Guest: Steve Siegel, JD, LLM

If you have clients who terminated an estate or nongrantor trust in 2018, 2019, or 2020, you will want to tune in to this episode of the PFP Section podcast. Long awaited clarity is here and Steve Siegel outlines what you need to know, including:

The background on the confusion with allowable deductions caused by TCJA
What is deductible and how are the excess deductions classified when they flow through to the beneficiary
How miscellaneous itemized deductions are handled, including investment advisory fees
What can and should be addressed in the months ahead to benefit your clients

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This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS Credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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Final regs on the termination of a trust or estate {PFP Section}

AICPA Personal Financial Planning (PFP)