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Basics of Trusts (“Trusts 101”) in Estate Planning and Elder Law 1 Credit 1 Credit

Jan 25, 2024, 09:30 AM ET

Basics of Trusts (“Trusts 101”) in Estate Planning and Elder Law 1 Credit 1 Credit

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Jan 25, 2024, 09:30 AM ET

Learning Objectives

  • To identify the main parties to a trust.
  • To explain how trusts can be legally created, funded, and dissolved.
  • To discuss the most common uses of trusts in estate planning, and thereby be able to assess their usefulness for clients in a variety of circumstances. 

Course Overview

When someone hears the word "Trust" - there are usually certain images that come to mind. Things like "wealthy trust fund babies" and elderly individuals with high net worth, to name a few. The truth is; however, more people benefit from having Trust than you probably think.

Trust is a very useful and flexible tool for estate planning, yet it is probably the most underused estate management technique. A trust is an artificial entity, something like a corporation, created by a document or instrument.

A trust requires four basic elements - trustee, trust property, trust document, and known or discernible beneficiaries. The trust document specifies the rules of operation for the trust, the powers of the trustee, the beneficiaries to share in the income and principal from the trust, and instructions for the distribution of the trust property.

The following are the major topics covered in this CPE Finance course:

  • Present the historical foundations of trust law in common-law jurisdictions.
  • Introduce attendees to the basic terminology of trusts.
  • Illustrate how trusts are created.
  • Explore how trusts can be effectively utilized to help your clients realize their goals.

This CPE course is an introduction to the topic of trusts and their uses in estate planning.

On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

License details Credits Status
Finance for Certified Public Accountants (CPA-US) 1 CPE Approved
Estate Planning for Personal Financial Specialist (PFS) 1 CPD Eligible
Estate Planning for Chartered Financial Analyst (CFA) 1 PL Eligible
Finance for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Estate Planning for Chartered Financial Consultant (ChFC) 1 CE Eligible
Financial Planning for Certified Wealth Strategist (CWS) 1 CE Eligible
Trust and Estate Practitioners (TEP) 1 CPD Eligible
Financial Planning for Certified Fiduciary and Investment Risk Specialist (CFIRS) 1 CE Eligible
Estate Planning for Retirement Income Certified Professional (RICP) 1 CE Eligible
Estate Planning for Wealth Management Certified Professional (WMCP) 1 CE Eligible
Estate Planning for Financial Services Certified Professional (FSCP) 1 CE Eligible
Finance for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Finance for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA) 1 CE Eligible
Estate Planning for Chartered Advisor in Senior Living (CASL) 1 CE Eligible
Estate Planning for Chartered Special Needs Consultant (ChSNC) 1 CE Eligible
Estate Planning for CIPM 1 PL Eligible
License details Credits Status
Finance for Certified Public Accountants (CPA-US) 1 CPE Approved
Estate Planning for Personal Financial Specialist (PFS) 1 CPD Eligible
Estate Planning for Chartered Financial Analyst (CFA) 1 PL Eligible
Finance for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Estate Planning for Chartered Financial Consultant (ChFC) 1 CE Eligible
Financial Planning for Certified Wealth Strategist (CWS) 1 CE Eligible
Trust and Estate Practitioners (TEP) 1 CPD Eligible
Financial Planning for Certified Fiduciary and Investment Risk Specialist (CFIRS) 1 CE Eligible
Estate Planning for Retirement Income Certified Professional (RICP) 1 CE Eligible
Estate Planning for Wealth Management Certified Professional (WMCP) 1 CE Eligible
Estate Planning for Financial Services Certified Professional (FSCP) 1 CE Eligible
Finance for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Finance for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA) 1 CE Eligible
Estate Planning for Chartered Advisor in Senior Living (CASL) 1 CE Eligible
Estate Planning for Chartered Special Needs Consultant (ChSNC) 1 CE Eligible
Estate Planning for CIPM 1 PL Eligible

Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study

Group Internet Based

Pre-requisites

None

Advance Preparation

None

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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.

Dive into the world of CPA CPE Courses with MY-CPE. Our online courses are here to help you complete your CPA CPE credits seamlessly. We cover a wide range of topics delivered by professional subject matter experts. Forget the traditional way of learning with flexible scheduling and learn at your own pace. Join us and start your journey toward professional growth today!

About Instructor

Nathan Shoff

Nathan Shoff

Partner, Lacy Katzen LLP Attorneys at Law

  • 4.5
  • rating
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Nathan compassionately assists clients facing the inevitable challenges of aging, sickness, and death, by counseling clients on how to put the best estate plan in place for their needs. This involves guidance on what form of estate plan is most appropriate, whom to appoint as fiduciary of that plan (Power of Attorney Agent, Trustee, Executor), and what kind of property beneficiaries (children, grandchildren, charities, etc.) should receive after a person’s death.  Over more than fifteen years in practice, Nathan has assisted many individuals and families with planning ahead for their incapacity and death through the effective drafting of Health Care Proxies, Living Wills, Last Wills, Powers of Attorney, Revocable and Irrevocable Trusts.

As part of planning for the elderly and disabled individuals, Nathan will also counsel clients on what public benefits may be available to help pay for a client’s long-term care. This often involves navigating the complex rules and regulations of the Medicaid program in New York, in order to preserve clients’ assets as much as possible, while still obtaining the Medicaid coverage needed to pay for their long-term medical needs.

After the passing of a loved one, Nathan assists the fiduciary (Trustee, Administrator or Executor) with the administration of that person’s estate, to ensure that the final wishes expressed in their estate planning documents are fulfilled. This process may involve the probate of a Last Will or other Court proceeding, which Nathan walks clients through with careful precision.  Additionally, Nathan works tirelessly to advocate for clients who are beneficiaries of a decedent’s Estate, to make sure that such beneficiaries receive everything to which they are entitled.

A Western New York native, Nathan graduated summa cum laude from Canisius College with a dual major in political science and modern languages, before graduating magna cum laude from SUNY Buffalo School of Law in 2006.  Nathan is licensed to practice law in New York State.  Over his many years of practice in New York, Nathan has given several public and private seminars on various estate planning topics, including the proper preparation and use of Powers of Attorney, Wills, and Trusts, as well as effective methods of naming trusts as beneficiaries to IRAs.


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What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

out of 5

Excellent (58%)

Very Good (34%)

Average (7%)

Poor (1%)

Terrible

DWW

Dustin Wong Wong, CPA (US)

5

Just an amazing high level view of going back to the questions of WHY!! I've been looking for a down and dirty, easy to understand class on an intro to trusts and this class was amazing! It even went back to the beginning of how they originally came about and that was super helpful just to see what they were originally used for and it gave me a bit more context for what problems that trusts solve today that how we can solve these problems through contracts! (Which apparently is what a trust is!) Highly, highly recommend!!

AH

Arthur Holman, AFSP

5

myCPE actually makes the continuing education experience something that I eagerly anticipate and look forward to doing. The entire process is rewarding: The presenters are excellent, the material is delivered in a well thought out way with very helpful "handouts" included, and the entire process is handled efficiently and professionally. I have used other sources in the past to meet my CFP(R) continuing education requirements, but I will only use myCPE going forward.

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