The new Uniform Fiduciary Income and Principal Act (UFIPA) has clarified some of the income and principal rules and has also provided fiduciaries more discretion. We also see inconsistent treatment of certain receipts and disbursements and have identified common errors to be avoided. Fiduciaries also should understand some of the tax issues relevant to trusts, how to calculate DNI, and tax planning opportunities. Topics will include: 1) Treatment of IRAs, pension plans and annuities, 2) Receipts from entities, 3) Power to adjust and unitrusts, 4) How to treat taxes, 5) Disbursements vs. distributions, 6) Exercise of discretion, 7) Common accounting errors, 8) Overview of the taxation of trusts, 9) How to calculate DNI, and 10) Tax planning opportunities.
C3 – Pitfalls To Avoid When Preparing Fiduciary Accountings Under The New Uniform Fiduciary Income And Principal Act And Understanding DNI
Speakers
Damien Martin
Ernst & Young
Damien Martin is a partner in the Private Tax practice within the Financial Services Organization at EY. He provides tax compliance, consulting, and planning services to high-net-worth individuals, families, and fiduciaries with a focus on serving private equity and hedge fund asset managers and family offices. Damien formerly hosted Simply Tax®, a podcast dedicated to delivering practical and timely content to simplify tax challenges, and his opinions and commentary on important tax issues have been quoted by Tax Notes®, Bloomberg®, The Wall Street Journal® and other sources.
Damien is a member of the American Institute of CPAs, where he currently serves on the Tax Practice Resiliency Task Force and the Tax Profession Strategic Advisory Group. He also serves on the Board of Directors of the CPA Endowment Fund of Illinois and is a member of the Illinois CPA Society. Damien is a member of the Chicago Estate Planning Council where he serves on the Workshops Committee.
Damien holds a B.A. degree from the University of California, Berkeley, and a Master of Science (Taxation) from Golden Gate University. He is an Illinois licensed Certified Public Accountant.
Francine Lee
Ernst & Young
Francine Lee is a Senior Manager and the Business Leader for EY’s Fiduciary/Trust & Estate Accounting Services (“FTEAS”) team. FTEAS is a national practice with a team of over 30 professionals focused exclusively on the preparation of fiduciary/court accountings for banks, law firms, family offices, professional and individual fiduciaries across the country. FTEAS prepares over 2,000 accountings per year -everything from small special-needs trusts to billion-dollar-plus trusts and estates that may be the subject of complex litigation.
Francine brings over 25 years of experience creating income tax and estate planning solutions for High Net Worth clients and building platforms and products at industry leading organizations including BMO’s multi-family office CTC/myCFO, HSBC Private Bank, Goldman Sachs Family Office, Prudential Securities and Lehman Brothers. Francine began her career as a tax attorney in private practice focusing on income and estate tax planning.
Francine is a frequent speaker at industry conferences on fiduciary accountings, calculating fiduciary accounting income and fiduciary leading practices.
Francine holds a Master of Laws in Taxation from New York University School of Law and Juris Doctor from Western New England School of Law. She is admitted to the New York State Bar