The tax strategies behind estate planning
Estate planning is vast and complicated. A fundamental understanding of estate and trust taxation is essential to helping clients plan for their futures.
Topics include: Tax obligations of trusts and estates, and how these obligations affect beneficiaries The federal income taxation of trusts and decedents’ estates, along with the tax effects of specific scenarios for beneficiaries Planning options that can minimize your clients’ taxes while accumulating income and the distribution or transfer of wealth to intended beneficiaries
Detailed explanations of complex estate and trust concepts
Learners build their understanding of the unique tax issues affecting trusts and estates, including: The taxation of simple and complex trusts, grantor trusts, and electing small business trusts Fiduciary accounting and the Uniform Principal and Income Act Deductions and credits available to trusts and estates
Learning Objectives
- Identify the elements of a trust.
- Recognize the difference between principal and income as defined by the Uniform Principal and Income Act (UPAIA).
- Identify tax payment and reporting requirements for estates and trusts.
- Distinguish between simple trusts and complex trusts.
- Recall how pooled income funds are taxed.
- Recall the filing requirements for estates and trusts.
Major Topics
- Types of trusts
- Trustee powers
- Recognition and realization of income
- Elements of an estate
- Taxation of trusts and estates
- Basic concepts of estate planning
