Many tax practitioners advise their clients with respect to the use of trusts. For this reason, each tax practitioner should have a command of the basic rules for trusts. This program is an introduction to how trusts are formed, basic trust language, types of trusts, and some planning strategies involving the use of trusts. This program will provide tax and accounting practitioners with the foundation upon which more advanced tax and legal planning strategies involving the use of trusts can be built. This program will not cover income taxation of trusts in any depth.
- What is a trust from a legal viewpoint?
- Basic trust terminology
- Trust creation, termination, and distributions
- Personal and charitable trusts
- Revocable and irrevocable trusts
- Grantor retained interest trusts
- Charitable remainder trusts
- Asset protection trusts
- Understand how trusts are organized legally
- Understand how trusts are used and the different types of trusts
- Apply the concepts learned to client financial and estate plans
Who should take this course:
Any tax practitioner working with clients using or contemplating the use of trusts; any tax practitioner who prepares Forms 1041