The Fundamentals of Planning with Trusts (Currently Unavailable)
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
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None