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Analyzing Generational Trusts for Basis Increase Opportunities

  • ACCT/BK
  • AFSP
  • CRTP
  • CPA (US)
  • CFA
  • EA
  • ORTP
  • CPA/PFS
  • TEP
  • ChFC
  • CSA
  • Maryland Tax Prep.
  • ERPA
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CIPM
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

The uncertainty of the gift and estate tax laws over the last decade have led to a proliferation of irrevocable, completed gift trusts. Similarly, low estate tax exclusion amounts in the 1980s, 1990s, and 2000s generated a significant number of credit shelter trusts. These types of trusts often have significantly appreciated assets, often with a low basis.

However, the higher estate tax exclusion amount currently available ($12,060,000 in 2022) may create opportunities to seek a step-up in basis for these types of trust holdings.

A generation-skipping trust is a type of legally binding trust agreement in which the contributed assets are passed down to the grantor's grandchildren, thus "skipping" the next generation, the grantor's children. Bypassing over the grantor's children, the assets avoid the estate taxes—taxes on an individual's property upon his or her death—that would apply if the children directly inherited them. These are effective wealth-preservation tools for individuals with significant assets and savings.

In this CE/CPE webinar, speaker JoinGriffin Bridgers will answer the following major questions:

  • How are irrevocable trusts treated for estate tax purposes at the death of a grantor, or beneficiary?
  • When does a step-up in basis apply?
  • What types of trust powers and rights may create opportunities for a step-up in basis?
  • For irrevocable trusts which do not currently qualify for a step-up in basis, what powers may be available to a trustee or beneficiary to seek this income tax benefit?
  • What are the exposure risks to estate tax, generation-skipping transfer tax, and state death or inheritance taxes?

Learning Objectives

  • To identify what types of trusts and trust powers may be subject to estate tax.
  • To identify how the estate tax, gift tax, and step-up basis interact.
  • To identify what planning methods are available to achieve tax flexibility for irrevocable trusts.
  • To identify risks inherent in tax planning for trusts.
  • To analyze how are irrevocable trusts treated for estate tax purposes at the death of a grantor.
  • To inspect when a step-up in basis applies.

Recommended For

  • This IRS Approved CE webinar will be insightful for CPAs, EAs, AFSPs, ORTP, MRTP, CRTP, ChFC®, FSCP®, CASL, ChSNC, RICP, WMCP, TEP, Tax Professionals, Managers, Business owners, Investors, and other professionals who want to help their clients in better manage Trust and Estate.

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • Business Owner
  • Certified Public Accountant (CPA)
  • Chartered Financial Analyst
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Personal Financial Specialist (PFS)
  • Tax Preparer
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0861)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00925-22-O)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00925-22-O)
  • 1 CPD Credit for Trust and Estate Practitioners (TEP)
  • 1 CPE Credit for Chartered Financial Consultant (ChFC)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00925-22-O)
  • 1 CPE Credit for Financial Services Certified Professional (FSCP)
  • 1 CPE Credit for Chartered Advisor in Senior Living (CASL)
  • 1 CPE Credit for Chartered Special Needs Consultant (ChSNC)
  • 1 CPE Credit for Retirement Income Certified Professional (RICP)
  • 1 CPE Credit for Wealth Management Certified Professional (WMCP)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookkeeper (ACCT./BK)
  • 1 PL Credit for Chartered Financial Analyst (CFA)
  • 1 CPD Credit for Personal Financial Specialist (PFS)
  • 1 CE Credit for Certified Senior Advisor (CSA)
  • 1 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (Approval No. GEHNZ-Q-01051-22-O)
  • 1 PL Credit for Certificate In Investment Performance Measurement (CIPM)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

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 maintenance 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.

NASBA APPROVED

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 through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Griffin Bridgers

Partner, Hutchins & Associates

Griffin Bridgers, JD., LL.M., is a partner with the law firm of Hutchins & Associates LLC in Denver, Colorado.  Griffin specializes in estate and income tax planning for high net worth individuals.  Griffin is also a frequent speaker and educator, both online and in person, and he provides tax and estate planning updates through digital media through his YouTube channel and on an individual basis for clients and wealth professionals.  Griffin also uses his advanced tax and estate planning knowledge on an individual, non-attorney basis to serve as a market expert on the delivery of planning services, and he advises wealth advisors and CPAs on the use of planning strategists and bespoke digital media to grow their client base.  

About Company

Hutchins & Associates

hutchinslaw.com

Hutchins & Associates LLC specializes in estate planning and related legal services. Founded in 1974, it has dedicated itself to forging lasting relationships with generations of clients. The firm has represented a wide variety of clients including farmers and ranchers, renowned authors, Fortune 500 executives, business owners, celebrities, professional athletes (including a player named as one of the top ten football players of all time, two players in the Pro Football Hall of Fame and two players selected to the college football All-Time All-American Team), coaches and members of the judiciary.

The firm focuses on wealth transfer planning, complex estate, gift, and generation-skipping tax planning, estate and trust administration, probate litigation, income tax planning, administration of conservatorships and guardianships, formation of business entities, and the organization and administration of nonprofit organizations and private foundations.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Analyzing Generational Trusts for Basis Increase Opportunities

$10

1 Credit

Subject Area

Taxes

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