Understand the Most Common Trust Structures, Their Various Uses and Tax Effects
Understand the underlying structures and functions of the key estate planning tools used to protect and transfer clients' assets. Whether you're a beginner or are in need of a refresher, this essential course will leave you with useful and practical tips from the pros. Register today!
- Clarify the tax uses and consequences of the various trust structures.
- Distinguish between testamentary and revocable trusts.
- Explore the most tax-efficient tools for specific client circumstances.
- Determine when an irrevocable trust is a better option.
- Understand the varied powers and duties of the trustee depending on the trust structure.
- Learn how special needs trusts are used to provide for daily expenses without risking benefits eligibility.
- Protect your practice and professional reputation with a tailored ethics guide.
- Trusts Overview: Main Rules, Terms, Parties, Goals Identified
8:30 - 9:35, William A. Bond
- Key Terms and Concepts
- Laws Governing Trusts Practice
- Beneficiaries: Intermediary and Remaindermen
- Grantors' Powers
- The Role of the Trustee(s)
- Determining Your Client's Planning Needs
- Common Types of Trusts
- Testamentary Trusts: What They are and How They Work
9:50 - 11:00, Preston J. Forshee
- When are They Used?
- How Distributions are Arranged
- The Burden on the Trustee(s)
- One Trust vs. Separate Trusts for Each Beneficiary
- Minors as Beneficiaries: Special Considerations
- Incentive Clauses: Pros and Cons
- Tax Considerations
- Sample Trust Review
- Revocable Trusts: A Versatile Tool for Every Occasion
11:00 - 12:10, Preston J. Forshee
- How Revocable Trusts Work
- Types of Revocable Trusts and Their Specific Uses
- Trust Funding and Pour-Over Wills
- Grantor Powers and Limitations
- Tax Consequences
- Special Clauses/Provisions Reviewed
- Irrevocable Trusts: Tax Savings and Asset Protection
1:10 - 2:20, Preston J. Forshee
- Types of Irrevocable Trusts and Their Functions
- The Role, Duties and Powers of Independent Fiduciary
- Administration Costs Considerations
- Asset Protection Features of Irrevocable Trusts
- Basic Tax Strategies Behind the Use of Irrevocable Trusts
- Common Pitfalls to Avoid
- Irrevocable Life Insurance Trusts (ILITs)
- Special Needs Trusts: Funding Long-Term Care
2:20 - 3:25, William A. Bond
- SNTs vs. ABLE Accounts
- First Party vs. Third Party
- Tax Consequences of SNTs
- Preserving Benefits Eligibility
- Allowable Expenses
- Ethics and Trusts
3:40 - 4:40, William A. Bond
- Conflicts of Interest
- Attorney Fees
- Multiple Representation
- Fiduciary Liability
- Testamentary Capacity
This basic level seminar is designed for:
- Accountants and CPAs
- Trust Officers
- Tax Preparers