Trust Fundamentals: A Practical Primer for Tax Practitioners
Author: Steven G. Siegel
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
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
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 course 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.
Publication Date: December 2023
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 Lifetime 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
- Recognize how to 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
