Fundamental Concepts of Trusts & Estates for Planning & Compliance

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • CVA
  • CFA
  • EA
  • ORTP
  • CPA/PFS
  • TEP
  • ChFC
  • CSA
  • MRTP
  • FSCP
  • CASL
  • ChSNC
  • CBA/MCBA
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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 fundamental concepts of  trusts and estates for planning & compliance which will 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, Application of  30 common Trusts and IRAs payable to Trusts after Secure Act.

Session 1 - About Trusts and Estates
This is a webinar on the intergenerational transfer of property - focusing on what the CPA should know about trusts and estates. It will cover a broad number of topics ranging from the fundamental legal principals necessary for the trust and estate practitioner to understand. The ability of language in the trust instrument accomplishes 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. 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.

Even if you are helping clients with a modest net worth, most will set up an inter vivos or testamentary trust or at least their estate will have to file an income tax return. This webinar is therefore helpful because there are many unique aspects to tax accounting for trusts and estates. For example, fiduciary accounting is a unique concept and many other deductions are subject to a different set of rules compared to individuals. This webinar will help you learn specialized knowledge and provide your clients with greater value. This webinar is designed for participants to understand the core concepts of trust and estate income tax preparation. The webinar explains the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and an introduction to or refresher on preparing Form 1041.

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 - Efficacy and Application of 30 Common Trusts
When you hear the words “trust” or “trust fund,” the first image that may come to mind is a wealthy family in a mansion with inherited wealth passed down from generation to generation. However, you don’t have to be a member of the Rockefeller or Gates families to set up and benefit from a trust. A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to managing your assets, whether you’re trying to shield your wealth from taxes or pass it on to your children.

Trust terminology can unfortunately be very confusing. A 100-page document is often named using the terms of a single-clause. However, practitioners must navigate this strange practice if they are to effectively advise their clients. This webinar will cover 30 of the most popular types of trusts and explain in what situations they are generally effective for clients.

Major Topics Covered in Session 3:

  • Revocable Living Trust (RLT)
  • Irrevocable Trusts
  • Simple Trusts; Complex Trusts
  • Intentionally Defective Grantor Trust (IDGT)
  • Charitable Remainder Trust (CRT)
  • Charitable Lead Trust (CLT)
  • Irrevocable Life Insurance Trust (ILIT)
  • Stand-Alone IRA Beneficiary Trust
  • Special Needs Trust (SNT)
  • Minor Trust
  • Spendthrift Trust
  • Blind Trust
  • Discretionary v. Non-Discretionary Trust
  • Medicaid Trust
  • Crummey Trust
  • 2642(c) Trust
  • Bypass Trust (B-Trust or Credit Shelter Trust)
  • Qualified Terminal Interest Property Trust (QTIP Trust or marital trust)
  • Dynasty Trust (GST Exempt Trust)
  • Grantor Retained Annuity Trust (GRAT)
  • Grantor Retained Unitrust (GRUT)
  • Grantor Retained Income Trust (GRIT)
  • Spousal Lifetime Access Trust (SLAT)
  • Qualifying Domestic Trust (QDOT)
  • Qualified Personal Residence Trust (QPRT)
  • Incomplete Gift Non-grantor Trust (ING)
  • Domestic Asset Protection Trust
  • Foreign Trust
  • Electing Small Business Trust (ESBT)
  • Qualified Subchapter S Trust (QSST)

Session 4 - IRAs Payable to Trusts After the Secure Act

This is a critical post-Secure Act class for Accounting Professionals, Tax Professionals, Lawyers drafting trusts to receive IRAs at death and the CPAs and Financial advisors that work with those lawyers. 

Unfortunately, not enough attention is paid to the tax aspects of IRA planning and the opportunities to preserve retirement funds after death. Nevertheless, with a solid understanding of the post-Secure Act IRA provisions, one will be able to plan around the key issues and identify opportunities. The ten-year rule under 401(a)(9)(H) was layered over the existing statute and underlying 401(a)(9) regulations. Most IRAs will be subject to the ten-year rule, but traps and exceptions continue to exist in the expanded labyrinth of tax and property law surrounding IRA-Trusts.

In this exclusive LISI Webinar, which includes flowcharts, tables, and spreadsheets, 

Major Topics Covered in Session 4:

  • The Ten-Year Payout Rule and the Five Statutory Exceptions under the Secure Act
  • The Secure Act’s Conduit Trust Disaster and what the Drafting Attorney must know
  • Understanding the four types of Trusts after the Secure Act; the Conduit Trust, the Designated Beneficiary Trust, the Non-Designated Beneficiary Trust and the Eligible Designated Beneficiary Trust
  • Understanding the Ghost and Five-Year Trap
  • Drafting Conduit Eligible Designated Beneficiary Trusts
  • Drafting Accumulation Trusts for Disabled and Chronically Ill Beneficiaries
  • Drafting Designated Beneficiary Accumulation Trusts for Non-Exception Beneficiaries
  • When to use Non-Designated Beneficiary Accumulation Trust for Non-Exception Beneficiaries
  • Payouts when a Beneficiary Dies
  • The “Catch-22” of Drafting in a Second or Third Marriage
  • Drafting Beneficiary Designation Forms and Drafting the four types of Trusts
  • Understanding the Secure Act’s Ten-Year Rule along with the Existing and Surviving Five Year and Ghost Rule.
  • What to do when an IRA is Payable to Non-Designated Beneficiary Trusts and the Five Year and Ghost Traps
  • What to do when an IRA is Payable to a Designated Beneficiary Trust
  • Understanding the Special Rules for Eligible Beneficiaries and Eligible Beneficiary Trusts
  • Understanding the Conduit Eligible Beneficiary Trust
  • Understanding conduit and accumulation trusts and when to use each
  • Reviewing Beneficiary Designation Forms and Qualified Trusts
  • Weaving Disclaimer Planning to Beneficiary Designation Forms and Trusts
  • The Impact of ERISA, REA and Community Property
  • Spousal Rollovers Outright and from Trusts
  • How to use Stretch out Strategies still Available
  • Using out of State Trusts to Reduce State Income Taxes

This 8 hour CPE webinar is specifically meant for CPAs and Financial Planners so that develop a fundamental understanding about Trust and Estate in order to serve their client better. Robert Keebler is an expert advisor family wealth transfer. estate tax planning and retirement distribution planning advisor. 


Learning Objectives

  • To identify how to read and understand estate planning instruments.
  • To recognize basic fiduciary accounting principles and fundamentals
  • To identify about select planning opportunities and traps
  • To identify different types of trusts for income tax purposes.
  • To recall the concepts of Fiduciary accounting

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Chief Accounting Officer
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Practitioners
  • VP Accounts
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 8 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 8 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0277)
  • 8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 8 CE Credit for Certified Senior Advisor (CSA)
  • 8 CPE Credit for Certified Valuation Analyst (CVA)
  • 8 CE Credit of Federal Tax Update for Enrolled Agents (EA) (Approval No. GEHNZ-T-00268-20-O)
  • 8 CPD Credit of Estate Planning for Personal Financial Specialist (PFS)
  • 8 CPD Credit for Trust and Estate Practitioners (TEP)
  • 8 CE Credit for Enrolled Retirement Plan Agent
  • 8 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00268-20-O)
  • 8 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00268-20-O)
  • 8 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 8 CE Credit for Certified Wealth Strategist (CWS)
  • 8 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    8
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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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

Robert Keebler, CPA (US), CGMA, CPA/PFS, AEP

Partner, Keebler & Associates LLP

Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP and the current chairman of the AICPA Advanced Estate Planning Conference. In 2007 he was inducted into the Estate Planning Hall of Fame of National Association of Estate Planners & Councils. He has also been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals, and he has received more than 200 favorable private letter rulings including several key rulings of “first impression”. He is the author of over 100 articles and columns and is the editor, author or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been a speaker at national estate planning and tax seminars for over 20 years including the AICPA’s: Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences, NAPEC Conferences, The Notre Dame Estate Planning Conference and the Heckerling Estate Planning Institute.


About Company

Keebler & Associates LLP

www.keeblerandassociates.com

At Keebler & Associates, we are nationally recognized tax professionals in family wealth transfer, estates and retirement distribution planning. We provide tax and estate planning to high net worth individuals and families and educate financial, tax and estate professionals on cutting edge tax strategies.

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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Ratings and Review

4.3

111 Ratings

Excellent

50

Very Good

48

Average

12

Poor

1

Terrible

0

SB

Stephanie Bigwood, CFP (US), EA

Dec 30th, 2020

I signed up the day before the course, so I didn't have much time to prepare for the course. I spent all night downloading and printing the handouts as my high-speed printer is not working right now and I was using a portable printer (slow). I will keep studying - the handouts and the presentation were both fantastic; I just need to catch up as it was a lot to take in at one time. Thanks for a great course!

DB

Donna Bestebreurtje, EA

Jun 1st, 2022

I was extremely impressed with both speakers and their knowledge of the subject area. Thank you for a great learning webinar!

MV

Monica Vasquez, EA

Jul 21st, 2022

Lots of great information and scenerios that were shared. This helps so much!!

JL

Joann Lewinski, CPA (US)

Dec 30th, 2021

This was the best Trust seminar I believe I have ever attended.

SM

Stasia Madigan, CPA (US)

May 18th, 2022

Such great content!

Fundamental Concepts of Trusts & Estates for Planning & Compliance

PREMIUM

8 Credits

Subject Area

Taxes

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