Estate & Trust Primer - Tax Staff Essentials

Presented by William Murphy

Presentation type = pre-record/rebroadcast

Protect your clients' assets and shield their estates from increased taxation brought about by the changing tax code. This CPE course will help you to understand the tax obligations of trusts and estates and how these obligations affect beneficiaries. The course provides exercises and examples that reflect the calculation and allocation of taxable income and its presentation on the appropriate forms. You will also learn how to prepare federal Form 1041 and the accompanying schedules.

CPAs

Financial advisers

Estate attorneys

• Identify the elements of trusts and estates.
• Recall the filing requirements for estates and trusts.
• Indicate how electing small business trusts are taxed.
• Identify which deductions and credits are allowed for estates and trusts.
• Recall the significance of the Uniform Principal and Income Act (UPAIA).

Types of trusts

Trustee powers

Recognition and realization of income

Elements of an estate

Taxation of trusts and estates

Basic concepts of estate planning