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

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • CRTP

Published: December, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • What is a grantor trust?
    2 mins
  • Income tax filing - Irrevocable grantor trust
    17 mins
  • Common irrevocable grantor trusts
    32 mins
  • Sales to grantor trusts
    50 mins
  • Estate tax inclusion
    64 mins

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 a 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 to 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?

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
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • 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
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CE Credit of Taxes for Tax Professionals (Approval No. IRS: GEHNZ-T-00848-21-S)
  • 2 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. IRS: GEHNZ-T-00848-21-S)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0790)
  • 2 CE Credit of Taxes for Annual Filing Season Program (AFSP)

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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Ratings and Review

4.4

30 Ratings

Excellent

16

Very Good

13

Average

1

Poor

0

Terrible

0

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 (CA), EA

Dec 10th, 2021

Excellent course if you do Trust tax returns.