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CPAs and Financial Planners Understanding Critical Concepts of Trusts and Estates

4.5 (19)

Robert Keebler, CPA, CGMA, CPA/PFS, AEP

Keebler & Associates LLP

Friday, August 28, 2020 | 09:00 AM EDT

  • AFSP
  • CPA
  • CVA
  • EA
  • Oregon Tax Preparer
  • CPA/PFS
  • TEP
  • CTEC
  • CSA
  • Maryland Tax Preparer

8 Credits

$80

Subject Area

Taxes

Upcoming Webinars

Additional Dates

Jun 15, 2021 | 08:00 AM PDT Register

Course Description

Recent shifts and changes in the taxation of estates and trusts have also changed some of the planning techniques that practitioners should consider when advising clients. This 8 hour CPE webinar will help you learn the Critical Concepts of Trusts and Estates provide your clients with greater value. This 8 hour CPE webinar is divided into 4 sessions and will cover Trusts & Estates, Fundamental of Trust Taxation, Preparing the 709 Gift Tax Return and understanding the important Gift, Estate, and Income Tax Elections.

Session 1 - About Trusts and Estates

This session would focus on what the CPA should know about trusts and estates & will cover a broad number of topics ranging from the fundamental legal principals necessary for the trust and estate practitioner to understand. It should be noted that the ability of language in the trust instrument accomplish a certain tax result.

Major Topics Covered in Session 1:

  • Legal definitions and principals involving estates and trusts
  • Basic principles regarding property ownership
  • Types of trusts commonly used
  • Trust accounting fundamentals
  • Certain clauses that are important to understand
  • Formula valuation clauses
  • Requirements for a trust to be a qualified designated beneficiary of an IRA
  • Using IRD to fund charitable bequests

Session 2 - Fundamentals of Income Taxation of Trusts & Form 1041 Planning

With more and more trusts being used today and audits of Form 1041 (U.S. Income Tax Return for Estates and Trusts) on the rise, it has never been more critical to understand the ins and outs of income taxation of trusts and estates and the preparation of the Fiduciary Income Tax Return. 

Major Topics Covered in Session 2: 

  • Grantor trusts
  • Charitable Remainder Trusts (CRTs)
  • Bracket Management
  • Shifting Income with Trust Distributions
  • Limit on Miscellaneous Itemized Deductions
  • State Income Tax Planning for Trusts
  • Form 1041 Example

Session 3 - Preparation of the 709 Gift Tax Return

Preparing gift tax returns (Form 709) seems relatively simple. However, there are lots of traps for the unwary. Moreover, unlike income tax returns, mistakes are not quickly beyond audit and are often uncovered when the client dies – providing years. Many taxpayers made gifts in the last year to transfer substantial assets at little to no Federal gift tax cost to take advantage of the significant federal gift tax exclusion. Proper compliance with the complex gift tax rules remains necessary to protect and preserve the advantage of the current exclusion levels. Nevertheless, some of your most wealthy clients will have a taxable estate. For these select clients, making large gifts before death can be extremely tax efficient for the client and profitable for the practitioner filing the gift tax return.

Major Topics Covered in Session 3:

  • Filing obligations
  • Annual exclusion gifting and Crummy Letters
  • Using a deceased spouse’s portable exemption amount (“DSUEA”)
  • Reporting Installment Sales, Loans, Private Annuities, GRATs, QPRTs, and CRTs
  • Reporting front-loaded 529 plans

Session 4 - Understanding the Important Gift, Estate, and Income Tax Elections

How often do you prepare a trust return and see the trust's marginal tax rate is too high? Form 709, Federal Gift Tax return and Form 706, Federal Estate Tax return, are key parts of any practice involving estate planning and wealth management. There have been many recent tax law changes that impact these two returns and practitioners who’ve not prepared one of these returns in recent years must understand the latest changes to file these forms accurately.

Major Topics Covered in Session 4:

  • Gift splitting elections
  • Reverse QTIP elections
  • Electing out of automatic GST allocations
  • Valuation issues
  • 5-year 529 plan elections
  • Section 2642(c) charitable issues
  • Section 691(c) issues
  • Section 2013 PPT Credits
  • Adequate disclosure rules
  • Statute of limitations issues
  • Section 2032A and alternative valuation date
  • 754 partnership elections
  • Understanding DNI
  • Planning for Kenan gains

This 8 hour CPE webinar is specifically meant for CPAs and Financial Planners so they can develop fundamental understanding about Trust and Estate in order to serve their clients better.

Learning Objectives

  • To identify various special deductions which are available
  • To recall the practical understanding of the federal estate tax
  • To Identify certain clauses that are Important to understand and basic principles regarding property ownership
  • To Identify how to figure gift tax liability
  • To identify the differing types of gifts, the limits, and information required on Form 709

Who Should Attend?

  • Accountant
  • Accounting Firm
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Testimonial

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    [no_of_record] => 19
    [average] => 4.5263
)
 

4.5

(19)
58%
37%
5%
0%
0%

GL

This topic is incredibly complex. Mr. Keebler did an outstanding job of drawing the line between giving us enough knowledge to explain these concepts to clients and what we can and should do vs. the times when we need to leave it to the lawyers. His emphasis on the risk/reward ratio was well-worth the price of admission. Please bring him back!

DM

I watched What CPA’s and Financial Planners should know about Estate and Trusts. Very good presentation from a knowledgeable presenter. Described different types of trusts and gave good definitions of terminology. Will definitely look for more presentations By this presenter. Thank you myCPE for the excellent learning opportunity.

AB

The speaker spoke in a fluent manner. The information was presented at a reasonable pace. I had no questions on the information presented. The displays were easy to read, very informative and answered any questions, which came to mind . The speaker was skilled in utilizing the displays in presenting the information of the webinar

MD

A thorough overview of estate and gift taxation.

MD

Thank you myCPE for this wonderful webinar. A detailed webinar which covers some wonderful topics. I would highly recommend this webinar to one and all.

JG

Thank you myCPE for this wonderful webinar. A detailed webinar which covers some wonderful topics. I would highly recommend this webinar to one and all.