Basic Tax Planning and Trusts 101

Cameron Kelly presented “Basic Tax Planning and Trusts 101” at the National Business Institute national webinar, Estate Planning from A to Z, on May 17, 2017.  A nationally broadcast continuing education course provided to attorneys, financial planners, trust officers, accountants and CPA’s to learn or review the basic concepts relating to the transfer of assets during life, or at death.  Access the materials:  NBI Basic Tax Planning SE&BP outline and Basic Tax Planning Slides.

 

Summary:

Are you ready to grow your own successful estate planning practice or looking for a practical refresher? This guide will become your go-to guide. From client intake through will, trust and tax planning, you will receive tips, sample forms and answers to your most pressing questions to help you excel.

Basic Tax Planning

  • Estate Tax Update
  • Step-Up Basis of Various Assets
  • Gift Tax and Exclusions
  • Generation-Skipping Transfer Tax
  • Planning for the Final Income Tax Return
  • Trust Taxation Basics
  • Disclaimer Trusts
  • Crummey Powers and the IRS
  • Typical Creditors and How to Deal with Them
  • Simple Tips for Minimizing Tax Burden
  • Tax Treatment of Trusts

Trusts 101

  • Types, Goals and Functions of Trusts
  • Major Laws Governing Trust Creation and Administration
  • Who Are the Main Parties? Their Duties and Responsibilities to a Trust
  • Revocable vs. Irrevocable
  • Choosing Trust Situs
  • Trust Funding Basics