Tax Reduction with Trusts, Main Trust Principles and Simple Testamentary Trusts/Revocable Living Trusts

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