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.
Target Audience
CPAs, attorneys and financial planners.
Course 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
Subjects
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.
