NY Specific

Trusts, Estates & Probate

4.15

Trusts and Taxes in New York From A to Z

Credits Available
Credit Status Total
Connecticut CLE Approved 6.5 Total
New York CLE Approved 8 Total
Pennsylvania CLE Approved 6.5 Total
OnDemand
6 hours 35 minutes
Leslie Levin
Michael Zapson
Yana Feldman
Matthew Rappaport
With Leslie E. Levin from Hinman Howard & Kattell, LLP + 3 others
Recorded May 15, 2024
Product ID 98255

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Overview

Understand Tax Consequences and Opportunities of Key Estate Planning Tools

This course offers a straightforward overview of trust tax consequences and planning strategies that will help you minimize tax burdens and ensure IRS compliance. Identify key trust structures that work and don't. Predict tax effects of trusts on grantors and estates. Learn how income tax is incurred, calculated, and reported. Build a solid tax foundation for your practice. Register today!

  • Get a clear overview of current trust and tax laws.
  • Understand tax treatment and consequences of top trust structures.
  • Avoid unnecessary tax burden with effective delineation of income and principle.
  • Understand how the legal aspects of trusts affect accounting.
  • Learn what must and should be done with trust tax returns.
  • Evaluate existing trusts for their effectiveness in minimizing tax.
  • Get a practical overview of what happens and what can be done when a trust becomes irrevocable.
  • Guard your professional reputation with a custom-tailored legal ethics guide for your practice.

Abbreviated Agenda

  1. State and Federal Tax Rules Update
  2. Types of Trusts and How They're Taxed Under the New Tax Laws
  3. Trusts Created for Tax Reduction - What Works and What Doesn't
  4. Trust Taxation: Income, Capital Gains, Distributions
  5. Gift Taxation of Donations and Other Transfers of Trusts
  6. What Happens When a Trust Becomes Irrevocable
  7. Legal Ethics in Trusts Practice

Related Topics

Product ID 98255

Credit Details

Credits Available
Credit Status Total
Connecticut CLE Approved 6.5 Total
New York CLE Approved 8 Total
Pennsylvania CLE Approved 6.5 Total
Select Jurisdiction
CLE

Agenda

All times are shown in

  1. State and Federal Tax Rules Update

    1. Income, Capital Gains, and Tax Basis Step-Up
    2. Estate, Gift, GST Tax, and Portability
    3. SECURE Act, TCJA, CARES Act, ARP Act, and Other Recent Federal Laws
    4. Trust Tax Deductions: New Rules You Need to Know
    5. New Charitable Gift Substantiation Rules
    6. State Trust Decanting Statutes

  2. Types of Trusts and How They're Taxed Under the New Tax Laws

    1. Revocable vs. Irrevocable
    2. Simple vs. Complex Trusts
    3. Intervivos vs. Testamentary
    4. Grantor Trust Status and Reporting (Obtaining Grantor Status, Toggling it On and Off, Federal and State Requirements)
    5. Trust Asset Valuation and Tax Consequences

  3. Trusts Created for Tax Reduction - What Works and What Doesn't

    1. Fixing Obsolete Irrevocable Trusts
    2. Marital Trusts
    3. Charitable Trusts
    4. Defective Grantor Trusts
    5. IRA Trusts
    6. QPRTs Today
    7. GST Trust Provisions
    8. Other Tax-Efficient Trust Structures and Provisions
    9. Drafting for Flexibility to Respond to Future Tax Law Changes

  4. Trust Taxation: Income, Capital Gains, Distributions

    1. When a Trust can Use a Grantor's Tax ID and When it Needs Its Own Tax ID
    2. Structuring Trust Income Taxation
    3. Accounting vs. Taxable Income: Taxable Income Calculations
    4. Distributable Net Income
    5. Capital Gains Tax
    6. Basis Management
    7. Trust Deductions, Elections, Expenses
    8. Qualifying for the 199A 20% Deduction
    9. Discretionary Distributions in Lieu of Tax
    10. Tax Consequences of Distributions
    11. Accumulation Distribution for Some Complex Trusts
    12. Form 1041 Preparation
    13. Tax Elections and Other Post-Mortem Tax Planning

  5. Gift Taxation of Donations and Other Transfers of Trusts

    1. Gift Tax
    2. Generation-Skipping Transfer Tax
    3. Valuation Discounts
    4. Lifetime Exemption Amounts and Portability
    5. Marital Deduction, QTIP
    6. Annual Exclusion Gifts
    7. Filing of IRS Form 709

  6. What Happens When a Trust Becomes Irrevocable

  7. Legal Ethics in Trusts Practice

    1. Guarding Confidentiality
    2. Conflicts of Interest When Representing Couples
    3. Fiduciary Liability for Nonpayment of Taxes

Who Should Attend

This basic level online seminar is designed for:

  • Attorneys
  • Accountants
  • Financial Planners
  • Tax Professionals
  • Trustees and Trust Protectors
  • Fiduciaries
  • Estate Planners
  • Paralegals

Speakers

Leslie E Levin
Leslie E.
Levin
Hinman Howard & Kattell, LLP
Michael G Zapson
Michael G.
Zapson
Certilman Balin Adler & Hyman LLP
Yana Feldman
Yana
Feldman
Yana Feldman & Associates, PLLC
Matthew E Rappaport
Matthew E.
Rappaport
Falcon Rappaport & Berkman LLP
Speaker bio
Leslie E Levin

Leslie E. Levin

Hinman Howard & Kattell, LLP
Leslie Levin

is special counsel to the firm Cuddy & Feder LLP in White Plains, New York, where she practices in estate planning, probate, estate and trust administration, gift and generation-skipping tax transfer planning, asset protection, IRA distribution planning, not-for-profit organizations, charitable planning, special needs and disability planning, Medicaid planning, and elder law. Ms. Levin earned her B.A. degree, summa cum laude, high honors, from Brandeis University and her J.D. degree from the University of Pennsylvania Law School. She is admitted to practice in both New York and Connecticut.

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Speaker bio
Michael G Zapson

Michael G. Zapson

Certilman Balin Adler & Hyman LLP
Michael Zapson

is a partner at Certilman Balin Adler & Hyman LLP. He concentrates his practice in the areas of commercial and estate litigation, real estate, and zoning. Mr. Zapson represents real property owners, national companies, developers, purchasers, REITs, lenders and brokers. He regularly deals with estate and probate tax issues. Mr. Zapson also assists with estate planning tax issues. He is a member of the Long Beach Lawyer's Association, Nassau County Bar Association, and Nw York State Bar Association. Mr. Zapson is admitted to practice in New York and Washington D.C.; and the U.S. District Courts for the Southern, Eastern and Northern districts of New York. He earned his B.A. degree from Cornell University and his J.D. degree from the State University of New York at Buffalo.

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Speaker bio
Yana Feldman

Yana Feldman

Yana Feldman & Associates, PLLC
Yana Feldman

is the founding attorney of Yana Feldman & Associates, PLLC, a boutique firm in New York City specializing in estate planning and administration, asset preservation, and elder law. Her firm specializes in legacy planning and assisting families across generations to create, protect and leave a loving legacy. Ms. Feldman is a district delegate for the New York State Bar Association Elder Law and Special Needs Section, and a member of the Trusts and Estate Section. She received her undergraduate degree from the University of Chicago and her J.D. degree from Tulane Law School in New Orleans.

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Speaker bio
Matthew E Rappaport

Matthew E. Rappaport

Falcon Rappaport & Berkman LLP
Matthew Rappaport

chairs Falcon Rappaport & Berkman LLP's Taxation and Private Client groups. He concentrates his practice in taxation as it relates to real estate, closely held businesses, private equity funds, family offices, and trusts and estates. Mr. Rappaport advises clients regarding tax planning, structuring and compliance for commercial real estate projects, all stages of the business life cycle, generational wealth transfer, family business succession, and executive compensation. He also collaborates with other attorneys, accountants, financial advisors, bankers, and insurance professionals when they encounter matters requiring a threshold level of tax law expertise. Mr. Rappaport earned his J.D. degree and his Master of Laws in taxation from Georgetown University Law Center. He is a member and admitted to practice in the state of New York and the United States Tax Court.

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Yes, the more people you bring from your organization, the more you save. After the first registration, each additional attendee receives a special discount off of their total tuition.
When will the OnDemand be available and how long will I have access to the content?
The OnDemand Video will be available to stream within 14 days of live broadcast date. You will have access to the content for 6 months in your account. If you’re a subscriber, you’ll have access to your course recordings until 7 days after the expiration date of the subscription.
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