| MCLE Credit: | 2.0 (Ethics: 0.0) |
| Live-Interactive Credit: | 0.0 |
| Designation Credit: | 2.0 Trusts and Estates Practice (Designations Information) |
| Price: | $149 (Includes a downloadable audio version.) |
| Viewable Through: | 08/31/2026 |
$149.00 (or 2 Bundle Credits)
A pre-recorded streaming VIDEO replay of the August 2023 webcast, Practical Advice: Basic Tax Issues in Trusts and Estates Planning
Every estate planning document we draft has income and possible estate tax consequences. Understanding those consequences during the drafting process is critical to ensuring the client’s assets ultimately reach the intended beneficiaries in the expected amounts. During the planning process, clients are likely to ask questions about tax-related topics such as, will my beneficiaries pay income tax on money they receive, what is portability, and how much will the government take from my estate? Are you prepared to accurately answer?
This course is divided into two parts, fiduciary income tax and estate tax. The fiduciary income tax portion assists the attorney with determining the post-mortem income tax consequences of estates, and trusts typically used in estate planning. We examine the first year Form 1041 and available elections: what expenses can and cannot be deducted on the Form 1041 and their interaction with Form 706; how to calculate the income distribution deduction; how distributions are taxed to the trust beneficiaries; and the tax effects of trust terminations. The estate tax portion of this course provides an understanding of the estate tax exclusion amount, date of death asset valuation, estate tax portability, alternate valuation (and other elections), deductible expenses, and the interaction of the Form 706 with Form 1041.
Nathan R. Olansen, Midgett Preti Olansen PC / Virginia Beach
Nate is the Managing Shareholder at the law firm of Midgett Preti Olansen, with a practice focused on estate planning, probate and trust administration, IRS and state and local tax audit and tax collection cases, as well as individual and entity tax planning, asset protection and a variety of related transactional matters such as business succession planning and business entity start-ups.
He has extensive experience in drafting and implementing all types of basic and complex estate planning documents such as revocable trusts, irrevocable life insurance trusts (ILIT), grantor retained annuity trusts (GRAT), charitable remainder trusts (CRT), asset protection trusts, and generation skipping transfer tax trusts. Nate regularly assists clients with the administration of trusts and estates, whether through the probate process or in private trusts, and serves as the executor and/or trustee for clients seeking long-term, professional trust management. He also has extensive experience in individual, gift, estate and trust income tax compliance and preparation (Form 1040, 1041, 706 and 709), and trust and estate fiduciary accounting preparation and forensic examination.
A significant part of Nate’s tax practice is dedicated to representing individuals and businesses before the IRS, state, and local taxing authorities in tax disputes, audits, appeals and collection actions. The scope of his audit and examination defense practice covers the entire process, from the initial Information Document Request through audit, administrative hearings, appeals, and litigation if necessary. Nate helps clients by removing levies, garnishments and liens, amending and correcting previous tax returns, filing delinquent tax returns, negotiating with the IRS and state governments to establish payment plans, conducting Collection Due Process Hearings (CDP), and submitting Offers in Compromise (OIC) to settle taxpayer debts that cannot be repaid.
Nathan is also a certified public accountant and former U.S. Marine. He is listed in Best Lawyers in America® in three categories, Trusts & Estates, Tax, and Litigation – Trusts & Estates.
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