Estate Basics
2 CPE for AFSP, EA, CFP®, CPA, CRTP
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The first year of an estate involves critical tax decisions that impact compliance and liabilities. This session examines common reporting obligations and special elections essential for guiding executors and beneficiaries. It provides an overview of key filing requirements, including Form 1041, U.S. Income Tax Return for Estates and Trusts, and Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return. Additionally, the discussion covers when and why to make a Section 645 election and explores income and deduction allocations and planning opportunities in an estate’s first.
Objectives
Upon completion of this session, you will be able to:
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Identify the filing requirements for the first year of an estate
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Summarize the tax implications of choosing a fiscal or calendar year for the estate income tax return
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Correctly allocate income and deductions between the final Form 1040 and Form 1041
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Evaluate the benefits and requirements of making the 645 election for qualified revocable trusts
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Discuss filing Form 706 to establish basis in assets or to make use of a deceased spouse’s unused exemption (DSUE), even when a filing requirement does not exist
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CPE information
Duration: 100 minutes
Course level: Basic
Prerequisite: None
Advanced preparation: None
Delivery method: Group Live
