Gain hands-on knowledge while focusing on the trust administration process on the death of the single settlor and the first spouse in a joint settlor trust. In today's estate tax environment, with a change of the exemption in 2026, the answers to core questions concerning whether to file an estate tax return, make a portability election or make a QTIP election may surprise you. Learn what clauses to look for in the trust; when and how to make portability and QTIP elections; when to use the "Delaware Tax Trap" in place of QTIP election; how to educate the client concerning trust administration; and how to deal with assets outside the trust. Using checklists and forms, understand how to create a practical system for administering the living trust after death.
Learning Objectives
• Determine: Proper steps for a particular trust administration and the related estate and income tax issues
• Recognize: Tax, accounting, and funding issues in every administration and educating clients of the need of a trust administration and the importance of your role
• Identify: Assets, provisions in estate plans and the affects on each particular administration and understanding that each administration is situational to the respective facts
Major Topics
• The steps in Trust Administration
• Delaware Tax Trap -its unique use
• Change of the exemption in 2026 and its impact
• Whether to file a 706 for portability election and/or Q-Tipping the Credit Trust
• Preparation of trust accountings
• Trust administration of Medi-Cal Trusts, QPRT, GRAT and IDGTs
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