- Credits: 4
- Format: OnDemand® Webinar
- Field of Study: Federal Tax Update
- Author/Speaker: Anthony Rocca
|Course ID:||Advanced Preparation:||Experience Level:|
|EWTFM-U-01702-21-O | 6233-CE-0425||None||Overview|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© Oct 2013||General Understanding of Taxation||eBook Self-Study | Video | Audio | Live Webinar|
The legal process of administering and distributing property (both real and personal) of a Decedent's Estate. For State purposes, it is a legal entity established at the instance of death to protect and to preserve all probate assets until the probate assets can be distributed to the individuals or entities having a beneficial interest therein.
For Federal purposes, it is the total of all assets owned or controlled by a decedent valued at their highest and best use (IRC "2031") Internal Revenue Code (IRC) (Gross Estate). IRC "2033" includes in the gross estate all probate assets IRC "2034", 2044 includes in the gross estate all non-probate assets, "2034" Dower and courtesy rights, "2035" Transfers in contemplation of death (3-year rule), "2036" Gratuitous transfers with a retained right to income or control of beneficial enjoyment, "2037" Gratuitous transfers conditioned on surviving the decedent, "2038" Gratuitous transfers with retained right to revoke, "2039" - Annuities "2040" Jointly held property with the right of survivorship Between spouses Between non-spouses "2041", and General Powers of Appointment "2042".
Life Insurance death benefit in which the decedent is insured and possesses an incidence of ownership "2044". Assets in a trust with respect to which a QTIP election was made by the estate of a prior spouse.
Who Should Attend:
- All Certified Public Accountants (CPAs)
- Enrolled Agents (EAs)
- Tax Return Preparers (TRPs)