PFP2440. Reviewing Trusts with a PFP/TAX Mindset

This session will focus on explaining how the elements of a trust should be reviewed and understood. Among the issues to be addressed: What is the income treatment of grantor and non-grantor trusts? How are trust beneficiaries taxed? What are the tax implications of revocable and irrevocable trusts? What do specific trust clauses (spendthrift, HEMS standard, 5 and 5 power) mean? What are the special charitable deduction rules for trust income? Which trusts can hold S corporation stock?

Learning Objectives:

• Recognize the income, estate, and gift tax treatment of trusts commonly used by clients.
• Identify trust provisions and their implications for trustees and beneficiaries