Living Trusts: Fact and Fiction

Exam Questions: 40
Course Level: Basic
Pages: 186 | Content: 166, Supplemental: 20
NASBA Area of Study: Finance
Not Acceptable for: Enrolled Agents
Version: 5600M

Trusts can be used to accomplish many goals, including tax planning, estate planning, providing income to a spouse or disabled child, and charitable giving, among others. But, living trusts also have limitations and are not the ideal solution for everyone. This course explains the role of living trusts in estate planning and how other vehicles can be used to obtain similar results. It also discusses the limitations of living trusts by providing readers with an overview of the probate process and the federal estate tax structure. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Introduction
  • An Overview of Living Trusts
  • The ABCs - The Role They Serve (And Don't Serve) in Estate Planning
  • Probate Avoidance
  • Trusts and Taxes
  • Trust Alternatives
  • Specialized Trusts and Estate Planning Tools
  • To recognize the basics of a living trust
  • To identify characteristics of living trusts
  • To identify various probate-avoidance tools
  • To recall the tax consequences of trusts
  • To recognize alternative options to trusts, including powers of attorney, conservatorships, guardianships, and life insurance
  • To identify characteristics of specialized trusts that should be considered as estate planning tools

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