Estate & Trust Primer - Tax Staff Essentials

Overview

A comprehensive guide to estate planning and the taxation of trusts.

Prerequisites

None

Objectives

• Identify the elements of a trust.
• Recognize the difference between principal and income as defined by the Uniform Principal and Income Act (UPAIA).
• Identify tax payment and reporting requirements for estates and trusts.
• Distinguish between simple trusts and complex trusts.
• Recall how pooled income funds are taxed.
• Recall the filing requirements for estates and trusts.

Highlights

Types of trusts

Trustee powers

Recognition and realization of income

Elements of an estate

Taxation of trusts and estates

Basic concepts of estate planning