The first course in a four-part series, fiduciary accounting and taxation field, has transitioned over the past several years with updated rules and the increased tax cost of accumulating income in a non-grantor trust. The changes in the income tax rate structure at the federal and state levels have pulled income tax planning forward as a prime objective for estate planners. The rules and understanding of fiduciary accounting continue to be in a state of development and challenge. It is an understatement to say that fiduciary accounting and taxation have entered a new and very different phase of complexity and change. We will explore many of these issues in Parts 1-4 of Form 1041 Advanced Series. Be sure to register for all courses in this series: Form 1041 Advanced Series Part 1: Why Complex Trusts are Complicated Form 1041 Advanced Series Part 2: Cash & Property Distribution Issues Form 1041 Advanced Series Part 3: Sec. 199. Sec. 67(g) & Charitable Deductions Form 1041 Advanced Series Part 4: Post Mortem Considerations
Learning Objectives
• Determine and review how complicated complex trust can be difficult
• Recognize provisions in a trust document that result in complex trust treatment
• Identify and recognize the tax cost of accumulating taxable income in a trust
• Identify special issues relating to complex trusts
Major Topics
• How to Identify a Complex Trust and the Complications that Arise with Complex Trusts
• The Importance of Recognizing the Tier System used by Complex Trusts
• The Advantages and Requirements of the 65-day Rule
• Special Issues Related to the Charitable Contribution Deduction
• Use of a Checklist for Complex Trusts
