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How to determine if a trust is a grantor trust or a non-grantor trust

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • CFA
  • EA
  • ORTP
  • CPA/PFS
  • TEP
  • ChFC
  • CSA
  • MRTP
  • ERPA
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CIPM
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

Grantor trusts and non-grantor trusts are the two main types of funded trusts that hold assets. The type of trust you’re administering determines whether you must file Form 1041 for the trust, or declare all items of income and deduction on the grantor’s Form 1040.

All trusts have a grantor, the person who creates the trust. All trusts also involve trustees, beneficiaries, and remaindermen. The relationship of the grantor to the other individuals involved in the trust determines whether a trust is a grantor trust or a non-grantor trust.

Non-grantor trusts are treated as separate entities (like C-Corporation). But grantors of grantor trusts maintain significant rights to the trust’s assets and income. Because of that, they’re treated as if they are direct owners of the trust assets (like a sole proprietorship).

Various tax proposals, such as a change to the tax treatment of grantor trusts and a proposed surcharge on the undistributed income of a non-grantor trust, may increase the importance of determining a trust’s income tax status in 2022 and beyond.  

Speaker Griffin Bridgers in this CPE/CE webinar will answer the following major questions:

  • What is a grantor trust, and how is the trust income of a grantor trust reported?
  • What are the income, gift, and estate tax benefits of a grantor trust?
  • What types of common trusts qualify for grantor trust treatment, and how can such treatment be avoided when desired?
  • What powers can a grantor retain over trust to achieve grantor trust treatment?
  • When might grantor trust status be achieved unintentionally?
  • In what cases might a beneficiary be treated as a grantor of a trust?
  • Is it possible to terminate the grantor trust status concerning the grantor or a beneficiary?

Check out our certificate courses to give you in-depth knowledge on Estate Planning: Estate Planning (Fundamental) | Estate Planning Specialists for IRAs.

Learning Objectives

  • To analyze what types of trusts qualify for grantor trust status, whether by retained power or by operation of the trust.
  • To discuss how to cause the grantor, or a beneficiary, to be a deemed owner of trust assets without adverse transfer tax consequences.
  • To investigate how to terminate grantor trust status concerning a grantor, or beneficiary, along with possible transfer tax consequences of doing so. 

Recommended For

  • This IRS Approved CE course is recommended for Tax partners, managers, and staff, CPAs, enrolled agents, tax return preparers, tax attorneys, and other practitioners who want to advise businesses and individuals with different tax implications of the grantor trust or a non-grantor trust.

Who Should Attend?

  • Annual Filing Season Program
  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Trust & Estate Tax Professional
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00781-21-O)
  • 1.5 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0724)
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00781-21-O)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00781-21-O)
  • 1.5 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1.5 CE Credit for Certified Wealth Strategist (CWS)
  • 1.5 General Credit for Accountant/Bookkeeper/Tax Professionals
  • 1.5 PL Credit of Estate Planning for Chartered Financial Analyst (CFA)
  • 1.5 CPD Credit of Estate Planning for Personal Financial Specialist (PFS)
  • 1.5 CPE Credit of Estate Planning for Chartered Financial Consultant (ChFC)
  • 1.5 CE Credit of Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA)
  • 1 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (Approval No. GEHNZ-Q-01119-22-O)
  • 1.5 CPE Credit of Estate Planning for Financial Services Certified Professional (FSCP)
  • 1.5 CPE Credit of Estate Planning for Chartered Advisor in Senior Living (CASL)
  • 1.5 CPE Credit of Estate Planning for Chartered Special Needs Consultant (ChSNC)
  • 1.5 CPE Credit of Estate Planning for Retirement Income Certified Professional (RICP)
  • 1.5 CPE Credit of Estate Planning for Wealth Management Certified Professional (WMCP)
  • 1.5 PL Credit of Estate Planning for Certificate In Investment Performance Measurement (CIPM)
  • 1.5 CPD Credit for Trust and Estate Practitioners (TEP)

Additional details

  • Course Level :
    Basic
  • Credits :
    1.5
  • 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

Senior Attorney, 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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Ratings and Review

4.5

64 Ratings

Excellent

37

Very Good

22

Average

5

Poor

0

Terrible

0

EH

Elliot Hochman, CPA (US)

Dec 24th, 2021

Clear and concise explanation of the Grantor Trust rules. Excellent presentation. I am Board Certified in Wills, Trusts and Estates Law and I found the course to be a wonderful refresher of the rules.

JB

Jacquelyn Brennan, EA

Dec 12th, 2021

Very good Webinar. It's a complicated subject which was given a decent amount of clarity by the presenter.

PM

Peter Miralles, CFP (US), EA

Dec 10th, 2021

Excellent course if you do Trust tax returns.

ML

Michelle Lalla, CPA (US)

Aug 26th, 2022

Needed real life examples to explain differences

BE

Bruce Ermolovich, EA

Jan 3rd, 2022

not what i expected

How to determine if a trust is a grantor trust or a non-grantor trust

PREMIUM

1.5 Credits

Subject Area

Taxes

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