Tax Fundamentals for Estate Practitioners

This book is essential for: all lawyers who practice in the area of estate planning and estate administration.

Current to: February 2011 

Everything you need to know!
Whether you are assisting a client with estate planning or advising an executor of his or her duties in an estate administration, you will come face to face with a multitude of tax issues. To properly advise clients, it is important to have a fundamental understanding of the basic tax rules which are integral to your practice area. This publication breaks down the pertinent tax laws into simple principles for you to understand, including the following topics: basic tax exemptions, the attribution rules, taxation of estates, charitable giving, and much more! With this basic framework, you will be equipped to identify and warn your clients of potential issues and know when it is time to seek expert advice.

CONTENTS

• lifetime dispositions and at death—general principles: basic income tax concepts, inter vivos gifts, joint ownership and fraudulent conveyances, deemed dispositions on death
• tax exemptions: qualified small business corporation shares, principal residence, family farms
• income tax attribution rules: general principles, transfers and loans to spouses, anti-avoidance rules, corporate attribution rule
• taxation of personal trusts: types of trusts, residence of a trust, the taint of s. 75(2)
• tax planning strategies—planning for taxation at death: fundamental concepts, benefits and risks and utilization of a trust, tax implication at death, other considerations
• taxation of estates: distinguishing estates from trusts, residency of an estate, tax returns from date of death onward, carry back of losses, liability of executor, distributions to resident and non-resident beneficiaries, spouse trusts
• charitable giving—the fundamentals: the charitable donation tax credit, gifts of property, gifting vehicles