Objective
- Identify the areas of trusts in connection with disability, charity, life insurance, leveraging gifts, principal residences, and minors
- Understand the role played by a marital deduction trust and a credit shelter bypass trust
- Explain how trusts may protect assets and perpetuate family wealth over multiple generations
Highlights
- Guide to legislative changes and their impact on trust planning, including the Tax cuts and Jobs Act of 2017
- Introduction to trusts with emphasis on typical provisions
- Revocable living trusts
- Common testamentary trust arrangements -- Bypass trusts, QTIP trusts, and other marital trusts
- Asset protection trusts
- Sophisticated trusts for estate planning and asset transfer -- GRATs, GRUTs, and QPRTs
- Charitable trusts -- Charitable remainder trusts, charitable lead trusts, and pooled income funds
- Irrevocable life insurance trusts
- Medicaid trusts: special needs and Miller
- Trusts for minors -- Sections 2503(b) and 2503(c), and other trusts
- Dynasty trusts
- Trusts to hold S corporation stock
- Impact of historically low APRs on various trust arrangements
- Special problems of estates and trusts relating to the 3.8-percent tax on investment income and specific solutions
Designed For
CPAs who wish to have a complete understanding of the various uses of trustsPrerequisite
A basic course in estate and gift tax and a basic course on estate and trust income taxation (Form 1041)Advanced Preparation
None