Estate & Trust Primer (VIRTUAL)

Description

Protect your clients' assets and shield their estates from increased taxation brought about by the changing tax code. This CPE course will help you to understand the tax obligations of trusts and estates and how these obligations affect beneficiaries. The course provides exercises and examples that reflect the calculation and allocation of taxable income and its presentation on the appropriate forms. You will also learn how to prepare federal Form 1041 and the accompanying schedules.

Highlights

  • How trusts and estates are taxed under the internal revenue code
  • What is a trust, a simple trust and a complex trust
  • How the income of a trust or estate is defined for tax purposes
  • What the ordinary deductions are and what credits are allowed
  • How the deduction for distributions to beneficiaries are determined
  • How trust and estate beneficiaries are taxed
  • What a "grantor trust" is and how it is taxed
  • How Form 1041 is prepared

Objectives

  • Apply the concepts of federal income taxation of estates and trusts.
  • Calculate the gross income of trusts and estates.
  • Identify which deductions and credits are allowed for estates and trusts.
  • Recognize distributable net income and understand its significance.

Designed For

CPAs, enrolled agents, and financial planners with basic knowledge of federal income tax concepts, and an interest in Income Taxation of Estates and Trusts and preparing Form 1041.

Leaders

Anthony Hilliard

Practice Areas: Taxation Law; Estate Planning Law; Probate Law; Banking Law; Employee Benefits Law; Business Law. Personal Information Born Rison, Arkansas, July 4, 1956. Education: Hendrix College (B.A. 1978). University of Little Rock School of Law (J.D. 1996). Southern Methodist University School of Law (LL.M. (Taxation), 1998). Bar Information: Admitted to bar 1996, Arkansas and U.S. District Courts, Eastern and Western Districts of Arkansas, 1996. Arkansas Bar Association Board of Governors. Tenured Delegate Arkansas Bar Association House of Delegates. Past President Arkansas Bar Association Tax Section. Secretary/Treasurer Arkansas Bar PAC. Honors: Associate Editor, UALR Law Journal, 1995. Arkansas Bar Association Lawyer Legacy Award, 2006. Arkansas Society of CPAs, Mac Angel Award, 2006. Best Lawyer's in America, Tax Law, Trusts and Estates (2006-2009) Memberships: Jefferson County and American Bar Associations (Member of Taxation and Business Section). Arkansas Society of Certified Public Accountants (CPA 1982-Inactive)