Trusts and Estates Tax Knowledge

Vanessa M. Terzian | Lagerlof, LLP

An adjunct professor of Wills and Trusts at Southwestern Law School, recently named a top attorney in Pasadena Magazine, and a Rising Star™ selected by Super Lawyers®, Vanessa Terzian began her legal career as a trust officer for Wells Fargo, N.A.

Her experience at Wells Fargo – working closely with clients, portfolio managers, beneficiaries, and other attorneys – shed light on how a poor estate plan can ruin a family’s fortune and more importantly, their relationships.

After witnessing firsthand the importance of proper planning, Vanessa pursued her own practice, helping countless families through her expertise in estate and tax planning, probate, and trust administration. What sets Vanessa apart is her understanding of the needs of growing families, her ability to relate to working parents who desire a better life for themselves and their families, and her know-how in implementing strategic estate-planning tools in the most cost-efficient and seamless manner. Vanessa also draws on her real estate and business background in crafting comprehensive plans for her clients.

Vanessa is a skilled public speaker, having conducted countless seminars throughout her legal career on various estate-planning topics, including kids protection planning, special needs planning, Medi-Cal planning, advanced tax planning, and asset protection for individuals and small businesses. Vanessa is a faculty member at the Institute for Preparing Heirs®.

Vanessa is an active member of the La Caсada Flintridge community, where she resides with her husband, Edward, and two sons, Alec and Jack. She is a board director of the La Caсada Education Foundation and participates in a number of charitable organizations. Vanessa has successfully raised thousands of dollars for a variety of charitable causes through fundraising campaigns, which include frequent community-based public speaking events, charitable dinners, and personal contributions. She believes that the foundation to a successful family unit is care, love, and selflessness, and she stresses the importance of providing your community with these same tenets that are so essential to your own family’s success.

In May 2018, Vanessa merged her practice with a Pasadena-based estate-planning firm, Primuth and Driskell, LLP, now known as Primuth, Driskell, and Terzian, LLP, which later merged with Lagerlof, LLP.

As a family woman, Vanessa understands the importance of protecting assets, planning for the future, and building your own legacy. She takes pride in providing her clients with the sense of comfort and security that comes along with having an effective and comprehensive estate plan in place.

I. Current Federal Tax Landscape | 12:00pm – 12:20pm

• Overview of Governing Tax Laws
• Individual, Trust, Estate, and Business Tax Rates and Exemptions
• Recent Legislative Updates

II. Exploring Tax Implications of Trust Structures | 12:20pm – 12:40pm

• Categorizing Trusts and Their Impact on Individual Taxation
• Analyzing Simple vs Complex Trusts
• State and Federal Tax Considerations for Different Trusts
• Tax Consequences in Estate Administration

III. Practical Application Challenges in Tax Planning Tools | 12:40pm – 1:00pm

• Gift and Transfer Strategies
• Trusts as Wealth Management Tools
• Limited Liability Companies (LLCs) in Tax Planning
• Charitable Giving and its Tax Implications
• Basis Step-Up Tools: Real-Life Applications

Break | 1:00pm – 1:10pm

IV. Navigating Trust Tax Reporting | 1:10pm – 1:25pm

• Annual Reporting (Including Sample Documents)
• Understanding Taxable vs. Accounting Income, DNI
• Maximizing Deductions in Trusts
• Taxation during Estate Administration
• Subtrust Creation Strategies at the Grantor’s Death

V. Tax Compliance in Estate Administration | 1:25pm – 1:40pm

• Timelines, Deadlines, and Extensions
• Choosing the Optimal Taxable Year
• Crucial Tax Returns: Final 1040, 1041, Form 706, etc.