Estate & Trust Primer - Tax Staff Essentials

Overview

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

Updated for H.R. 1, commonly referred to as OBBBA

This comprehensive course has been updated to discuss the effects of H.R. 1 on estate and trust taxation. Relevant topics include:

Overall limitation on itemized deductions

Permanence of the expanded lifetime estate tax exemption

Section 163(j) business interest

0.5% floor on itemized charitable contribution deductions

And much more

Part of Tax Staff Essentials Level 3
This self-study online course is part of Tax Staff Essentials Level 3, a comprehensive learning program that provides senior- and supervisor-level tax professionals with the technical training required to take a leadership role on their teams.

Highlights

Types of trusts

Trustee powers

Recognition and realization of income

Elements of an estate

Basic concepts of estate planning

Prerequisites

None

Designed For

CPAs

Financial advisers

Estate attorneys

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.
Identify the rules regarding the deduction for distributions from complex trusts and decedents' estates.
Recall when a grantor has a reversionary interest.
Recall how pooled income funds are taxed.
Recall the filing requirements for estates and trusts.

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by AICPA.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

William Murphy

Leader Bios

William Murphy

William F. Murphy is an expert in tax consulting and financial planning who works with corporations, news and publishing organizations, and professional practices in Indiana. Besides being a CPA, he is accredited in business valuation and holds designations of personal financial specialist and certified valuation analyst. Bill has appeared as an expert witness in cases involving marital and business disputes and has lectured on valuation and tax issues for the National Business Institute, Western CPE, Indiana Continuing Legal Education Forum, Indiana CPA Society, American Institute of Certified Public Accountants and the National Association of Certified Valuation Analysts, among others. He is also a member and former chairman of the Ethics Committee for the Indiana CPA Society and a contributing expert to FOX News, CNBC and other media.

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