Surgent's What CPAs Should Know About Trust Instruments

Overview

This is a survey course on the intergenerational transfer of property -- focusing on what the CPA should know about trust instruments. It will cover a broad number of topics ranging from the fundamental legal principals necessary for the trust and estate practitioner to understand, to the ability of language in the trust instrument to accomplish a certain tax result.

Prerequisites

A foundation in estate and gift tax and a working knowledge of estate and trust income taxation

Objectives

• Understand the fundamental legal principles of trust instruments
• Utilize trust instruments to accomplish certain tax results

Highlights

• Legal definitions and principals involving estates & trusts
• Basic principles regarding property ownership
• Types of trusts commonly used
• Trust accounting fundamentals
• Certain clauses that are important to understand
• Formula valuation clauses
• Requirements for a trust to be a qualified designated beneficiary of an IRA
• Using IRD to fund charitable bequests