Interested in training for your team? Click here to learn more

Identifying Trust Types and Tax Consequences: Analyzing the Trust Document, Revocable vs. Non, Grantor vs. Non

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A

This program is included with the Strafford CPE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Wednesday, April 30, 2025

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

Early Registration Discount Deadline, Friday, April 4, 2025

or call 1-800-926-7926
Add to your calendar

This webinar will walk trust and estate advisers through the process of identifying and categorizing trusts by analyzing key provisions in trust documents. Our panel of trust experts will provide examples illustrating the taxation and reporting responsibilities of specific trusts based on their classifications.

Description

Identifying a specific trust by type is critical in order to report, administer, and tax the trust and its beneficiaries properly. All trusts have common attributes. Each has a grantor, a trustee, and beneficiaries. The taxation of and reporting responsibilities vary significantly depending on how a trust is structured. Irrevocable trusts generally have their own EIN (employer identification number) and file and report their income and deductions on Form 1041, U.S. Income Tax Return for Estates and Trusts. They might, however, be a grantor or non-grantor trust. If a grantor trust, the grantor reports the trust income and deductions on the personal income tax return.

Trusts have the steepest graduated tax table reaching a maximum tax rate of 37 percent at only $15,650 (2024). This low threshold makes it crucial that trust advisers understand the tax attributes of a particular trust. Specific provisions in a trust document are key to identifying a trust's classification and ultimate tax consequences. Trust advisers must be able to recognize and interpret these relative provisions.

Listen as our panel of top-level trust advisers demonstrates how to identify specific trusts and their relative tax consequences.

READ MORE

Outline

  1. Identifying trusts and their tax consequences: Introduction
  2. Grantor trusts
    1. Intentionally defective grantor trust (IDGF)
    2. Qualified Subchapter S trust (QSST)
    3. Grantor retained annuity trust (GRAT)
  3. Non-grantor trusts
    1. Simple
    2. Complex
  4. Revocable
  5. Nonrevocable
    1. Irrevocable life insurance trust (ILIT)
    2. Spousal lifetime access trust (SLAT)
  6. Trust income tax rates
  7. Examples

Benefits

The panel will review these and other critical issues:

  • Reporting requirements for grantor trusts
  • Identifying irrevocable trusts from language in the trust document
  • Distribution requirements for simple and complex trusts
  • Illustrative examples including trust documents and tax scenarios for specific trust types

Faculty

Weisgerber, Patricia
Patricia Weisgerber, Esq., LL.M.
Attorney
Cushing & Dolan

Ms. Weisgerber practices in the areas of estate planning, elder Law, probate law, family law, real estate, business law...  |  Read More

Woodwell, Richard
Richard H. Woodwell, Esq., LL.M.
Attorney
Cushing & Dolan

Mr. Woodwell attended New England Law | Boston and graduated in 2016. Following New England Law he received...  |  Read More

Attend on April 30

Early Discount (through 04/04/25)

CPE credit processing is available for an additional fee of $39.
CPE processing must be ordered prior to the event. See NASBA details.

Cannot Attend April 30?

Early Discount (through 04/04/25)

CPE credit is not available on downloads.

CPE On-Demand

See NASBA details.