The Complete Trust Workshop - Iowa Society of CPAs

Overview

The use of trusts will continue to undergo changes in the current year. Clients need to be informed why planning is essential in these changing times. The purpose of this course is to explore the many beneficial issues of trusts, an essential element in estate planning. This course gives insights and practical pointers concerning trusts of every shape and size after tax reform. Clients will be eager to review their estate plans in light of recent and proposed legislation.

Highlights

Timely coverage of breaking tax legislation
Guide to legislative changes and their impact on trust planning
Introduction to trusts with emphasis on typical provisions
Revocable living trusts
Common testamentary trust arrangements -- Bypass trusts, QTIP trusts, and other marital trusts
Asset protection trusts
Sophisticated trusts for estate planning and asset transfer -- GRATs, GRUTs, and QPRTs
Charitable trusts -- Charitable remainder trusts, charitable lead trusts, and pooled income funds
Irrevocable life insurance trusts
Medicaid trusts: special needs and Miller
Trusts for minors -- Sections 2503(b) and 2503(c), and other trusts
Dynasty trusts
Section 461(l) as applied to trusts and estates
Trusts to hold S corporation stock
Special problems of estates and trusts relating to the 3.8-percent tax on investment income and specific solutions

Prerequisites

A basic course in estate and gift tax and a basic course on estate and trust income taxation

Designed For

Accounting and Financial Professionals who wish to have a complete understanding of the various uses of trusts

Objectives

Identify the areas of trusts in connection with disability, charity, life insurance, leveraging gifts, principal residences, and minors
Understand the role played by a marital deduction trust and a credit shelter bypass trust
Explain how trusts may protect assets and perpetuate family wealth over multiple generations

Preparation

None

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Jason Carney

Leader Bios

Jason Carney

Jason Carney, CPA, CISA, PMP, CISSP, CCSP, Esq., is a senior manager at ABS, Inc., a boutique consulting firm based in the Washington, DC metro specializing in complex accounting issues. He is also the principal for IRS Problem Free, a tax resolution service. He has more than 15 years of experience in public accounting, consulting, and industry. His specialties include technical accounting, financial statement audit, information security, and tax controversy. Jason has worked in the financial services, software, and federal finance sectors. Jason has taught more than 100 CPE courses for audiences across the country. He has been consistently well-received and specializes in adapting content for the unique needs of each audience. He believes that relevant and engaging training is essential for career development and business success. Jason is a member of the Minnesota Society of CPAs and was a President’s Scholar at the University of Saint Thomas Law School. He is a member of the Minnesota Bar and holds CPA licenses in five jurisdictions. He is Treasurer for Fort Safety, a non-profit focused on keeping families and children safe online. He wrote “What is Business Intelligence and Why Should CPAs Care?” for Footnote magazine and contributed to the upcoming publication What Every Lawyer Needs to Know About Client Trust Accounts. Jason and his CPA wife enjoy reading, spending time with their two children, and playing with their pet Giant Schnauzer, Sarge.

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