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Self-Study CPE
MISCLASSIFICATION OF WORKERS: THE BATTLE BETWEEN 1099 VS W-2
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TAXATION OF IRAs AT DEATH
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ESTATE PLANNING STRATEGIES FOR MEDIUM AND HIGH NET WORTH CLIENTS POST TCJA
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1099: BEYOND THE BASICS
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AFFORDABLE CARE ACT: EMPLOYER RIGHTS & RESPONSIBILITIES
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EARNED INCOME TAX CREDIT
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AFFORDABLE CARE ACT: INDIVIDUAL RIGHTS & RESPONSIBILITIES
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EDUCATION TAX BENEFITS
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EARNED INCOME TAX CREDIT DUE DILIGENCE
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TAX CUTS & JOBS ACT: INDIVIDUAL TAX PREPARATION
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Free cpece webinars
Beneficiary Deemed-Owned Trusts

BENEFICIARY DEEMED-OWNED TRUSTS

Cost Free
CPE Credits 1.0 hour
CE Credits 1.0 hour
Course Id# - HURS9-T-00822-20-O
Subject Area Taxes (Federal Tax)
Course Level Advanced
Instructional Method Group Internet Based
Prerequisites Knowledge of irrevocable grantor trusts can be gained by attending
Advanced Preparation None
Course Description

An irrevocable trust that is deemed owned by a beneficiary for income tax purposes (a “Code §678 trust”) can have several uses. First, if the beneficiary is in a lower overall federal and state income tax bracket than the trust, a Code §678 trust can save significant income taxes. Second, a client may be able to sell assets to a Code §678 trust and retain much more benefit and control than a traditional sale to an irrevocable grantor trust.

Code §678 trusts come in many flavors: BDITs, BDOTs, QSSTs, and relatively simply drafted trusts. Learn nuances of various issues in using them.

Learning Objectives: 


  • Identify income tax and estate planning benefits to using a Code §678 trust

  • Recall how Code §678(a) works in relation to Code §678(b)

  • Determine how lapses of withdrawal rights affect the design of Code §678 trusts, including what portion is deemed owned after a lapse

  • Identify potential access to a Code §678 trust by the beneficiary’s creditors

  • List steps in planning for and structuring a sale of a Code §678 trust

  • Recall gift tax reporting of a sale of a Code §678 trust

  • Identify sample language when only wanting to shift income to the beneficiary

  • List a trust as a deemed owner of another trust

  • Identify fiduciary income tax advantages and disadvantages of Code §678 trusts

  • Recall QSST as a Code §678 trust


NOTE: CLE is also available for Missouri, Illinois, and California attorneys

Prerequisites: Knowledge of irrevocable grantor trusts can be gained by attending

Formula Transfers for Estate Planning and a basic understanding of the taxation of beneficiaries of irrevocable trusts can be achieved by attending the course: How to Shift Income to Beneficiaries

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Thompson coburn llp

Steve has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also drafted organizational documents for limited liability companies, corporations, and partnerships to implement their owners' wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies. 

Steve enjoys helping clients structure their affairs to achieve their personal, business, and financial goals while reducing the drag that taxes imposed on them. His firm provides full service to businesses; however, he also acts as counsel on specialized matters while cooperating and facilitating the continued involvement of an existing legal, accounting, and financial services team. Steve maintains his CPA license but prefers to refer income tax returns to practicing CPAs.

Steve Gorin is the former president and an ongoing contributor to strategic initiatives of Covenant Place, a senior affordable housing community with a groundbreaking model for integrated residents with the surrounding community and facilitating holistic services to enrich their lives. 

To know more about Steve Gorin, kindly click on the link below:

http://thompsoncoburn.com/people/steve-gorin

For various free resources Steve offers, see https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about

Additional Materials
Business Structuring
Frequently Asked Questions
  • To receive CPE credit, you must register for the webinar before it starts.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • To receive CPE for multiple attendees, at least one person must sign up for the webinar. The post-webinar email contains a link to instructions for the proctor letter. Alternatively, you may log in to your account following the webinar and click on the MY ACCOUNT button to find a link to instructions. For paid courses, payment needs to be made for each attendee before credit will be issued.
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NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

Irs

EA Approved

CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

About Our Presenter

Thompson coburn llp
For approximately 90 years, Thompson Coburn LLP has provided the quality legal services and counsel our clients demand to achieve their most critical business goals. Whether helping with a tax, estate planning, real estate or employment issue, navigating a complex acquisition or defending a product or service in litigation, we have the knowledge and resources to meet any legal need.

With over 380 attorneys, we have experience in more than 50 areas of the law. Supported by our firm’s state-of-the-art technology, lawyers in our Chicago, Dallas, Los Angeles, St. Louis, Southern Illinois and Washington, D.C. office enjoy a nationwide practice.

Thompson Coburn live webinars are pre-approved for continuing legal education credit in California, Illinois, and Missouri. For those attorneys seeking CLE in other jurisdictions, the Certificate of Attendance can be used to seek CLE in those other jurisdictions. It will be the responsibility of each attorney to handle CLE in his or her own state. While Thompson Coburn adheres to the strict accreditation rules for California, Illinois, and Missouri, please note that our live webinars may not be eligible to receive credit in all states.