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Trust and Estate Income Tax in Practice: 1041 Tactics and Pitfalls

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 Pending 6 Total
Illinois CLE Approved 6 Total
Indiana CLE Approved 6 Total
Kansas CLE Upon Request 7 Total
Kentucky CLE Upon Request 6 Total
Louisiana CLE Approved 6 Total
Maine CLE Approved 6 Total
Minnesota CLE Approved 6 Total
Missouri CLE Approved 7.2 Total
Northern Mariana Islands CLE Approved 6 Total
Montana CLE Pending 6 Total
North Carolina 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
Pennsylvania CLE Approved 6 Total
Rhode Island CLE Upon Request 7 Total
South Carolina CLE Approved 6 Total
Tennessee CLE Approved 6 Total
Texas CLE Approved 6 Total
Utah CLE Approved 6 Total
Virginia 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
Arizona CPE for Accountants Approved 7 Total
New York CPE for Accountants Approved 7 Total
Washington CPE for Accountants Approved 7 Total
Wisconsin CPE for Accountants Approved 7.2 Total
Enrolled Agent Approved 7 Total
CPE for Accountants/NASBA Approved 7 Total
Live Online
6 hours
Ricardo Aponte-Parsi
Johnnie James
George Goodridge
With Ricardo Aponte-Parsi from Office of the General Counsel at Secretary of the Air Force (SAF/GCN) + 2 others

Thu, Oct 22, 00:00 AM – 00:00 PM

Product ID 102555

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$429

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Overview

Checklists, Forms, Sample Calculations, and Practical Strategies for Estate Planners

Estate planning attorneys know their clients' trusts can trigger complex income tax issues. Too few know how to navigate it, and the gaps are expensive. Missed elections, miscalculated DNI, and passive activity errors can quietly erode the wealth your clients worked to preserve. This 6-hour course puts fiduciary income tax mechanics directly in your hands: from the 1041 workflow and DNI calculations to IRD, post-mortem elections, and the 3.8% NIIT. Leave with annotated forms, reusable checklists, and sample calculations you can use on day one. Register today!

  • Master DNI calculations and the 65-day election with step-by-step examples.
  • Walk through Form 1041 line by line with a practitioner's checklist.
  • Avoid the most costly passive activity and at-risk rule mistakes in trust returns.
  • Plan around the 3.8% NIIT: use distributions to manage trust-level exposure.
  • Advise clients on grantor trust income tax consequences before and after death.
  • Handle IRD, the 691(c) deduction, and the 645 election with confidence.

Abbreviated Agenda

  1. Fiduciary Accounting Income vs. Taxable Income: The Foundation That Changes Everything
  2. Common Errors, Audit Triggers, and Corrective Strategies
  3. Distributable Net Income (DNI): Calculations, Traps, and Strategic Opportunities
  4. Passive Activity and At-Risk Rules Inside Trusts and Estates
  5. Form 1041: A Practitioner's Line-by-Line Workflow
  6. From Living Trust to Estate: Grantor Trusts, IRD, and Post-Mortem Planning

Can't Attend Live?

Get the OnDemand Instead

Watch the recording of this event on your own schedule. We'll notify you when its ready.

Related Topics

Product ID 102555

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 Pending 6 Total
Illinois CLE Approved 6 Total
Indiana CLE Approved 6 Total
Kansas CLE Upon Request 7 Total
Kentucky CLE Upon Request 6 Total
Louisiana CLE Approved 6 Total
Maine CLE Approved 6 Total
Minnesota CLE Approved 6 Total
Missouri CLE Approved 7.2 Total
Northern Mariana Islands CLE Approved 6 Total
Montana CLE Pending 6 Total
North Carolina 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
Pennsylvania CLE Approved 6 Total
Rhode Island CLE Upon Request 7 Total
South Carolina CLE Approved 6 Total
Tennessee CLE Approved 6 Total
Texas CLE Approved 6 Total
Utah CLE Approved 6 Total
Virginia 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
Arizona CPE for Accountants Approved 7 Total
New York CPE for Accountants Approved 7 Total
Washington CPE for Accountants Approved 7 Total
Wisconsin CPE for Accountants Approved 7.2 Total
Enrolled Agent Approved 7 Total
CPE for Accountants/NASBA Approved 7 Total
Select Jurisdiction
CLE
Other

Agenda

All times are shown in

  1. Fiduciary Accounting Income vs. Taxable Income: The Foundation That Changes Everything

    1. The Uniform Principal and Income Act: Key Rules That Govern Allocations
    2. Practical Examples: Dividends, Interest, Capital Gains, and Depreciation - Which Bucket?
    3. Reading and Interpreting Trustee Reports
    4. Questions to Ask Before Preparing the 1041

  2. Common Errors, Audit Triggers, and Corrective Strategies

    1. Top 1041 Errors Identified in Practice
    2. Estate Inclusion Techniques That Often Fail in Execution
    3. IRS Audit Priorities for Trust and Estate Returns
    4. Amended 1041s: When and How to File
    5. Missed Elections and How to Request Relief: 9100 Relief and Other Options

  3. Distributable Net Income (DNI): Calculations, Traps, and Strategic Opportunities

    1. The DNI Formula Walkthrough With Annotated Calculations
    2. Tier 1 vs. Tier 2 Distributions: Who Gets What and When
    3. The Separate Share Rule: When One Trust Acts Like Many
    4. Qualified Disability Trusts (QDTs): Enhanced Exemption Deduction and Tax Benefits
    5. The 65-Day Election (IRC Sec 663(b)): How It Works, When to Use It, Tax Savings Calculations
    6. Common DNI Calculation Errors and How to Spot Them

  4. Passive Activity and At-Risk Rules Inside Trusts and Estates

    1. How Passive Activity Rules Apply to Trusts, and Where They Differ From Individuals
    2. Material Participation by Trusts: Recent Case Law Update
    3. Suspended Passive Losses: What Happens at Termination and Distribution
    4. At-Risk Rules for Trust-Owned Real Estate and Business Interests
    5. ESBT and QSSSTs: S Corp Interests Held in Trust and Special Income Tax Rules
    6. Sec 168(k) 100% Depreciation on Qualifying Property and Impact on Trust-Held Assets
    7. Other Practical Examples of Real Estate and Business Interests Held in Trust

  5. Form 1041: A Practitioner's Line-by-Line Workflow

    1. Annotated Form 1041: Every Line That Matters and Top Errors on Each
    2. Schedule B - Income Distribution Deduction: Calculation and Traps
    3. Schedule D, K-1s, and the Pass-Through of Character: How Income Retains Its Identity to Beneficiaries
    4. The Estate's Form 1041: Key Differences From a Trust Return
    5. Filing Deadlines, Extensions, and Calendar-Year vs. Fiscal-Year Elections for Estates
    6. Form 1041-ES: Estimated Tax Payments and When They're Required
    7. OBBBA Tax Planning Implications (Including 199A QBI Deduction)
    8. Pre-Filing Review Checklist for the 1041

  6. From Living Trust to Estate: Grantor Trusts, IRD, and Post-Mortem Planning

    1. Grantor Trusts Under IRC Secs 671-679: Why They Don't File a 1041, and What They File Instead
    2. Income Tax Planning with Intentionally Defective Grantor Trusts (IDGTs)
    3. What Happens When the Grantor Dies: Final Return, EIN, Basis Step-Up
    4. The IRC 645 Election: Treating a Revocable Trust as Part of the Estate
    5. Income in Respect of a Decedent (IRD): Identification, Planning, and the 691(c) Deduction
    6. Post-Mortem Planning: Year Election, Alternate Valuation Date, and Grantor Trust Toggling
    7. Non-Grantor Trust Planning: CRTs, SALT Reduction, QSBS Stacking, and Income Shifting

Who Should Attend

This legal course is designed for attorneys. Accountants, enrolled agents, tax professionals, trust officers, personal representatives, wealth advisors, and paralegals will also benefit.

Speakers

Ricardo Aponte-Parsi
Ricardo
Aponte-Parsi
Office of the General Counsel at Secretary of the Air Force (SAF/GCN)
Johnnie J James III
Johnnie J.
James, III
The Law Office of Johnnie James, PLLC
George L Goodridge
George L.
Goodridge
George L. Goodridge Attorney at Law
Speaker bio
Ricardo Aponte-Parsi

Ricardo Aponte-Parsi

Office of the General Counsel at Secretary of the Air Force (SAF/GCN)
Ricardo Aponte-Parsi

is a real estate and corporate counsel with a 22+ year track record of assessing risk, managing litigation, and building compliance systems to protect organizational interests. He is a trusted business partner and problem solver, dedicated to delivering exceptional results that advance business objectives through preventive counseling, strategic risk management, and shrewd advocacy. Mr. Aponte-Parsi is a team leader and project manager who builds relationships, leads change, and communicates effectively with private and public stakeholders. He earned his bachelor's degree from Syracuse University, with a major in international relations, and his J.D. degree from the Interamerican University of Puerto Rico School of Law. In May 2014, Mr. Aponte-Parsi completed his Master of Laws degree from Northwestern University School of Law and a Certificate in Business Administration from IE Business School in Madrid, Spain. In 2018, he completed a second LL.M. degree at Georgetown University Law School in securities and financial regulation. In 2022, Mr. Aponte-Parsi completed a certification in privacy law from Seton Hall University School of Law. He was president of the Board of the Puerto Rico Education Council, the licensing agency for the Commonwealth, and is currently the chairman of the Board of Trustees of the San Juan Community College. Since November of 2024, Mr. Aponte-Parsi has worked as an associate general counsel at the Office of the General Counsel of the Air Force (SAF/GCN) at Lackland Air Force Base, in San Antonio, Texas. SAF/GCN provides legal and policy advice to members of the Secretariat, air staff, and space staff on virtually all matters relating to the department's 180 installations, nearly 10 million acres of real estate, base realignment, and closure; programs for environmental planning, compliance, and restoration and natural and cultural resources management; and programs for safety and occupational health.

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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. degree from Charlotte School of Law. Mr. James is admitted to practice law in Oklahoma and before the U.S. District Court, Northern District of Oklahoma.

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Speaker bio
George L Goodridge

George L. Goodridge

George L. Goodridge Attorney at Law
George Goodridge

practices law in Massachusetts and Vermont, where he works with clients in the areas of estate planning, trust and estate administration, and business law. He has represented clients in a variety of matters in state and federal courts involving will contests, actions to terminate and modify trusts, guardianships and conservatorships. Mr. Goodridge works closely with estate planning clients to implement a comprehensive plan that meets the family's goals and advises fiduciaries about probate, estate taxes, trust funding and administration. He serves as counsel to nonprofit organizations and has a particular interest in working with land trusts and private landowners on land protection projects. Mr. Goodridge earned his B.S. degree, summa cum laude, from the University of Massachusetts, Amherst; his J.D. degree from the University of Connecticut School of Law; and an LL.M. in taxation from Boston University School of Law. He is admitted to practice in Massachusetts, Vermont, U.S. Court for the District of Massachusetts, U.S. Court of Appeals for the First Circuit and the U.S. Patent and Trademark Office.

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