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TAX2104 - TAX2104. 1041s, 709s, Trust, and Common Transfer Tax Planning Issues CPAs can Identify and Fix

‐ Jul 27, 2021 2:45pm

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?”


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