Practical Guide for Understanding Critical Concepts of Trusts and Estates

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

Published: November, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Legal Principles & Definitions
    8 mins
  • Types of Trusts
    55 mins
  • How this knowledge helps you
    101 mins
  • Protecting the executor
    138 mins
  • Foundational concepts: separate share rule example
    158 mins
  • Charitable remainder trusts: tax aspects - distributions
    188 mins
  • Adequate Disclosure
    230 mins
  • Defined Value and Related Clauses
    282 mins
  • Generation Skipping Transfer Tax
    316 mins
  • Credit for Tax on Prior Transfer
    365 mins

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 online CPE webinar helps you with the critical concepts of Trusts and Estates that assist you to deliver your clients with greater value. It covers some specific aspects such as intergenerational transfer of property with a specific focus on what the CPA should know about trusts and estates, basics of trusts and estates for fiduciary incomes tax planning and audits, and preparing gift tax returns to highlight. 

Trusts and estates are used for various purposes. Intergenerational tax planning is one of them. Legal definitions for owning a property, types of trusts, accounting fundamentals, valuations clauses, and requirements to be a qualified designated beneficiary of an IRA are some of the very important concerns.

With the increasing use of the trust structures for various financial, retirement, income, and other planning, the audits of Form 1041 – the US Income Tax Return for Estates and Trusts – are on the rise as well. Professionals need to be aware of the ins and outs of the Fiduciary Income Tax Returns. For instance, fiduciary accounting is a unique concept and many other deductions are subject to a different set of rules compared to individuals.

Gift Tax Return (Form 709) has a lot of traps for the unwary. Unlike income tax returns, mistakes are uncovered many times when the client is no more. Compliance with the complex gift tax rules can help protect and preserve the advantage of the client. Further, there had been many tax changes for Form 709 – Gift tax return, and Form 706 - Estate Tax return. Both being part of the long-term estate and wealth management strategy it is advisable to take advantage of the significant tax exclusions.

This IRA-Approved online CPE/CE course on Estate and Trusts covers the following Key Topics:

  • Legal definitions and basic principles regarding property ownership
  • Types of trusts, trust accounting fundamentals, and formula valuation clauses
  • Using trust as a qualified designated beneficiary of an IRA, and using IRD to fund charitable bequests
  • The legal definition of key terms like Grantor trusts and Charitable Remainder Trusts (CRTs)
  • Bracket Management, shifting Income with Trust Distributions, and limit on miscellaneous itemized deductions
  • State Income Tax Planning for Trusts and a brief discussion regarding Form 1041
  • Annual exclusion gifting and crummy letters and filing obligations
  • Using a deceased spouse’s portable exemption amount (“DSUEA”)
  • Reporting Installment Sales, Loans, Private Annuities, GRATs, QPRTs, CRTs, and front-loaded 529 plans
  • Discussion regarding Gift splitting elections, and Reverse QTIP elections
  • Electing out of automatic GST allocations, 5-year 529 plan elections, Section 2032A, and alternative valuation date
  • 754 partnership elections, planning for Kenan gains, and understanding Distributable Net Income (DNI)

Click to access to earn CPE credits from webinars on Accounting & Auditing | Latest Tax Updates | IRS Audit Representation

Learning Objectives

  • Learn how to read and understand estate planning instruments.
  • Learn basic fiduciary accounting principles and fundamentals
  • Learn about select planning opportunities and traps
  • Identify certain clauses that are Important to understand and basic principles regarding property ownership
  • Identify Requirements for a trust to be a qualified designated beneficiary of an IRA
  • To identify different types of trusts for income tax purposes.
  • To recall the concepts of Fiduciary accounting
  • To recall 3.8% Net Investment Income Tax & the passive activity rules
  • To identify various special deductions which are available.
  • To recall QSST and EBST elections
  • To recognize the annual gift tax exclusion
  • Introduction to the proper preparation of Form 709
  • To identify the differing types of gifts, the limits, and information required on Form 709
  • To Identify how to figure gift tax liability
  • To identify what is allowed for a qualified disclaimer
  • To recall the practical and updated understanding of the federal gift tax.
  • To identify the parts and schedules that make up the Form 709.
  • To identify which lifetime transfers are subject to gift tax
  • To recall the practical understanding of the federal estate tax

Recommended For

This Online CPE/CE webinar is recommended for AFSP, CPA, CVA, EA, CFA, EAs, Tax Preparers, PFS, TEP, and CSA who wants to help their clients better manage Trust and Estate

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • 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

  • 8 CPE Credit of Estate Planning for Chartered Financial Consultant (ChFC)
  • 8 CPE Credit of Estate Planning for Chartered Advisor in Senior Living (CASL)
  • 8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 8 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0885)
  • 8 CE Credit of Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-00980-22-S)
  • 8 CPE Credit of Estate Planning for Chartered Special Needs Consultant (ChSNC)
  • 8 CE Credit of Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00980-22-S)
  • 8 CPE Credit of Estate Planning for Financial Services Certified Professional (FSCP)
  • 8 CPE Credit of Estate Planning for Retirement Income Certified Professional (RICP)
  • 8 CPE Credit of Estate Planning for Wealth Management Certified Professional (WMCP)
  • 8 CE Credit of Estate Planning for Certified Financial Planner (US) (Approval No. 299094)
  • 8 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-00980-22-S)
  • 8 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-00980-22-S)
  • 8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 8 CE Credit for Certified Wealth Strategist (CWS)
  • 8 General Credit for Accountant/Bookeeper
  • 8 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (Approval No. GEHNZ-Q-00979-22-S)
  • 8 PL Credit for Chartered Financial Analyst (CFA)
  • 8 PL Credit for Certificate In Investment Performance Measurement (CIPM)
  • 8 CPD Credit of Taxes for Personal Financial Specialist (PFS)
  • 8 CPD Credit for Trust and Estate Practitioners (TEP)
  • 8 CE Credit for Certified Senior Advisor (CSA)

Additional details

  • Course Level :
    Basic
  • Credits :
    8
  • Instructional Method :
    QAS Self Study
  • 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

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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Ratings and Review

3.9

18 Ratings

Excellent

4

Very Good

11

Average

2

Poor

0

Terrible

1

AW

Arthur Warsoff, CPA (US)

Jan 18th, 2022

A tremendous amount of material was covered. I took this class as my father just passed away and I need to figure out what we need to do to deal with his trust from a tax perspective. This gave me many pointers to help me.

SM

Sarah Melia, CFP (US)

Jul 3rd, 2022

Videos or something to break up reading/listening would be beneficial

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