Cameron Kelly presented “Tax Reduction with Trusts,” “Main Trust Principles” and “Simple Testamentary Trusts/Revocable Living Trusts” at the National Business Institute webcast Trusts from A to Z on June 9, 2017, a Wisconsin continuing education course provided to attorneys, financial planners, trust officers, accountants and CPA’s to learn or review the basic concepts relating to trusts.
Summary:
Planning your clients’ financial future and legacy is diverse and complex, with a unique tool for every unique client situation. In this fast-paced comprehensive legal instruction, our authors will guide you through the plethora of trust options and give you a straightforward, incisive analysis of when and how each is to be used for maximum effect.
What are Trusts? Main Trust Principles
- Trust Terms, Concepts and Definitions
- Key Parties in a Trust and Their Roles
- The Laws of Trust Creation and Administration (UTC, UPA, UPIA, etc.)
- Trust Revocability and its Implications
- Trust Funding Basics
- Creditor Rights in Regards to Trusts
- Does the Client Need a Trust?
Simple Testamentary Trusts and Revocable Living Trusts
- When are Testamentary Trusts Used?
- Living vs. Testamentary Trusts for Tax Purposes
- Trust Funding Mistakes and Consequences
- Top Trust Administration Issues
- Sample Trust Language
Tax Reduction with Trusts
- Current State and Federal Tax Regime
- Taxation of Trusts: Transfer and Income
- Accounting vs. Taxable Income
- Tax Consequences of Distributions
- 3.8% NIIT Surtax
- Tax Implications of a Trust Becoming Irrevocable
- Accumulation Distribution for Some Complex Trusts
- The 2% Floor on Miscellaneous Itemized Deductions
- Material Participation by Trusts – Recent IRS Changes
- Tax Consequences of Trusts in Estate Administration
