Trusts are widely used in personal and business planning, yet many professionals encounter them without formal training. This course explains how trusts function, who is involved, and why different trust structures are used. Participants will gain a working understanding of trust mechanics, basic tax and accounting considerations, and common trust arrangements seen in estate planning, along with an introduction to how irrevocable trusts may be modified when circumstances change.
Learning Objectives
- Explain the basic structure and operation of a trust
- Identify the key parties involved and their responsibilities
- Distinguish between major categories of trusts and their planning uses
- Recognize when tax and accounting rules differ from individual ownership
- Understand general methods available to adjust irrevocable trusts after creation
Major Topics
- How trusts are created, funded, and administered
- Roles and responsibilities of grantors, trustees, beneficiaries, and other fiduciaries
- Common reasons for using trusts, including management, protection, and transfer planning
- Trust duration rules and modern statutory approaches
- Basic trust accounting concepts and fiduciary income taxation
- Differences between revocable and irrevocable trusts for tax and control purposes
- Overview of frequently used estate planning trusts and their typical objectives
- Methods for modifying or restructuring irrevocable trusts under current law
