Everything You Need to Know About Trusts 25-26

Overview

An overview of trust laws and a review of general concepts. Common structures and review of some more advanced trust planning issues. Extensive coverage planning issues through a discussion of trust administration. The discussion covers special needs planning, asset protection, gift and estate tax planning, use of most common trusts, and portability versus A-B and A-B-C trusts.

Highlights

• Trust obstacles and pitfalls
• Revoking irrevocable trusts
• Trust protectors
• Succession planning, retirement planning and estate planning through trusts
• Basic issues related to special needs and Medi-Cal planning
• General Outline of planning with GRATs, QPRTs, IDGTs, etc.
• Planning with A-B and A-B-C (QTIP) trusts
• Asset protection through domestic and foreign trusts

Prerequisites

General knowledge of income, estate and gift taxes.

Designed For

CPAs, attorneys and financial planners.

Objectives

• Identify income tax, gift tax and estate tax aspects of various types of trusts, and a primer on Purposeful Planning
• human, non-tax related issues
• Determine requirements for a valid trust, selecting trustees, trustee discretion, distribution clauses and probate avoidance
• Recall estate planning and asset protection planning uses of different trusts
• Identify advanced tax, estate, succession, retirement, special needs and asset protection planning using trusts
• Recognize common obstacles and pitfalls, such as selection of trustee and property tax reassessment, and how to plan around them

Preparation

None.

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by CalCPA (calcpa@calcpa.org). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.