michael J Menninger

Michael J. Menninger

Houck Menninger Law, LLC
Michael Menninger

is an attorney/owner at Houck Menninger Law, LLC licensed in Ohio, Indiana and Kentucky. He is a certified specialist in estate planning, trust and probate law by the Ohio State Bar Association. Mr. Menninger has nearly 20 years of practice experience, with more than a decade focused exclusively on estate planning and related disciplines. He helps families implement simple and complex estate planning strategies, advising on tax and asset protection considerations. Mr. Menninger also works with clients planning for special needs and planning for same-sex couples. He has served as faculty for the OSBA, Wealth Counsel State Forums, the National Business Institute, and Strafford Publications, among other organizations, teaching on a variety of subjects, including basic estate planning, trust and estate taxation, IRA planning, and irrevocable trust modification. Outside of his professional life, Mr. Menninger is married and has four children. He serves on the Board of Directors for Charlie's Kids, Inc., a non-profit organization which advocates SIDS awareness and safe-sleep practices. Mr. Menniger is also an FC Cincinnati season ticket member.

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