Currently, estate and income tax rates are very similar, requiring careful attention by all tax advisors seeking to minimize the overall estate and income tax liabilities of an estate/trust and its beneficiaries. Advisors must determine which obligations of the decedent and which expenses incurred during the estate/trust administration can or should be taken as a deduction for estate or income tax purposes. The new reporting rules regarding uncertain or estimated expenses for estate tax returns (Form 706) also will be discussed. Advisors should consider whether certain post mortem planning opportunities are appropriate and how the decisions regarding the taking of the certain deductions can affect the plan's outcome. The panel will share (good and bad) "war stories", as well as their collective words of wisdom and caution, regarding the requisite considerations for all tax advisors in these uncertain "tax" times.
Elizabeth Glasgow – Partner, Venable LLP
Timothy Wylie – Managing Director, Andersen Tax
Sussan Shore – Managing Director, Weinstock Manion