Overview of Trusts - Online

Designed for banking professionals seeking to service the high net-worth market, this course explains the specific characteristics of trusts and the objectives that trusts can accomplish for high-net-worth individuals. It also explores the various types of trusts and their particular applications, concluding with the duties of a trustee.

This is an asynchronous eLearning course that can be accessed 24/7 from any internet enabled computer. Subscription period for this course is 90 days.

Available TodayOnlineUSD$249
Instructional Method:
Self-Study
Level: Basic
CPE Credits: 5CLE Credits: 5

Students will be able to:
  • Recognize what a trust is and why it is created
  • Define and contrast types of fiduciary relationships
  • Identify descriptions of interested parties of a trust
  • Identify types of trustees, what they do, and how they are compensated
  • Recognize types of trust documents and their use
  • Identify what affects the term of the trust
  • Calculate Capital Gains and the Capital Gains Tax, and recognize its characteristics and impact upon one's wealth.
  • Identify characteristics of the annual exclusion amount & credit shelter amount.
  • Recognize the basic rules associated with gift/estate taxes, generation-skipping transfer taxes, and related tax implications
  • Identify how revocable/ irrevocable trusts, specification of beneficiaries, and vested/contingent interest affect a trust.
  • Recognize trust distribution characteristics, including per stirpes and per capita distribution
  • Recognize trust termination and its related terms, by example or definition
  • Understand that trusts are tax-paying entities and to understand simple versus complex trusts
  • Identify trust characteristics associated with disposition of trust principal and trust income
  • Recognize the definition of the term
  • Link specific types of common trust to their definition, characteristics, and/or use
  • Determine which type of trust provides a solution for an expressed need or concern and the rationale for the selection
  • Identify the duties of a trustee
  • Compare the Prudent Man Rule to the Prudent Investor Rule
  • Contrast traits of formal versus informal trust settlement
  • Identify events precipitating trust accountings
None
Lesson I
  • Definition of a trust
  • Definition of a fiduciary relationship
  • Interested parties: Beneficiaries, Remaindermen and Trustees
  • The trust document and trust term

Lesson II

  • Capital Gains Tax
  • Transfer Taxes
  • Estate and Gift Taxes
  • Generation Skipping Transfer Taxes

Lesson III

  • Determining Trust Characteristics: Including Testamentary and inter-vivos, Revocable/irrevocable Trusts, Principal and Income, Trust Beneficiaries and Vested and Contingent Interest in a Trust
  • Trust Distribution Characteristics: Including Per Stirpes Distribution and Per Capita Distribution
  • Trust Terminating Events
  • Trust Taxability Characteristics: Including Tax-paying Entities and Simple versus Complex Trusts
  • Trust Disposition Characteristics: Including Disposition of Trust Principal and Disposition of Trust Income
  • Trust Situs

Lesson IV

  • Marital Trusts
  • Credit Shelter/Bypass Trusts
  • Charitable Trusts
  • Generation Skipping Transfer Trusts (GSTs)
  • Grantor Retained Annuity Trusts (GRATs)
  • Insurance Trusts
  • Qualified Personal Residence Trusts (QPRTs)
  • Dynasty Trusts
  • Revocable Trusts
  • Coordination of Trusts and Wills

Lesson V

  • Duties and responsibilities of the trustee
  • Trustee investments
  • The Prudent Man Rule versus the Prudent Investor Rule
  • Trust accountings
  • Formal and informal settlements
  • Events precipitating accountings