Fiduciary Accounting Part 4: The New Frontier-Total Return Trusts 2024

Friday, July 19, 2024

Webcast or Webinar, Online

1:00 PM - 3:00 PM (opens at 12:30PM) EST

2Credits

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$89.00 Regular Price

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Course Type: Webcast

Course Code: 24/8126567

Level: Intermediate

Vendor: California CPA Education Foundation

Field of Study: Accounting

Overview:

Because fiduciary accounting has not kept up with the times in relation to finance and economics, it's often tricky for the fiduciary to provide a level of benefit to the income beneficiary without negatively impacting the remainder beneficiaries. In order to modernize fiduciary accounting, new provisions provide for a more modern approach using either the "trustee's power to adjust" or "unitrusts." We will explore these new frontier trusts and their application to your fiduciary clients.

Objectives:

• Determine the requirements of a particular strategy and whether a trust can meet these requirements • Recognize the pros and cons of making these elections • Identify the impact on both the income and remainder beneficiary from the use of these strategies

Major Topics:

• What are new frontier trusts? • Situations where the use of the trustee's power to adjust or a unitrust can be beneficial. • Understanding the requirements for using a particular strategy. • Authority and requirements for the trustee's power to adjust with a problem example. • Authority and requirements for unitrusts with a problem example. • Including capital gains in Distributable Net Income (DNI).

Major Topics:

Designed For:

CPAs and financial professionals.

Prerequisites:

Fiduciary Accounting Part 3: Special Accounting Elections & Distributions from Entities