This course examines the tax obligations of estates and trusts and how theseobligations affect beneficiaries. It provides exercises and examples that reflect thecalculation and allocation of taxable income and its presentation on the appropriateforms. Participants will learn how to protect clients' assets and shield clients' estatesfrom increased taxation brought about by the changing tax code. Additionally, they'lllearn about the effect of H.R. 1, commonly referred to as OBBBA, on estate and trusttaxation.
Learning Objectives
Identify the elements of a trust. Recognize the difference between principal and income as defined by the UniformPrincipal and Income Act (UPAIA). Identify tax payment and reporting requirements for estates and trusts. Distinguish between simple trusts and complex trusts. Recall when a grantor has a reversionary interest. 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 Basic concepts of estate planning