The Life Cycle of a Revocable Living Trust FLEXCAST

Overview

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 course is designed to turn this challenge into an opportunity for growth and expertise. This 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 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.

Highlights

What is a trust? Trust advantages and disadvantages. Trust income tax consequences. Revocable living trusts and probate. Beneficiary. Selected operational issues and examples.

Prerequisites

None.

Designed For

CPAs, EAs, and other tax professionals.

Objectives

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. Understand how to make a Section 645 election, with or without a probate estate.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.