You can't take it with you when you die! So, what does your client do with the assets they have accumulated during their lifetime?
Join us to examine the essential elements of preparing the PA Inheritance Tax return using a series of problems and sample tax returns. The complicated tax concepts will be clarified through step-by-step explanations and practice tips. Learn how to spot common errors and mishandled information.
Explore the impact that Act 13 of 2019 will have on your client's estate planning. On June 28th, Governor Wolf signed H.B. 262 into law eliminating inheritance tax on transfers from parents to minors that are 21 or younger. the Act also allows executors and trustees to make the 645 election for PA income tax purposes for years beginning after 12/31/2019. Understand how this Act changes the advice you will give to your clients.
This program is a great opportunity to:
- Be sure you've picked up every deduction and credit available to your client
- Get practical tips about the documentation you should be attaching to your returns and the reasons it matter
- Brush up on what is and what is not subject to tax
- Get tips for handling trusts, annuities, mutual funds & other nonprobate assets
- Clarify how and when the family-owned business exemption is used
- Learn ways to avoid getting tripped up on remainder returns and future interest compromises
- Understand how Schedule O raises potential personal liability implications for executors
- And more!
9:00 - 10:00 am
Resident PA Inheritance Tax Returns
- What's includible in the estate
- What's not an asset
- Filing requirements
- Paying the tax
- Schedule O transfers to surviving spouse
- Schedule O executor's promise to defer tax
- Farming exemption
- Valuation of oil and gas wells
- 6-month extension period for deferring the reporting of the sale of a house
- Family-owned business exemption
10:00 - 10:30 am
What's Deductible? What's Not Deductible?
10:30 - 10:45 am
Wrongful Death/Survival Actions
Future Interests & Compromises
10:45 - 11:00 am
11:00 - 11:20 am
Sample Return #1 - No Taxable Asset Estate
Sample Return #2 - Simple Testate Return
11:20 am - 12:30 pm
Sample Return #3 - Intestate Estate
Sample Return #4 - Original Return for a Testate Estate with a Suspended Asset & Supplemental Return for a Testate Estate for the Supplemental Asset
Sample Return #5 - Complex Testate Estate
12:30 - 1:00 pm
1:00 - 2:15 pm
Sample Return #6 - Original Return for a Testate Estate with Partial Election
Sample Return #7 - Litigation Return for Wrongful Death/Survival Action
2:15 - 2:30 pm
2:30 - 4:00 pm
Sample Return #8 - Testate Estate with Marital & Residuary Trust
Sample Return #9 - Testate Estate of Surviving Spouse
All attendees will receive the course materials as a digital book. A printed copy of the course book is available, at a discount to attendees, for $40. Additional copies are available at full price. If you wish to purchase the printed version of the course book, please call PBI Customer Service at 800-932-4637. Printed versions of the course book will not be distributed at the course; please allow up to two weeks after the program for the printed versions of the course book to be shipped.