Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Planners are using trusts for their clients more now than ever before. The pandemic has illustrated how trusts are more flexible for planning than powers of attorney or probate administration.
Issues of asset protection from financial and matrimonial creditors as well as concerns about immaturity of heirs have spiked a growth of trust preparation. It has never been more critical to understand the ins and outs of income taxation of trusts and estates and the preparation of the Fiduciary Income Tax Return.
Grantor trusts offer a wide range of simple and sophisticated tax and estate planning advantages.
This course will go through what should be considered in understanding how trusts and estates are taxed, look at a line-by-line explanation of Form 1041, and work through several problems, including a simple trust, complex trusts and a final year’s fiduciary income tax return illustrating how Form 1041 should be completed in various situations for different taxpayers.
Publication Date: February 2023
Designed For
This course is essential for CPAs, CFPs, enrolled agents, estate planners, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.
Topics Covered
- Estates: Basic Concepts and Issues
- Trusts: Basic Concepts and Issues
- Election to Treat a Qualified Revocable Trust as Part of the Decedent's Estate
- Fiduciary Tax and Accounting Issues
- Income Reportable by Fiduciaries
Learning Objectives
- Identify how to help clients make the right choices in estate and trust planning
- Recognize how to apply the concepts of fiduciary income taxation
- Describe the various trust options available in tax and estate planning
- Recognize how capital gains must be handled
- Recognize how to address what makes up every line of Form 1041
- Identify how to prepare a variety of Form 1041s to correctly illustrate different circumstances
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
Basic knowledge of federal wealth transfer taxes.
Advance Preparation
None
Instructor
Steven G. Siegel
Steve Siegel is president of The Siegel Group, a Morristown, New Jersey-based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. He holds a B.S. from Georgetown University, a J.D. from Harvard Law School, and an LL.M. in Taxation from New York University.
Mr. Siegel is the author of several books, including the Grantor Trust Answer Book published by Wolters Kluwer, and is a nationally-recognized writer and speaker who has lectured extensively throughout the United States on tax, business and estate planning topics. Mr. Siegel has served as an adjunct professor of law at the University of Alabama Law School Graduate Tax Program and at Seton Hall and Rutgers University law schools.