Overview
-
Legal Principles & Definitions
8 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