CPAs and Financial Planners Must Know this about Trusts and Estates 3 Credits
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In an ever-evolving financial landscape, staying informed and equipped with the right knowledge is key to making sound decisions.
In this course we will discuss the basics of trusts and their role in estate planning, emphasizing the importance of selecting the right trust structure to align with individual financial goals. It elaborates on the distinctions between revocable and irrevocable trusts, their tax implications, and the factors to consider when choosing between them. Furthermore, it introduces the concept of charitable trusts, explaining how they can be used to manage income taxation and emphasizing the necessity of charitable intent.
This CPE Webinar delves into various types of trusts, such as Charitable Lead Trusts, Grantor Trusts, and Qualified Subchapter S Trusts (QSSTs) and Electing Small Business Trusts (ESBTs), providing in-depth insights into their unique features and applications. Additionally, it explores the taxation rules for trusts and estates, including exemption thresholds, tax reporting methods, and the importance of making estimated tax payments. The document also introduces key trust clauses, such as overflow clauses and defined value clauses, shedding light on their significance in optimizing trust structures.
We will also discuss grantor trust clauses in detail, illustrating how they impact the taxation of trusts and the role of grantors in shaping trust dynamics. The webinar concludes by addressing the distinction between wholly grantor and partially grantor trusts, emphasizing the varying tax consequences associated with each.
Join this CE Tax Webinar it offers a deep dive into the intricate world of trusts and estates, providing invaluable insights and expertise for financial professionals and anyone interested in understanding these complex topics.
This Online CE Tax webinar covers the following key topics:
Click here for more webinars on Trust, Estate, and Financial PlanningÂ
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 3 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01696-23-S) | 3 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01696-23-S) | 3 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1350) | 3 CE | Approved |
| Taxes for Personal Financial Specialist (PFS) | 3 CPD | Eligible |
| Taxes for Chartered Financial Analyst (CFA) | 3 PL | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 3 CPE | Eligible |
| Taxes for Chartered Financial Consultant (ChFC) | 3 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01696-23-S) | 3 CE | Approved |
| Taxes for Certified Wealth Strategist (CWS) | 3 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 3 CPD | Eligible |
| Taxes for Certified Fiduciary and Investment Risk Specialist (CFIRS) | 3 CE | Eligible |
| Taxes for Retirement Income Certified Professional (RICP) | 3 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01696-23-S) | 3 CE | Eligible |
| Financial Planning for Certified Plan Fiduciary Advisor (CPFA)/Qualified Plan Financial Consultant (QPFC) | 3 CE | Eligible |
| Taxes for Wealth Management Certified Professional (WMCP) | 3 CE | Eligible |
| Estate Planning for Financial Services Certified Professional (FSCP) | 3 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 3 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 3 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01696-23-S) | 3 CE | Approved |
| Taxes for Chartered Special Needs Consultant (ChSNC) | 3 CE | Eligible |
| Taxes for Chartered Advisor in Senior Living (CASL) | 3 CE | Eligible |
| Financial Planning for CIPM | 3 PL | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 2.5 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01694-23-O) | 2 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01694-23-O) | 2 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1348) | 2 CE | Approved |
| Taxes for Personal Financial Specialist (PFS) | 2.5 CPD | Eligible |
| Taxes for Chartered Financial Analyst (CFA) | 2.5 PL | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 2.5 CPE | Eligible |
| Taxes for Chartered Financial Consultant (ChFC) | 2.5 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01694-23-O) | 2 CE | Approved |
| Financial Planning for Certified Wealth Strategist (CWS) | 2.5 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 2.5 CPD | Eligible |
| Financial Planning for Certified Fiduciary and Investment Risk Specialist (CFIRS) | 2.5 CE | Eligible |
| Estate Planning for Retirement Income Certified Professional (RICP) | 2.5 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01694-23-O) | 2 CE | Eligible |
| Estate Planning for Certified Plan Fiduciary Advisor (CPFA)/Qualified Plan Financial Consultant (QPFC) | 2.5 CE | Eligible |
| Estate Planning for Wealth Management Certified Professional (WMCP) | 2.5 CE | Eligible |
| Estate Planning for Financial Services Certified Professional (FSCP) | 2.5 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 2.5 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01694-23-O) | 2 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 2.5 CPE | Eligible |
| Estate Planning for Chartered Special Needs Consultant (ChSNC) | 2.5 CE | Eligible |
| Estate Planning for Chartered Advisor in Senior Living (CASL) | 2.5 CE | Eligible |
| Estate Planning for CIPM | 2.5 PL | Eligible |
Credits
3
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent.Â
Bringing 47 years of experience with tax consulting, estate planning, and employee benefits to his work as an independent consultant, Michael is the owner of MIRANDA CPA & Consulting LLC in Sioux Falls, SD. His tax practice focuses on corporate, individual, estate and gift, and tax accounting. He also provides employee benefit planning and consultation services for qualified, non-qualified, and health and welfare benefit plans. As part of his IRS representation practice, Michael has worked with the National Office to obtain private letter rulings and exempt organization determination letters for clients, in addition to numerous EPCRS submissions and audits. As a nationally recognized tax speaker, he maintains an active schedule presenting webinars and seminars on tax law, employee benefit planning, and estate planning.
Michael spent much of his career as a CPA with a regional CPA firm located in Northwestern Iowa, retiring after 27 years as a senior manager-shareholder with said firm. Prior to this experience, he was a Tax Specialist with a Big 8 accounting firm in their South Bend and Minneapolis offices, providing tax and estate planning for individuals and small to medium-sized businesses. He has earned professional designations including CPA, QKA, and AEP and through professional memberships with the American Institute of Certified Public Accountants (AICPA), the American Society of Pension and Professional Actuaries (ASPPA), National Association of Enrolled Agents (NAEA), and the National Association of Estate Planning Councils (NAEPC). Michael resides in Sioux Falls, SD with his wife Jeanette.
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YM
Very informative course. Could be improved by providing references to where additional information can be obtained. ALSO: There is a an unclear response in the Preliminary Quize Question #7. Question states: "What is a "defined value clause" in the context of a gift or estate transfer. Answer which is supposed to be correct states "It is meant to increase the chances of an IRS audit adjustment on the value of a gift or bequest transfer" I do not think this answer is correct.
SH
Excellent class...especially the comprehensive color coded state charts showing which states "tax"/"do not tax" various type of trusts, and beneficiaries <<< extremely pertinent and helpful ! You would have to pay a trust attorney(s) $$$ to get this kind of info. This one item, paid for my entire year of CPE multiple x over.
.webp "Annual Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)")
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