Massive Estate Planning Changes for 2016 and Beyond: Meeting New IRS Basis Consistency Requirements, IRC 2704 Discounting Regulations

2016 represents a year of landmark changes to the tax landscape of estates and trusts. From the new basis consistency requirements to the IRS scrutiny on discounting of business interests, many aspects will have significant impact on existing and future wealth transfer vehicles. Estate planners must understand several key developments for conducting year-end reviews of estate plans and trust structures.

In addition to the ongoing review of trusts to ensure that asset composition, beneficiary identification and liquidity needs are current and meet the client’s needs and circumstances, estate planners should be examining the year’s developments to determine whether any IRS pronouncements materially affect their clients’ estate plans. The basis consistency reporting requirements in particular deserve a close look to ensure that clients haven’t mismatched the discounts they reported when placing an asset in trust with what beneficiaries are reporting on their tax returns.

Year-end reviews of estate plans and trust documents provide estate planners with opportunities to remedy mistakes in plans, as well as to modify and update terms that no longer fit client needs. A crucial part of this process must be to incorporate new developments to ensure they don’t result in less favorable income tax results.

Listen as our experienced panel provides a comprehensive guide to the key developments in estate and trust law in 2016.

1. Key IRS pronouncements and events occurring in 2016
2. Section 2704 guidance and IRS position on lapse in voting rights
3. Other significant cases and rulings
4. Year-end steps for estate planners

The panel will discuss these and other important topics:

• Major IRS guidance and pronouncements affecting estate planners and their clients
• New basis consistency requirements’ impact on trust assets and estate plan documents
• Current developments in family partnerships and other family business structures
• Other year-end steps should planners take to ensure their clients’ estate plans and trust documents are up to date and consistent with their current needs

Learning Objectives

After completing this course, you will be able to:

• Recognize the impact of the new Section 2704 regulations on estates and trusts
• Identify key developments impacting estate planning and trust structures in 2016
• Determine critical year-end review processes for ensuring clients’ estate plans are up to date, and reflect clients’ current needs

• Field of Study: Taxes
• Level of Knowledge: Intermediate
• Advance Preparation: None
• Teaching Method: Seminar/Lecture
• Delivery Method: Group-Internet (via computer)
• Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
• Prerequisite: Basic knowledge of taxation.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).