Meeting Materials

Session 1: Taxation of Non-Grantor Trusts for “Smart” Dummies

Get your skis under you with this in-depth review of the concepts of fiduciary income taxes.

This presentation will cover the essentials of fiduciary income tax of non-grantor trusts and estates.  In addition to an overview of the topic, the panelists will drill down on important topics such as Fiduciary Accounting Income (FAI), the Uniform Principal and Income Act and the revised Uniform Fiduciary Income and Principal Act of 2018, distributable net income (DNI), and income in respect of a decedent (IRD).  The panel will then discuss practical estate and trust administration issues including distributions in kind and specific bequests.  The panel will conclude with items relating to the IRS Form 1041 and the IRS Form 706 United States Estate (and Generation-Skipping Transfer) Tax Return, including when and how to take a deduction, the IRC Section 645 election and  the 65-Day Rule. 

Speakers: Gregory V. Gadarian, Chrstiana M. Lazo, Sean R. Weissbart