Building Trust Expertise: Taxation and Estate Planning
Building Trust Expertise: Taxation and Estate Planning introduces students to basic fiduciary income tax and estate planning concepts. It begins with tax basics, including terminology and how income tax is calculated. The trust taxation discussion covers the tax implications for grantor and charitable trusts, as well as trust accounting income. Students will also learn about distributable net income (DNI)—what it is and how to calculate it for simple and complex trusts. Students will move on to transfer taxes, including gift, estate, and generation skipping transfer taxes. This covers special rules for these taxes, ways to minimize taxes, and how to calculate the various taxes. Next, students will learn about basic estate planning, including why estate planning is important, things to consider, and advantages and disadvantages of making lifetime gifts. Finally, students will learn about estate planning with the marital deduction.
| Price | $450 Nonmembers / $335 Members |
| Course Credits | AIB: 0 ; ICB: 7.0 (CTFA/TAX) ; CFP: 3.0 |
| Prerequisites | Building Trust Expertise: Trust Administration or equivalent knowledge and experience, including a basic understanding of the trust business |
| Required Software | None |
| Optional Software | Adobe Acrobat Reader and RealPlayer |
Audience
New trust administrators, trust associates, private bankers, trust tax professionals, trust compliance officers, business development officers and trust operations officers who work in the trust department.
Learning Objectives
After completing this course, students will be able to:
- Define basic terms
- Explain how trusts are taxed
- Calculate distributable net income
- Minimize transfer taxes
- Calculate gift, estate, and generation-skipping transfer taxes
- Describe why estate planning is important
- Identify considerations when developing an estate plan
- Use the marital deduction to maximize estate planning
Enrollment: To enroll in this course, please click on the link below for the registration form. Print and complete the form and submit it to your supervisor for approval. Then submit the approved form to your human resources department for processing.