Planners are using trusts for their clients now more than ever before. Issues of asset protection from financial and matrimonial creditors, as well as concerns about immaturity of heirs, has spiked a growth of trust preparation. It has never been more critical to understand the ins and outs of income taxation of trusts and estates and the preparation of the fiduciary income tax return. Recent shifts and changes in the taxation of estates and trusts have also changed some of the planning techniques that practitioners should consider when advising clients. In this first of a two-part course, Steven Siegel will cover basic concepts and issues, revocable trusts, reportable income, deductions, and special rules.