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 8 hour online CPE webinar will help you learn the Critical Concepts of Trusts and Estates that provide your clients with greater value. This 8 hour online CPE course for trust and estate planning is divided into 4 sessions and will cover Trusts & Estates, Fundamental of Trust Taxation, Preparing the 709 Gift Tax Return, and understanding the important Gift, Estate, and Income Tax Elections.

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. It will cover a broad number of topics ranging from the fundamental legal principals necessary for the trust and estate practitioner to understand. The ability of language in the trust instrument accomplish a certain tax result. Specific topics include:

Legal definitions and principals involving estates and trusts
Basic principles regarding property ownership
Types of trusts commonly used
Trust accounting fundamentals
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 bequests

This webinar is specifically meant for CPAs and Financial Planners so that develop fundamental understanding about Trust and Estate in order to serve their client better. Robert Keebler is expert advisor family wealth transfer. estate tax planning and retirement distribution planning advisor. Your read more about him on following link

https://keeblerandassociates.com/about/

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. 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.

Even if you are helping clients with a modest net worth, most will set up a inter vivos or testamentary trust or at least their estate will have to file an income tax return. This course is therefore helpful because there are many unique aspects to tax accounting for trusts and estates. For example, fiduciary accounting is a unique concept and many other deductions are subject to a different set of rules compared to individuals. This course will help you learn specialized knowledge and provide your clients with greater value. This course is designed for participants to understand the core concepts of trust and estate income tax preparation. The course explains the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and an introduction to or refresher on preparing Form 1041.

Major topics Covered :

Grantor trusts
Charitable Remainder Trusts (CRTs)
Bracket Management
Shifting Income with Trust Distributions
Limit on Miscellaneous Itemized Deductions
State Income Tax Planning for Trusts
Form 1041 Example

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 beyond audit and are often uncovered when the client dies – providing years.

Many taxpayers made gifts in the last year to transfer substantial assets at little to no Federal gift tax cost to take advantage of the significant federal gift tax exclusion. Proper compliance with the complex gift tax rules remains necessary to protect and preserve the advantage of the current exclusion levels. Nevertheless, some of your most wealthy clients will have a taxable estate. For these select clients, making large gifts before death can be extremely tax efficient for the client and profitable for the practitioner filing the gift tax return.

This convenient and timely two-hour online CPE webinar addresses the proper preparation of Form 709, the U.S. Federal Gift Tax Return that needs to be filed.

Specifically, this Online CPE Webinar covers following Key Topics:

Filing obligations
Annual exclusion gifting and Crummy Letters
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 and practitioners who’ve not prepared one of these returns in recent years must understand the latest changes to file these forms accurately.

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. Proper compliance with the complex gift tax rules remains necessary to protect and preserve the advantage of the current exclusion levels. In this fast-paced on-demand continuing education (CE) webinar Robert will discuss important elections associated with Form 709, 706, and 1041. The focus of this online CE course will be reviewing returns and identifying key issues.

Highlights of the Tax CE webinar:

Gift splitting elections
Reverse QTIP elections
Electing out of automatic GST allocations
Valuation issues
5-year 529 plan elections
Section 2642(c) charitable issues
Section 691(c) issues
Section 2013 PPT Credits
Adequate disclosure rules
Statute of limitations issues
Section 2032A and alternative valuation date
754 partnership elections
Understanding 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