Presented by noted estates and trusts practitioner, author and educator, Steven G. Siegel, J.D., LL.M., this two-hour CPE course provides a practical primer on trusts, identifying and describing the most commonly used trusts, and explaining how they are used to achieve a range of objectives for clients. This insightful session is designed for the tax practitioner with a beginner's knowledge of trusts and how they can be used to preserve, protect and transfer wealth. Mr. Siegel will discuss the fundamental concepts, terminology and uses of trusts and explore the advantages and disadvantages of different types of trusts, so you feel more confident in your basic practical knowledge in client discussions regarding trusts.
Publication Date: November 2020
Designed For
This course is essential for CPAs, tax preparers, accountants, enrolled agents, CFPs, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.
Topics Covered
- Basic Characteristics and Elements of Trusts
- Why Are Trusts Useful and Necessary?
- Living Trusts
- Testamentary Trusts Generally
- Unified Credit Shelter Bypass Trust
- Using Trusts to Secure the Benefit of the Marital Deduction
- Trust Planning for Children
- Spousal Limited Access Trust
- Life Insurance Planning with Trusts
- Generation”Skipping Transfer Tax Planning Using Dynasty Trusts
- S Corporation Trust Planning: Qualified Subchapter S Trust (QSST)
- S Corporation Trust Planning: Electing Small Business Trust (ESBT)
- Estate Freezing Transactions: Sale to an Intentionally Defective Grantor Trust
- Transferring Wealth with No Gift Tax Cost: Using the GRAT
- Leveraging the Transfer of a Personal Residence by Using a Qualified Personal Residence Trust (QPRT)
- Planning with Charitable Trusts
Learning Objectives
- Identify basic characteristics and elements of trusts
- Describe the different types and basic uses of trusts for clients
- Recognize the advantages and disadvantages of different types of trusts
- Describe beneficiaries
- Identify a limitation of a living trust
- Differentiate types of trusts and how they apply
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
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.