The Fundamentals of Planning with Trusts (Currently Unavailable)

Author: Arthur Joseph Werner

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

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None