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Practical Guide for Understanding Critical Concepts of Trusts and Estates

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • CRTP
  • ChFC®
  • FSCP®
  • CASL
  • ChSNC
  • RICP
  • WMCP

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 session will help you learn the Critical Concepts of Trusts and Estates that provide your clients with greater value.

Session 1 - CPAs and Financial Planners Must Know This about Trusts and Estates

This is a survey course on the intergenerational transfer of property - focusing on what the CPA should know about trusts and estates.

This Online Continuing Education Session covers following major topics:

  • Legal definitions and basic principles regarding property ownership
  • Types of trusts
  • Trust accounting fundamentals including certain clauses that are important to understand
  • Formula valuation clauses
  • Requirements for a trust to be a qualified designated beneficiary of an IRA
  • Using IRD to fund charitable bequest

Session 2 - Fundamentals of Income Taxation of Trusts & Form 1041 Planning: What Every Advisors Needs to Know

With more and more trusts being used today and audits of Form 1041 (U.S. Income Tax Return for Estates and Trusts) on the rise, it has never been more critical to understand the ins and outs of income taxation of trusts and estates and the preparation of the Fiduciary Income Tax Return.

Even if you are helping clients with a modest net worth, most will set up either an inter vivos or testamentary trust or at least their estate will have to file an income tax return. For example, fiduciary accounting is a unique concept and many other deductions are subject to a different set of rules compared to individuals.

In this online CPE session covers following key topics:

  • Legal definition of key terms like Grantor trusts, Charitable Remainder Trusts (CRTs).
  • Bracket Management
  • Shifting Income with Trust Distributions
  • Limit on Miscellaneous Itemized Deductions
  • State Income Tax Planning for Trusts
  • Brief discussion regarding Form 1041

Session 3 - How To Accurately Prepare The 709 Gift Tax Return

Preparing gift tax returns (Form 709) seems relatively simple. However, there are lots of traps for the unwary. Moreover, unlike income tax returns, mistakes are not quickly detected during audit and are often uncovered when the client dies – providing years. Proper compliance with the complex gift tax rules remains necessary to protect and preserve the advantage of the current exclusion levels.

This CE/CPE session covers following major topics:

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, and CRTs

Reporting front-loaded 529 plans

Session 4 - Beyond the Numbers: Understanding the Important Gift, Estate, and Income Tax Elections

How often do you prepare a trust return and see the trust's marginal tax rate is too high?

Form 709, Federal Gift Tax return, and Form 706, Federal Estate Tax return, are key parts of any practice involving estate planning and wealth management; there have been many recent tax law changes that impact these two returns. Many taxpayers made gifts in recent years to transfer substantial assets at little to no federal gift tax cost to take advantage of the significant federal gift tax exclusion.

This fast-paced on-demand continuing education (CE) session will discuss following key topics:

  • 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
  • Understanding Distributable Net Income (DNI)
  • Planning for Kenan gains

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 CE Credit for Wealth Management Certified Professional (WMCP)
  • CE Credit for Tax Professionals
  • 8 CE Credit for Retirement Income Certified Professional (RICP)
  • 8 CE Credit for Financial Services Certified Professional (FSCP®)
  • 8 CE Credit of Taxes for Enrolled Agents (EA)
  • 8 CE Credit for Chartered Special Needs Consultant (ChSNC)
  • 8 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 8 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers(CRTP)
  • 8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 8 CE Credit for Chartered Advisor in Senior Living (CASL)
  • 8 CE Credit for Chartered Financial Consultant (ChFC®)

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

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