Certain entities are created for planning purposes. These entities are separate and apart from individuals or businesses. This course deals with both the planning issues for client needs (estate, financial, and asset protection) as well as the basics of fiduciary income tax compliance. This course is designed to teach the participant how to prepare a Federal Form 1041 line-by-line An understanding of the basics of Subchapter J of the Internal Revenue Code would be helpful to the participant.
Learning Objectives
- Define Estate for Federal Purposes
- Define Estate for State Purposes
- Define the Legal definition of Probate
- Define Executor
- Recognize the difference between Grantor, Simple, and Complex Trusts
- Properly Identify Issues with Regards to Filing
- Recognize the difference between Trusts vs. Estates
- Properly Identify Tax Considerations in Trusts
- Properly fill out a 1041