Webinar Details $219 $149
- Webinar Length: 100 Minutes
- Guest Speaker: Chuck Borek
- Topic: Accounting, Financial Planning, Taxation and Accounting
- Credit: CPE 2.00, ATATX 1.50
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Revocable living trusts are an important and powerful estate planning tool that can accomplish many goals, including privacy and the avoidance of probate. Trusts, however, are a somewhat complex legal concept that are often misunderstood. If not properly set up, a revocable trust can prove to be useless.
In this course, we will learn about revocable living trusts, what they are, how and when they are most effectively used, and how they stack up against the alternatives.
Your Benefits for Attending:- The importance of estate planning
- The probate process
- The nature of trusts
- Revocable and irrevocable trusts
- Using a revocable living trust as a will alternative
- Using a revocable living trust as a power of attorney alternative
- Tax issues
- Introduction
- Estate and Life Planning Quiz 00:03:28
- True or False: Probate 00:04:08
- True or False: Federal Estate Tax Return 00:05:27
- True or False: Intestate 00:07:26
- True or False: Disinheriting Your Spouse 00:08:21
- True or False: Estate Tax VS. Inheritance Tax 00:09:59
- True or False: Reporting A Tax Liability 00:11:43
- True or False: Beneficiaries 00:13:13:30
- True or False: Funeral Instructions 00:14:43
- True or False: Dispositive Provisions 00:16:02
- Estate Planning 00:19:30
- Estate Planning Chart 00:20:06
- 2025 Tax Exclusions 00:20:56
- How Estate and Gift Taxes Work 00:28:35
- State Death Taxes 00:29:40
- Abatement and Ademption 00:31:58
- Per Stirpes vs. Per Capita 00:35:12
- Tax Apportionment 00:38:56
- Elective Share 00:40:53
- Other Issues to Investigate 00:42:02
- Durable Power of Attorney 00:44:43
- Advance Directive 00:45:27
- Digital Assets 00:46:16
- Property Basics 00:47:57
- Forms of Ownership 00:48:33
- Tenancy in Common 00:49:11
- Joint Tenancy – Creditor’s Rights 00:50:45
- Tenancy By The Entireties 00:53:20
- Probate Estate vs. Taxable Estate 00:53:48
- Totten Trusts 00:54:49
- Beneficiary Designations 00:56:32
- Probate Estate vs. Taxable Estate - Individually Owned 00:58:51
- Probate Estate vs. Taxable Estate - Gross (Taxable) Estate 00:59:40
- Wills and Trusts 01:00:06
- Nature of Property 01:04:57
- Nature of Trusts 01:05:27
- Terminology 01:06:28
- Terminology - Grantor 01:06:59
- Types of Trusts 01:07:24
- Use of Revocable Living Trusts in Estate Planning 01:09:32
- Revocable Living Trusts 01:09:57
- Revocable Living Trust 01:13:23
- Planning Options 01:14:10
- Revocable Living Trust 01:21:21
- Revocable Living Trusts: Pros 01:24:35
- Revocable Trusts --- Drawbacks 01:29:22
- Revocable Living Trusts: Cons 01:30:58
- Disadvantages of RLT After Grantor Death 01:32:34
- Marriage and Divorce 01:35:46
- Prenuptial Agreements 01:35:48
- Properly Executed Prenuptial 01:36:23
- Community Property States 01:37:09
- Common Law Jurisdictions 01:37:55
- Retirement Plans 01:38:18
- QDRO and IRAs 01:39:
- The Secure Act 2.0 01:39:30
- Secure Act 2.0 and Trusts 01:39:50
- Thank you 01:41:26
- Presentation Closing 01:41:44
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Chuck Borek
Chuck Borek is a practicing attorney and founder of the Borek Group, LLC. Chuck is also a CPA, and his background includes five years as a partner in a public accounting firm. He received his law degree and MBA summa cum laude from the University of Baltimore in 1993, where he was editor [...]
CPE Credit
Aurora Training Advantage 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.
For more information regarding administrative policies such as complaint and refund, and cancellation please contact our offices at 407-542-4317 or training@auroratrainingadvantage.com.
You must answer all questions during the webinar, view the recording completely and pass the test at the end with 70% correct answers to receive CPE credit.
ATATX Credit
Aurora Training Advantage is offering continuing education points designed to recognize dedication to training and excellence in accounting.- Abatement 00:31:58, 00:34:39
- Ademption 00:31:58
- Advance Directive 00:45:27
- Advance Healthcare Directive 00:20:14
- Asset 00:04:04, 00:08:42, 00:20:34, 00:24:03, 00:33:49, 01:14:06
- Beneficiary 00:13:31, 00:53:34, 01:06:04, 01:13:33
- Creator 01:06:30
- Estate Planning 00:03:30, 00:03:43, 00:12:24, 00:19:30, 00:29:45
- Estate Tax 00:09:58, 00:12:25, 00:21:47, 00:27:18, 00:39:06
- Gift Tax 00:21:36, 00:27:18
- Grantor 01:03:20, 01:06:29, 01:13:
- Inheritance Tax 00:10:00, 00:29:45, 00:30:31, 00:39:07
- Intestate 00: 07:27, 00:20:52
- IRA (Individual Retirement Account) 01:39:17
- Irrevocable Trust 01:07:45
- Liability 00:11:49
- Per Capita 00:35:19, 00:37:44
- Per Stirpes 00:35:18, 00:37:40
- Power of Attorney 00:20:13
- Probate 00:04:01, 00:07:47, 00:17:34, 00:20:25, 00:42:53, 00:53:50, 00:57:52, 01:00:21, 01:15:22, 01:25:23, 01:32:44
- QDRO (Qualified Domestic Relations Order) 01:39:08
- Revocable Living Trust 00:00:06, 00:02:51, 00:19:36, 00:20:21, 01:07:44, 01:15:07, 01:29:19
- Secure Act 2.0 01:39:31
- Self-Proving Affidavit 00:17:12, 00:18:22
- Settlor 01:06:30
- Testator 01:06:42
- Totten Trust 00:54:51
- Trust 00:20:16, 00:48:01, 01:03:38
- Trustee 01:03:59, 01:05:54, 01:13:31
- Trustor 01:06:29
- Uniform Fiduciary Access to Digital Assets Act (UFADAA) 00:46:21
- Will 00:02:23, 00:05:12, 00:16:07, 00:20:11, 00:30:49. 00:35:38, 01:00:13, 01:04:17, 01:07:34, 01:14:58
Abatement: A tax abatement is defined as the reduction of, or exemption from, taxes granted by a government for a specified period, usually to encourage certain activities such as investment in capital equipment (which includes buildings). A tax incentive is a form of tax abatement.
Advance Directive: An advance directive, sometimes called a "living will," is a written document that tells your health care providers who should speak for you and what medical decisions they should make if you become unable to speak for yourself.
Asset: Property owned by a person or company, regarded as having value and available to meet debts, commitments or legacies.
Beneficiary: A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor.
Creator : The person who establishes a trust, also known as the settlor, grantor, or trustor, is the creator of the trust, responsible for transferring assets into it and outlining its terms.
Estate Planning: Estate planning is a process of organizing your assets and affairs to ensure they are managed and distributed according to your wishes, both during your lifetime and after your death.
Estate Tax: The Estate Tax is a tax levied on the net value of the estate of a deceased person before distribution to the heirs.
Gift Tax: A gift tax is the tax on money or property that one living person or corporate entity gives to another. A gift tax is a type of transfer tax that is imposed when someone gives something of value to someone else. The transfer must be gratuitous or the receiving party must pay a lesser amount than the item's full value to be considered a gift. Items received upon the death of another are considered separately under the inheritance tax.
Grantor: A grantor, also known as a settlor or trustor, is the individual or entity who creates and funds a trust, transferring assets into it for the benefit of a beneficiary.
IRA (Individual Retirement Account): IRA stands for Individual Retirement Account, a personal, tax-advantaged savings account designed to help individuals save for retirement.
Inheritance Tax: An inheritance tax is a state tax that you pay when you receive money or property from the estate of a deceased person. Unlike the federal estate tax, the beneficiary of the property is responsible for paying the tax, not the estate.
Irrevocable Trust: Irrevocable trust refers to any trust where the grantor cannot change or end the trust after its creation. Grantors may choose a trust with such limitations to limit estate taxes or to shield assets from creditors.
Liability: In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.
Power of Attorney: A power of attorney is a legal document delegating authority from one person to another. In the document, the maker of the power of attorney (the “principal”) grants the right to act on the maker's behalf as that person's agent.
Probate: Probate is the legal process where a court validates a deceased person's will, appoints an executor to manage the estate, and ensures assets are distributed according to the will or, if there's no will, according to state laws.
QDRO (Qualified Domestic Relations Order): A "QDRO" stands for a Qualified Domestic Relations Order, a court order that allows a spouse, former spouse, child, or other dependent to receive a portion of retirement benefits from a plan participant's (employee's) retirement plan.
Secure Act 2.0: The SECURE 2.0 Act, passed in late 2022, is a federal law designed to encourage retirement savings and strengthen the retirement system by building on the original SECURE Act of 2019, with provisions that include expanding automatic enrollment in retirement plans, increasing catch-up contributions, and allowing employers to match student loan payments as retirement contributions.
Self-Proving Affidavit: A self-proving affidavit is a sworn statement, signed by the will-maker and witnesses in front of a notary public, that confirms the will's validity and can streamline the probate process by potentially eliminating the need for witnesses to testify in court.
Settlor: A settlor, also known as a grantor or trustor, is the person who creates a trust and transfers assets into it, outlining the terms and conditions for the trust's management and distribution.
Testator: In the context of a trust, a "testator" is the person who creates and signs a will (the document that outlines how their assets should be distributed after their death) which may also include instructions for setting up a testamentary trust.
Totten Trust: A Totten trust is a bank account that transfers funds to a beneficiary after the account holder's death. It's also known as a payable-on-death (POD) account or an informal trust.
Trustee: A trustee acts as the legal owner of trust assets and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.
Trustor: A trustor, also known as a grantor or settlor, is the individual or entity who creates a trust, determines its terms, and funds it with assets, ultimately deciding who the beneficiaries will be and how the assets should be distributed.
Trusts: Legal arrangements that hold assets for the benefit of designated individuals, either during your lifetime or after your death.
Uniform Fiduciary Access to Digital Assets Act (UFADAA): The Uniform Fiduciary Access to Digital Assets Act (UFADAA), now revised as RUFADAA, is a model law developed by the Uniform Law Commission to clarify and streamline the process for fiduciaries (like executors and attorneys-in-fact) to access and manage the digital assets of deceased or incapacitated individuals.
Will: A legal document that outlines how your assets should be distributed after your death.
