Trusts, Estates & Probate

4.44

Income Taxation of Trusts, Estates, and Individuals

Credits Available
Credit Status Total
Alaska CLE Reciprocity 6 Total
Alabama CLE Approved 6 Total
Arkansas CLE Approved 6 Total
Arizona CLE Approved 6 Total
California CLE Approved 6 Total
Colorado CLE Approved 7 Total
Connecticut CLE Approved 6 Total
Delaware CLE Approved 6 Total
Florida CLE Approved 7 Total
Georgia CLE Approved 6 Total
Hawaii CLE Approved 6 Total
Iowa CLE Approved 6 Total
Idaho CLE Approved 6 Total
Illinois CLE Approved 6 Total
Indiana CLE Approved 6 Total
Kansas CLE Approved 7 Total
Kentucky CLE Approved 6 Total
Louisiana CLE Approved 6 Total
Maine CLE Approved 6 Total
Minnesota CLE Approved 6 Total
Missouri CLE Approved 6 Total
Northern Mariana Islands CLE Approved 6 Total
Mississippi CLE Approved 6 Total
Montana CLE Approved 6 Total
North Carolina CLE Approved 6 Total
North Dakota CLE Approved 6 Total
Nebraska CLE Approved 6 Total
New Hampshire CLE Approved 6 Total
New Jersey CLE Approved 7.2 Total
New Mexico CLE Approved 6 Total
Nevada CLE Approved 6 Total
New York CLE Approved 7 Total
Ohio CLE Approved 6 Total
Oklahoma CLE Approved 7 Total
Oregon CLE Approved 6 Total
Pennsylvania CLE Approved 6 Total
South Carolina CLE Approved 6 Total
Tennessee CLE Approved 6 Total
Texas CLE Approved 6 Total
Utah CLE Approved 6 Total
Vermont CLE Approved 6 Total
Washington CLE Approved 6 Total
Wisconsin CLE Approved 7 Total
West Virginia CLE Approved 7.2 Total
Wyoming CLE Approved 6 Total
OnDemand
5 hours 55 minutes
Patti Spencer
William Dutel
Robert Keyser
Carl Fiore
Johnnie James
With Patti S. Spencer from Spencer Law Firm LLC + 4 others
Recorded June 27, 2025
Product ID 100371

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Overview

Actionable Tax Tips for Estate Planning

Income tax is one of the top priority drivers when it comes to wealth preservation and transfer. Get the fundamental overview of income taxation of trusts and estates and practical guidance on planning tools to control tax burdens. Register today!

  • Get an update on the governing laws and regulations.
  • Distinguish between taxable and accounting income.
  • Explore common trust deductions and learn how to claim them correctly.
  • Review the key income tax forms and checklists to prevent inconsistencies and errors.
  • Learn how the estate's deductions and administrative expenses are properly recorded.
  • Guard your professional reputation with a tailored legal ethics instruction.

Abbreviated Agenda

  1. Relevant Tax Laws Overview and Update
  2. Checklist of Tax Issues to Consider when Drafting the Estate Plan
  3. Types of Trusts and How They're Taxed
  4. Taxable Income Calculations
  5. Trust Deductions, Elections, Expenses
  6. Who Owns the Income at the Death of the Decedent?
  7. Form 1041 and Schedule K-1 Preparation: What You Need to Know
  8. Legal Ethics
  9. Deductions and Expenses of an Estate

Related Topics

Product ID 100371

Credit Details

Credits Available
Credit Status Total
Alaska CLE Reciprocity 6 Total
Alabama CLE Approved 6 Total
Arkansas CLE Approved 6 Total
Arizona CLE Approved 6 Total
California CLE Approved 6 Total
Colorado CLE Approved 7 Total
Connecticut CLE Approved 6 Total
Delaware CLE Approved 6 Total
Florida CLE Approved 7 Total
Georgia CLE Approved 6 Total
Hawaii CLE Approved 6 Total
Iowa CLE Approved 6 Total
Idaho CLE Approved 6 Total
Illinois CLE Approved 6 Total
Indiana CLE Approved 6 Total
Kansas CLE Approved 7 Total
Kentucky CLE Approved 6 Total
Louisiana CLE Approved 6 Total
Maine CLE Approved 6 Total
Minnesota CLE Approved 6 Total
Missouri CLE Approved 6 Total
Northern Mariana Islands CLE Approved 6 Total
Mississippi CLE Approved 6 Total
Montana CLE Approved 6 Total
North Carolina CLE Approved 6 Total
North Dakota CLE Approved 6 Total
Nebraska CLE Approved 6 Total
New Hampshire CLE Approved 6 Total
New Jersey CLE Approved 7.2 Total
New Mexico CLE Approved 6 Total
Nevada CLE Approved 6 Total
New York CLE Approved 7 Total
Ohio CLE Approved 6 Total
Oklahoma CLE Approved 7 Total
Oregon CLE Approved 6 Total
Pennsylvania CLE Approved 6 Total
South Carolina CLE Approved 6 Total
Tennessee CLE Approved 6 Total
Texas CLE Approved 6 Total
Utah CLE Approved 6 Total
Vermont CLE Approved 6 Total
Washington CLE Approved 6 Total
Wisconsin CLE Approved 7 Total
West Virginia CLE Approved 7.2 Total
Wyoming CLE Approved 6 Total
Select Jurisdiction
CLE

Agenda

All times are shown in

  1. Relevant Tax Laws Overview and Update

    1. Gift, GST, Estate Tax Rates and Exemptions
    2. Portability
    3. How Trusts are Taxed
    4. State Trust Decanting Statutes
    5. When a Trust can Use a Grantor's Tax ID and When it Needs its Own ID
    6. The SECURE Act and Its Tax Effects

  2. Checklist of Tax Issues to Consider when Drafting the Estate Plan

  3. Types of Trusts and How They're Taxed

    1. Revocable vs. Irrevocable
    2. Simple vs. Complex Trusts
    3. Intervivos vs. Testamentary
    4. Grantor Trust Toggling
    5. Trust Asset Valuation and Tax Consequences

  4. Taxable Income Calculations

    1. Taxable Income vs. Accounting Income
    2. Calculating the Distributable Net Income
    3. Tax Consequences of Distributions
    4. Accumulation Distributions for Some Complex Trusts
    5. Discretionary Distributions in Lieu of Tax

  5. Trust Deductions, Elections, Expenses

    1. TCJA Changes to Trust Tax Deductions
    2. Choosing the Estate's Taxable Year
    3. Recognizing Expenses
    4. Qualifying for the 199A 20% Deduction
    5. Tax Implications of a Trust Becoming Irrevocable
    6. Tax Elections and Other Post-Mortem Planning

  6. Who Owns the Income at the Death of the Decedent?

    1. Probate Assets
    2. Life Insurance
    3. Retirement Benefits
    4. Survivorship and Payable on Death Accounts
    5. Income in Respect of Decedent

  7. Form 1041 and Schedule K-1 Preparation: What You Need to Know

  8. Legal Ethics

    1. Guarding Confidentiality
    2. Engagement Agreements
    3. Attorney Fees and Client Trust Accounts
    4. Conflicts of Interest
    5. Attorneys Acting as Fiduciaries

  9. Deductions and Expenses of an Estate

    1. Checklist of Tax Considerations at the Death of the Client
    2. Income Tax Reporting at Estate Administration
    3. Transfer Taxes
    4. Executor Compensation and Other Fiduciary Fees
    5. Charitable Deductions
    6. Allowable Administrative Expenses of the Estate

Who Should Attend

This program is geared for attorneys. Accountants, estate planners, trust officers, tax professionals, and paralegals may also benefit.

Speakers

Patti S Spencer
Patti S.
Spencer
Spencer Law Firm LLC
William J Dutel
William J.
Dutel
Dutel Law Firm
Robert B Keyser II
Robert B.
Keyser, II
Robert B. Keyser II, LLC
Carl C Fiore
Carl C.
Fiore
Andersen US National Tax
Johnnie J James III
Johnnie J.
James, III
The Law Office of Johnnie James, PLLC
Speaker bio
Patti S Spencer

Patti S. Spencer

Spencer Law Firm LLC
Patti Spencer

is an attorney with Metzger and Spencer, LLP and Spencer Law Firm LLC in Lancaster, Pennsylvania, where she provides experience and depth in estate planning, trust and estate administration, complex tax consulting, charitable gift planning, wealth transfer vehicles and retirement plan consulting, and expert witness testimony. Ms. Spencer taught estate and gift tax for eight years as an adjunct professor at Boston University in the LL.M. program, and also was a former professor of trusts and estates at Boston University School of Law. In addition, she has spoken numerous times on topics related to her areas of expertise. Ms. Spencer is the author of a weekly column Taxing Matters, which appeared in the Lancaster Intelligencer Journal's Business Monday Section for 14 years. She also has written Pennsylvania Estate Planning, Wills and Trusts Library: Forms and Practice Manual, Data Trace, which is updated annually. Ms. Spencer earned her B.A. degree from Dickinson College, her J.D. degree from Boston University and her LL.M. degree from Boston University. She is a fellow of the American College of Trust and Estate Counsel.

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Speaker bio
William J Dutel

William J. Dutel

Dutel Law Firm
William Dutel

is the owner and managing attorney of Dutel Law Firm. He focuses his practice in wills, trusts and estates, and successions, as well as will, succession and trust litigation. Mr. Dutel also represents businesses and their owners, and handles business litigation. He lectures to various groups on estate planning, wills, successions and trusts, and related litigation. Mr. Dutel is a member of the 22nd Judicial District Court Bar Association,  Louisiana State Bar Association, Kentucky Bar Association and the American Bar Association. He is admitted to practice in Louisiana and Kentucky. Mr. Dutel earned his B.S. degree in accounting from the University of New Orleans and his J.D. degree from Tulane University School of Law.

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Speaker bio
Robert B Keyser II

Robert B. Keyser, II

Robert B. Keyser II, LLC
Robert Keyser

is the founding member of the estate, tax and business planning boutique firm, Robert B. Keyser II, LLC, based in Colorado Springs, Colorado. He provides counsel in the areas of income, estate and gift tax planning, and business planning to high-net-worth individuals and families. Mr. Keyser prepares advanced estate planning documents such as qualified personal residence trusts, family limited partnerships, life insurance trusts, generation skipping trusts, charitable trusts, private foundations, grantor retained annuity trusts, intentionally defective grantor trusts, and complex wills. He handles various business transactional matters requiring the preparation of agreements for stock redemption, mergers, employment, stock buy-sell, partnership and limited liability company arrangements, non-qualified plans, and trusts. Mr. Keyser taught business law and accounting at the University of Colorado's Colorado Springs campus from 2004 to 2017. He earned his B.A. degree from Colorado University, his J.D. degree from the University of Denver College of Law and his LL.M. degree in taxation from the University of Denver Graduate Tax Program.

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Speaker bio
Carl C Fiore

Carl C. Fiore

Andersen US National Tax
Carl Fiore

is a managing director in the Andersen US National Tax office, where he focuses on gift, estate, individual, charitable and fiduciary tax consulting and compliance matters. Mr. Fiore has worked with numerous families and closely held businesses to develop and implement wealth maximization plans through the use of family entities, income tax planning, stock option planning, charitable giving strategies, and effective gift and estate tax planning. His primary practice areas are gift and estate planning, charitable planning, planning for same-sex couples, and fiduciary income tax. Mr. Fiore also has experience in federal and state income tax consulting and compliance for individuals, partnerships, fiduciaries, estates, corporations, and private foundations. He is a lead member of the firm's estate planning group, which has extensive experience in serving the estate, gift, and fiduciary tax consulting and compliance needs of corporate and private trustees, as well as individuals. Along with numerous speaking engagements, Mr. Fiore also has been published in Trusts & Estates, Metropolitan Corporate Counsel and TaxStringer. Before joining Andersen Tax, he worked in the private client services practice of an international professional services firm, and as a trusts and estates associate at a national law firm. Mr. Fiore earned his B.A. degree from Hamilton College, his J.D. degree from St. John's School of Law and his LL.M. degree in estate planning from the University of Miami School of Law. He is a member of the New York State Bar Association and the American Bar Association.

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Speaker bio
Johnnie J James III

Johnnie J. James, III

The Law Office of Johnnie James, PLLC
Johnnie James

is an attorney at The Law Office of Johnnie James, PLLC. He specializes in business, criminal defense, DUI law, copyright, estate planning, entertainment, intellectual property, legal consulting, personal injury, and trademark law. Within estate planning, Mr. James focuses on key elements such as wills, trusts, power of attorney, and beneficiary designations ensure assets are distributed according to your wishes while minimizing tax burdens. He earned his degree from The University of Oklahoma and his J.D. from Charlotte School of Law. He is admitted to practice law in Oklahoma and before the U.S. District Court, Northern District of Oklahoma.

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