Estate and Income Tax Planning for the Surviving Spouse


Sep 26,2023

PRESENTER(s): Klaralee R. Charlton

1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 120 Minutes
  • Webinar Instruction will be emailed on your registered email address 3 days prior to webinar
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  • Web Download / e-Transcript will be shared in 7 working days from the date of webinar

Losing a spouse is not only a traumatic emotional event, but it also wreaks havoc on the surviving spouse’s options for mitigating income and estate tax liability. In this course we will examine tools the surviving spouse must consider to maximize tax saving opportunities after the death of their loved one. We will discuss both simple techniques related to the sale of the family home and maximizing post-death income tax elections and complex techniques related to mitigating estate tax by filing for portability and making QTIP elections on Form 706. We will also examine the surviving spouse’s post-death planning options including disclaimers and spending and how these methods can mitigate estate and income tax consequences. A basic understanding of estate tax and estate planning tools will be helpful before attending this course.

Learning Objective:

  • Identify the income tax saving opportunities for surviving spouse including filing statuses, personal residence gain exclusion, savings bond interest elections, and itemized deductions.
  • Analyze when Form 706 should be filed if the surviving spouse’s estate does not exceed the lifetime estate tax credit.
  • Understand when to exercise a disclaimer and how to utilize inherited funds in a way to mitigate later income and estate tax liability. 
  • Advise clients on how to mitigate income and estate tax liability after the death of a surviving spouse.
  • Describe the importance of meeting post-death filing deadlines to save income and estate tax.

Session Highlights: 

  • Identify opportunities for surviving spouses to mitigate income tax liability in the years after their spouse’s death.
  • Explain how and when to make disclaimer elections.
  • Describe when Form 706 should be filed to save on future estate tax.
  • Summarize the QTIP filing requirements for spouse’s inherited assets inside marital trust shells.
  • Analyze the tax consequences related to inherited assets and how to spend inherited assets to maximize future tax savings.

Credits and Other information:

  • Recommended CPE credit – 2.0
  • Recommended field of study – Taxes
  • Session Prerequisites and preparation: None
  • Session learning level: Basic
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • IRS Course ID: PJGWS-T-00082-23-O
  • Attendance Requirement:  Yes
  • Session Duration: 2 Hours
  • Case Studies and Live Q&A session with speaker
  • PowerPoint presentation for reference

Who Will Benefit:

  • CPA
  • Enrolled Agents (EAs)
  • Tax Professionals
  • Attorneys
  • Other Tax Preparers
  • Finance professionals
  • Financial planners

Speaker Profile:
Klaralee Charlton is a Shareholder with Katz, Look & Onorato, P.C. where she practices fiduciary tax, estate administration, and business transactional law. As part of her practice, Ms. Charlton guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. She also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.

Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She previously served as Chair of the Colorado Bar Association, Tax Section and President of the Greater Denver Tax Counsel Association. She earned her J.D. from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver, and her B.A. in political science from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.

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