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TAX2104
TAX2104. 1041s, 709s, Trust, and Common Transfer Tax Planning Issues CPAs can Identify and Fix
Date
July 27, 2021
$49
Standard Price
This product is also available as part of the following products:
This includes sessions from AICPA & CIMA ENGAGE 2021:
This includes sessions from the conference: Tax Strategies for the High-Income Individual (as part of AICPA & CIMA ENGAGE 2021)
This session will review trusts commonly used by clients such as life insurance trusts, survivorship life insurance trusts, trusts for children and grandchildren, and others.
Learning Objectives
- Recognize common mistakes and problems exist in many (maybe most) of these trusts that CPAs can identify and fix. What are those mistakes? How can you identify these issues from trust income tax returns, gift tax returns and even from trust plans themselves?
- Identify how GST issues are often mishandled and how to correct them with a late allocation of GST exemption even for smaller clients.
- Discover why most trust plans dangerously fail to protect trust assets for beneficiaries and how clients might fix them. What to report on income and/or gift tax returns when those issues are fixed.
- Identify if trusts are properly reported as grantor or complex (non-grantor) trusts? The commonly used life insurance trust, is it grantor or not? What about trusts owning survivorship life insurance policies? Are they grantor as to one or both spouses and what happens on one spouse’s death? Why is this all so important for so many clients?”
Speaker
Martin M. Shenkman, CPA, MBA, PFS, AEP (distinguished), JD
Attorney, CPA, Shenkman Law
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