The Fundamentals of Planning with Trusts

Author: Arthur Joseph Werner

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

This course provides in-depth information to enable the practitioner to make a well-informed decision as to whether or not a trust is the appropriate vehicle for a client's financial, estate, and/or asset protection plan, and, if so, how the trust can best be implemented and operated. Participants will when and why trusts should be utilized in a client's financial, estate, and asset protection plan.

Publication Date: February 2016

Designed For
CPAs, EAs, attorneys, bankers, and financial planners

Topics Covered

  • The trust defined
  • The "players" in a trust
  • The "Three Questions" used in trust planning
  • The concept of "Trust Income"
  • How to use a trust to avoid probate
  • The income tax considerations in trusts
  • The estate tax considerations in trusts
  • Marital deductions and marital and bypass trusts

Learning Objectives

  • Recognize and identify when and how to implement and operate a trust in a client's financial, estate, and/or asset protection plan
  • Identify the contingent remainder beneficiary in various cases
  • Describe how to set up a trust with a trust company named
  • Recognize a particular type of trust where a client creates a trust in the form of a separate legal document while still alive
  • Identify what steps to take when you want to set up a simple trust
  • Recognize what applies to transfers with retained life interests under IRC Section 2036
  • Describe how to set up a marital by-pass trust
  • Recognize how to identify the primary function of a trust when advising a client who is interested in setting up a trust
  • Identify the best designated trustee if you are setting up a trust and evaluating possible individuals or entities to serve as the trustee
  • Recognize who carries out the function to change the location of a trust
  • Differentiate the differences between revocable and irrevocable trusts
  • Identify where you would look to determine trust income
  • Evaluate who would be paid first after an estate has just gone through probate in applying the legal requirements of the estate as executor
  • Identify the tax bracket that applies to a trust income as a general rule, under Subchapter J of the IRC
  • Recognize what applies to a revocable trust under IRC Section 2038
  • Evaluate the time period the death benefit of the life insurance policy would be included in the taxable estate if your client dies under IRC Section 2035
  • Recognize situations where IRC Section 2037 applies

Level
Overview

Format
On-demand

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity

Fees
Regular Fee$49
Value Pass Fee$0

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