The Morning After: Avoiding Tax Surprises in Trust and Estate Litigation CLE

The American Bar Association Section of Real Property, Trust and Estate Law and the ABA Center for Continuing Legal Education are sponsoring a teleconference and live audio webcast on April 1, 2008 entitled The Morning After: Avoiding Tax Surprises in Trust and Estate Litigation.

Here is a description of this program:

How you frame your pleadings or draft your settlement agreement may have unintended tax consequences. Without knowing the tax consequences of litigation for beneficiaries, fiduciaries, and the IRS, you don’t know how much your client actually won or lost. The time to learn the tax rules is now, not in the midst of an all-night mediation. In this program, the speakers will highlight the essential income and transfer tax rules you must know and illustrate those rules with a case study.

Participants in this program will learn about:

• Taxation of will contest settlements and other payments from estates
• Income tax basis of property received in settlements
• Taxation of sales of expected inheritances or remainder interests in trusts
• Requirements for a settlement payment to qualify for the marital and charitable deductions
• The effect of proposed regulations under Section 2053 regarding deductible claims for estate tax purposes
• GST tax considerations regarding qualified severances and modifications of grandfathered trusts