Grantor Trusts: Issues, Strategies and Threats And The Decedent’s Final 1040 and Post-Mortem Planning and Elections


Nov 14,2022

PRESENTER(s): Steven G. Siegel

12:00 PM ET | 11:00 AM CT | 9:00 AM PT | 240 Minutes
  • Webinar Instruction will be emailed on your registered email address 3 days prior to webinar
  •  | 
  • Web Download / e-Transcript will be shared in 7 working days from the date of webinar

The Decedent’s Final 1040 and Post-Mortem Planning and Elections

Form 1040 is the standard Internal Revenue Service (IRS) form that individual taxpayers use to file their annual income tax returns.  Tax practitioners need special knowledge and skills when working with clients after a family member’s death. There are special tax rules associated with preparing a client’s final Form 1040 and a host of other issues and options that must be carefully addressed. Your clients need you to be at your absolute best as you support them through the necessary steps during those difficult times.

With the increasing complexity and ever-changing nature of tax laws and issues, this class will keep you current on federal individual income tax laws, new tax forms, changes to existing tax forms as well as tax planning opportunities and pitfalls.

  • Identify the major federal income tax laws impacting individuals as well as changes to Form 1040 and other related schedules and forms.
  • Identify the Affordable Care Act (ACA) income tax provisions that were repealed and retained.
  • Cover issues related to the various taxes, i.e., income, capital gain, self-employment and alternative minimum tax (AMT).
  • Review changes to depreciation, itemized deductions, adjustments to income, passive activities and tax credits.
  • Discuss the key unique post-death elections and decisions that should be considered for a decedent client
  • Identify how S corporation income is reported to a deceased S corporation shareholder in the year of death

Session Highlights:

  • Understanding and preparing the Final Form 1040
    • What should be filed and reported
    • Who Must File the Return
    • Income, Losses and Deductions to be Reported
    • Estimated Taxes, Liabilities and Refunds
    • Income in Respect of a Decedent (IRD) Considerations
  • The Final Income Tax Return for a Decedent
  • Items of Income and Deduction
  • Elections that Affect the Fiduciary Income Tax Return
  • Disclaimers
  • Code Section 6166 Installment Payments
  • Marital Deduction Planning
  • Electing the Alternate Valuation Date
  • Electing Special Use Valuation for Real Property Used in Farming or Closely Held Businesses
  • Section 754 Election to Adjust the Basis of Partnership Assets
  • Special Elections to Protect a Corporation's S Corporation Election
Grantor Trusts: Issues, Strategies and Threats

Grantor trusts are among the most effective tax planning for CPA and Tax professionals. Join this summit with Mr. Steven G. Siegel, to learn common planning issues and strategies you can use to help your clients make the best use of grantor trusts. Despite the complex grantor trust rules in the Internal Revenue Code, grantor trusts still hold their own as a key tax and estate planning tool. Get the latest thinking on planning with grantor trusts from a top expert, including what to consider given the government's proposals that limit its advantages.
  • Navigating grantor trust planning issues
  • Determining the viability of grantor trusts for your clients
  • Optimizing your planning strategy 
  • Viability and future of grantor trusts
  • Optimization of grantor trust planning
  • Key issues and concerns when planning with clients
Session Highlights:

  • Identify the issues related to planning with grantor trusts.
  • Recognize strategies to make the best use of grantor trusts in planning for your clients.
  • Determine the viability for grantor trusts planning going forward.

Credits and Other information:

    • Recommended CPE credit – 4.0
    • 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-00063-22-S
    • Attendance Requirement:  Yes
    • Session Duration: 4 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:
    Steven Siegel is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States. 

    Mr. Siegel is the author of many books, including: The Grantor Trust Answer Book (2020 Leimberg Information Systems); The Adviser’s Guide to Financial and Estate Planning (AICPA 2020); Federal Fiduciary Income Taxation (Foxmoor 2020); Understanding the Federal Gift Tax (Leimberg Information Systems (2021)Federal Estate and Gift Tax (Foxmoor 2016)). He is co-author of Income Taxation of Trusts and Estates, (Carolina Press 2020). He is the co-author with Richard Oshins, Esq. of The Anatomy of the Perfect Modern Trust, Estate Planning Magazine, January and February 2016.

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