Almost every single one of your clients will be required to file IRS Form 1041 to settle trusts or an estate.

Trusts and estates are subject to federal income taxation, of course, and an entire subchapter of the U.S. Tax Code is devoted to the unique set of applicable rules. The lengthy rules are complicated by the interaction with state laws as well as the individual situation of each member of a family.

This class covers concepts a financial advisor must understand to provide families valuable advice after the death of a loved one. It equips practitioners with knowledge needed to advise families at a difficult time and build relationships with the next generation. Specific topics include:

● The types of trusts for income tax purposes: simple, complex, grantor, charitable
● The general bracket structure and various thresholds where tax increases
● Fiscal year planning for estates; pushing the CPA to be proactive
● Taxable income vs. fiduciary accounting income
● Tax consequences of distributions and helping clients avoid the unexpected
● How to use distributable net income (DNI) & the IRC 663(b) “65-Day” Rule to benefit your clients
● A wealth advisor’s role in working with legal and tax advisors