Session 7: Income Tax and the Estate Plan
This session is part of the InterActive Legal Academy Estate Planning Tax Series
Instructors
Deirdre Wheatley-Liss Esq. and Stephen J. Silverberg, Esq., CELA, Fellow, Cap, AEP®Course Description
This session features two practicing attorneys with daily experience in dealing with all aspects of estate planning. They will focus here on the income tax consequences of different estate planning strategies, including the income taxation of trusts and estates, how lifetime trusts are taxed, and future income taxation of beneficiaries after death.
- Basics of income tax for estates and trusts
- Grantor trusts
- Section 1014
- Triggering inclusion to achieve step-up
Faculty Bios
Deirdre R. Wheatley-Liss divides her practice between representation of business owners and their businesses, counselling individuals and families, and advising non-profit entities. Ms. Wheatley-Liss counsels business owners on legal and structural issues related to start-up, financing, growth and exit strategy. As a tax attorney, she always keeps an eye on minimizing a business owner's "silent partner" – the IRS. She also advises on director and officer (D&O) liability issues, including business succession and break-ups. By creating the most efficient organizational structures and contractual arrangements during the infancy and growth of a business she has helped clients keep hundreds of thousands of dollars in their pockets upon the sale of the mature business. To educate both the public and the legal community about issues relating to business ownerships, Ms. Wheatley-Liss is a frequent lecturer to professionals and the public on topics related to start-up, intellectual property, employee and independent contractor issues, wealth transfer, tax minimization, business succession planning and cybersecurity.
InterActive Legal Special Advisor on Elder Law Planning
Stephen J. Silverberg is nationally recognized as a leader in the areas of estate planning, estate administration, asset preservation planning and Elder Law. He is a past president of the prestigious National Academy of Elder Law Attorneys (NAELA), and a founding member and past president of the New York State chapter of NAELA.
Silverberg was awarded the credential of NAELA Fellow, the highest honor bestowed by NAELA to “attorneys… whose careers concentrate on elder law, and who have distinguished themselves both by making exceptional contributions to meeting the needs of older Americans and by demonstrating commitment to the Academy.” Silverberg is also a founding member of the New York State chapter of NAELA.
He holds the designation of a Certified Elder Law Attorney (CELA), awarded by the National Elder Law Foundation. There are fewer than 400 CELAs throughout the United States.
For more information, visit his site, the Law Offices of Stephen J. Silverberg, PC