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PA 221 Wills, Trusts, and Estate Planning Unit Eight: Taxation.

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Presentation on theme: "PA 221 Wills, Trusts, and Estate Planning Unit Eight: Taxation."— Presentation transcript:

1 PA 221 Wills, Trusts, and Estate Planning Unit Eight: Taxation

2 Winding Down Course Ends 3 Weeks from Today Course Ends 3 Weeks from Today Final Exam – Unit 9 Final Exam – Unit 9 Keep Me Posted on Late Work Keep Me Posted on Late Work

3 Taxation: Inheritance and Capitalism Capitalism: Survival of Fittest Capitalism: Survival of Fittest But inheritance… But inheritance… Taxation as Guard Against Aristocracy Taxation as Guard Against Aristocracy Agree or disagree? Agree or disagree?

4 Taxation Overview 3 Major Taxing Authorities 3 Major Taxing Authorities Federal Federal State State Local Local 3 Major Taxation Responsibilities of PR 3 Major Taxation Responsibilities of PR Individual return Individual return Estate return Estate return Fiduciary return Fiduciary return

5 Federal Forms SS-4 (Employer ID Number) SS-4 (Employer ID Number) 706 (Estate Tax Return) 706 (Estate Tax Return) **File 9 months after death **File 9 months after death 1041 (Fiduciary Tax Return) 1041 (Fiduciary Tax Return) 1040 (Individual Return) 1040 (Individual Return)

6 Form 706 – Five Parts General Info General Info Total Tax Computation Total Tax Computation Tax Elections Tax Elections Alternative Tax Valuation Alternative Tax Valuation Estate Information Estate Information Totals from Schedules Totals from Schedules

7 Form 706 Schedules (Assets) A (Real Estate) A (Real Estate) B (Stocks & Bonds) B (Stocks & Bonds) C (Mortgages, etc.) C (Mortgages, etc.) D (Life Insurance) D (Life Insurance) E (Jointly Held Prop) E (Jointly Held Prop) F (Misc. Prop) F (Misc. Prop) G (Life Transfers) G (Life Transfers) H (Powers of Appt). H (Powers of Appt).

8 Form 706 Schedules (Deductions) ** Deductions vs. Credits ** Deductions vs. Credits J (Funeral/Admin) J (Funeral/Admin) K (Debts) K (Debts) L (Net Losses) L (Net Losses) M (Bequests to Surviving Spouse) M (Bequests to Surviving Spouse) N (ESOP) N (ESOP) O (Charitable Bequests) O (Charitable Bequests)

9 Form 706 Schedules (Credits) P (Foreign Taxes) P (Foreign Taxes) Q (Taxes on Prior Transfers) Q (Taxes on Prior Transfers) Sliding scale Sliding scale R (Generation Skipping) R (Generation Skipping) S (Excess Retirement Accumulations) S (Excess Retirement Accumulations) U (Conservation Easement Exclusion) U (Conservation Easement Exclusion)

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