In the dynamic field of tax and estate planning, the increasing trend of clients creating revocable living trusts presents both a challenge and an opportunity for professionals. Navigating the complex taxation landscape of these trusts from inception to dissolution can be perplexing, often leading to uncertainty in advising clients effectively. Our webcast course is designed to turn this challenge into an opportunity for growth and expertise.
This comprehensive on demand CPE course provides an in-depth analysis of the income and estate taxation of revocable living trusts. We don't just skim the surface; we delve into the nuances of how these trusts are impacted by taxes at every stage. By demystifying the intricacies of allowable methods of filing income tax returns, changing filing methods, understanding when and how to obtain an employer identification number, and making Section 645 elections, this CPE course arms you with the knowledge to guide your clients confidently. You'll transition from uncertainty to proficiency, ensuring your advice is both compliant and strategic.
Learning Objectives
- Upon successful completion of this course, participants will be able to:
Describe how income and estate taxes impact revocable living trusts;
Identify the allowable methods of filing income tax returns and how to change filing method;
Identify when a revocable living trust needs an employer identification number and when it needs a NEW employer identification number; and
Understand how to make a Section 645 election
- with or without a probate estate.
Major Topics
What is a Trust?
Trust Advantages & Disadvantages
Trust Income Tax Consequences
Revocable Living Trusts & Probate
Beneficiary
Selected Operational Issues & Examples
