Use of Trusts to Protect and Preserve Assets 1 Credit
Learning mode
A trust is a legal entity that allows someone to transfer the legal title of that asset to one person while assigning the benefit of the asset to another. Some people still regard Trusts as the exclusive preserve of the wealthy. This is not the case.
In simple terms, a Trust forms a protective wrapper or envelope around those assets placed into it by the person who creates it. A Trust is created when the Settlor gives assets such as property or money to the Trustees who hold the assets on behalf of the Beneficiaries.
This CE Tax Course is an in-depth discussion of the various ways that clients may use different forms of trusts in their estate planning to protect and preserve their assets.
Particular focus will be given to the ways that irrevocable trusts can minimize a client’s exposure to state or federal estate taxes, reduce a client’s risk of loss to long-term care nursing home expenses in some jurisdictions, and ensure that beneficiaries do not waste an inheritance that is transferred to them in trust.
Key topics discussed in this course:
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01243-22-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01243-22-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1017) | 1 CE | Approved |
| Estate Planning for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Estate Planning for Chartered Financial Analyst (CFA) | 1 PL | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Estate Planning for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01243-22-O) | 1 CE | Approved |
| Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (ERPA) (Approval No. GEHNZ-Q-01245-22-O) | 1 CE | Approved |
| Taxes for Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 1 CPD | Eligible |
| Taxes for Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Estate Planning for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01243-22-O) | 1 CE | Eligible |
| Estate Planning for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Estate Planning for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01243-22-O) | 1 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA) | 1 CE | Eligible |
| Estate Planning for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Estate Planning for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
| Estate Planning for CIPM | 1 PL | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01243-22-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01243-22-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1017) | 1 CE | Approved |
| Estate Planning for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Estate Planning for Chartered Financial Analyst (CFA) | 1 PL | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Estate Planning for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01243-22-O) | 1 CE | Approved |
| Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (ERPA) (Approval No. GEHNZ-Q-01245-22-O) | 1 CE | Approved |
| Taxes for Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 1 CPD | Eligible |
| Taxes for Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Estate Planning for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01243-22-O) | 1 CE | Eligible |
| Estate Planning for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Estate Planning for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01243-22-O) | 1 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA) | 1 CE | Eligible |
| Estate Planning for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Estate Planning for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
| Estate Planning for CIPM | 1 PL | Eligible |
Credit
1
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.
Nathan compassionately assists clients facing the inevitable challenges of aging, sickness, and death, by counseling clients on how to put the best estate plan in place for their needs. This involves guidance on what form of estate plan is most appropriate, whom to appoint as fiduciary of that plan (Power of Attorney Agent, Trustee, Executor), and what kind of property beneficiaries (children, grandchildren, charities, etc.) should receive after a person’s death. Over more than fifteen years in practice, Nathan has assisted many individuals and families with planning ahead for their incapacity and death through the effective drafting of Health Care Proxies, Living Wills, Last Wills, Powers of Attorney, Revocable and Irrevocable Trusts.
As part of planning for the elderly and disabled individuals, Nathan will also counsel clients on what public benefits may be available to help pay for a client’s long-term care. This often involves navigating the complex rules and regulations of the Medicaid program in New York, in order to preserve clients’ assets as much as possible, while still obtaining the Medicaid coverage needed to pay for their long-term medical needs.
After the passing of a loved one, Nathan assists the fiduciary (Trustee, Administrator or Executor) with the administration of that person’s estate, to ensure that the final wishes expressed in their estate planning documents are fulfilled. This process may involve the probate of a Last Will or other Court proceeding, which Nathan walks clients through with careful precision. Additionally, Nathan works tirelessly to advocate for clients who are beneficiaries of a decedent’s Estate, to make sure that such beneficiaries receive everything to which they are entitled.
A Western New York native, Nathan graduated summa cum laude from Canisius College with a dual major in political science and modern languages, before graduating magna cum laude from SUNY Buffalo School of Law in 2006. Nathan is licensed to practice law in New York State. Over his many years of practice in New York, Nathan has given several public and private seminars on various estate planning topics, including the proper preparation and use of Powers of Attorney, Wills, and Trusts, as well as effective methods of naming trusts as beneficiaries to IRAs.
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MB
Excellent course - I've taken much longer courses on the same subject matter. This course distilled the detail into a clear, concise summary format. Very effective. The coverage of minimizing estate taxes for married couples was invaluable (most common scenario).
CB
If you want to have some education in trusts if your clients bring it up, or you see a possibility of a client benefitting from a trust to solve more than just estate tax issues, this is a great course to take.
.webp "Annual Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)")
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