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Analyzing Generational Trusts for Basis Increase Opportunities

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

Published: September, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Transfer tax and basis
    6 mins
  • Gift transfers and basis
    10 mins
  • Estate tax and basis
    19 mins
  • Getting property out of a trust
    31 mins
  • Creation of general powers of appointment
    43 mins
  • Amendment of trust by independent party
    54 mins

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 the 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, the speaker joining Griffin 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?

Check out our certificate courses on Estate Planning: Estate Planning (Fundamental) | Estate Planning specialists for IRA.

Learning Objectives

  • To identify what types of trusts and trust powers may be subject to estate tax.
  • To review 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 discuss 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 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 1 CE Credit of Federal tax-related matters 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 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00925-22-S)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00925-22-S)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00925-22-S)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 PL Credit of Estate Planning for Chartered Financial Analyst (CFA)
  • 1 CPD Credit of Estate Planning for Personal Financial Specialist (PFS)
  • 1 CPD Credit for Trust and Estate Practitioners (TEP)
  • 1 CPE Credit of Estate Planning for Chartered Financial Consultant (ChFC)
  • 1 CE Credit of Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA)
  • 1 CPE Credit of Estate Planning for Financial Services Certified Professional (FSCP)
  • 1 CPE Credit of Estate Planning for Chartered Advisor in Senior Living (CASL)
  • 1 CPE Credit of Estate Planning for Chartered Special Needs Consultant (ChSNC)
  • 1 CPE Credit of Estate Planning for Wealth Management Certified Professional (WMCP)
  • 1 CE Credit of Taxes for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit of Taxes for Certified Wealth Strategist (CWS)
  • 1 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (Approval No. GEHNZ-Q-01051-22-S)
  • 1 PL Credit of Estate Planning for Certificate In Investment Performance Measurement (CIPM)
  • 1 CPE Credit of Estate Planning for Retirement Income Certified Professional (RICP)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • 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

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.

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