An Accountant's Guide to Trusts

Exam Questions: 80
Course Level: Basic
Pages: 328 | Content: 314, Supplemental: 14
NASBA Area of Study: Finance
Not Acceptable for: Enrolled Agents
Version: 5565P

Trusts are widely used in both financial and estate planning. This course provides CPAs with an overview of the rules governing the formation of trusts, the tax consequences of different trust vehicles, and the rules governing the administration of trusts. Specific topics include living trusts, spendthrift trusts, charitable trusts, and alternatives to trusts that can be used to achieve certain financial objectives. PLEASE NOTE: Not accepted for Enrolled Agents. Course material is similar to #6035: The Creation, Modification and Termination of Trusts and #6040: The Living Trust, The Charitable Trust, and Trust Alternatives; therefore, we recommend that you should not take #6035 and/or #6040 in the same CPE reporting period. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Trusts: The Who, What and Why
  • An Introduction to Estate Planning and Probate
  • Estate and Gift Taxes
  • Creation, Modification and Construction of Trusts
  • Termination of Trusts and the Rights of Beneficiaries
  • The Role and Responsibility of Trustees
  • The Living Trust - Myth and Reality
  • Spendthrift Trusts
  • Generation-Skipping Trusts
  • Estate-Planning Trusts
  • Charitable Trusts
  • Abusive Trusts
  • Trust Alternatives: Powers of Attorney Conservatorship, Guardianship, and Life Insurance
  • To identify the basic elements of a trust and the common types of trusts
  • To identify the basics of probate and the common probate avoidance tools
  • To recognize the impact of estate and gift taxes
  • To identify items necessary to create or modify a trust
  • To identify when and how a trust can be terminated
  • To recognize the various roles and responsibilities of trustees
  • To identify features of living trusts and how they can be used
  • To identify the proper creation and use of spendthrift trusts
  • To recognize how generation-skipping trusts are used and their impact on GST taxes
  • To recall characteristics of irrevocable life insurance trusts, Crummey trusts, and spousal trusts
  • To identify the estate planning benefits of charitable giving and the various types of charitable trusts available
  • To recall some of the various types of fraudulent trust schemes
  • To identify some of the trust alternatives available for managing an estate

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.