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How to Shift Income to Beneficiaries

HOW TO SHIFT INCOME TO BENEFICIARIES

This course has been expanded to 2 credits.
Cost $25.00
Presentation Length 2.0 hours

Recorded DateAugust 30, 2023
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

This webinar begins with an overview of the basics of income taxation of trusts and estates. The session will also provide a closer look at standards for making distributions and explain how the ideas of distributable net income (DNI) and fiduciary accounting income (FAI) interact.

Distributions can be made using ascertainable standards—health, education, maintenance, and support (HEMS)—or no standard at all. Our presenter will discuss when capital gains are included in DNI and when items that are not FAI are included in DNI. 

Learning Objectives: 


  • Outline the basics of how taxable items are allocated to a trust/estate or its beneficiaries

  • Determine how HEMS can be flexible and the estate and gift tax consequences of using HEMS or no standard 

  • Define what items comprise DNI that is not necessarily FAI

  • Identify when capital gains are included in FAI and how to distribute capital gains


This course follows content from the webinar, “Grantor Trust Rules,” which discusses when a trust is taxed to its grantor or other deemed owner instead of being subject to these rules. Attendees may want to familiarize themselves with the concepts discussed in that webinar.

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Thompson coburn llp

Steve has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also prepared organizational documents for limited liability companies, corporations, and partnerships to implement their owners' wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies. 

Steve enjoys helping clients structure their affairs to achieve their personal, business, and financial goals while reducing the drag that taxes imposed on them. His firm provides full service to businesses; however, he also acts as counsel on specialized matters while cooperating and facilitating the continued involvement of an existing legal, accounting, and financial services team. Steve maintains his CPA license but prefers to refer income tax returns to practicing CPAs.


Steve Gorin is the former president and an ongoing contributor to Covenant Place’s strategic initiatives. It is a senior affordable housing community with a groundbreaking model for integrated residents with the surrounding community and facilitating holistic services to enrich their lives. 

 

To know more about Steve Gorin, kindly click on the link below:

http://thompsoncoburn.com/people/steve-gorin

 

For various free resources Steve offers, see https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about

 

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About Our Presenter

Thompson coburn llp

For approximately 90 years, Thompson Coburn LLP has provided the quality legal services and counsel our clients demand to achieve their most critical business goals. Whether helping with a tax, estate planning, real estate or employment issue, navigating a complex acquisition or defending a product or service in litigation, we have the knowledge and resources to meet any legal need.


With over 380 attorneys, we have experience in more than 50 areas of the law. Supported by our firm's state-of-the-art technology, lawyers in our Chicago, Dallas, New York, Los Angeles, Southern Illinois, St. Louis and Washington, D.C. offices enjoy a nationwide practice.