Mastering Fiduciary Accounting Income for Estate Planners and Administrators

A live 90-minute CLE/CPE webinar with interactive Q&A


Thursday, June 1, 2017 (in 6 days)
1:00pm-2:30pm EDT, 10:00am-11:30am PDT


This CLE/CPE webinar will provide estate planners with a comprehensive and practical guide to navigating the complexities of fiduciary accounting income (FAI) for trusts and estates. The panel will focus on the impact of FAI on planners and estate administrators, and will detail how to interpret key trust and estate provisions to apply to FAI calculations. The program will focus on planning implications of FAI considerations, including distribution strategies and specific allocation challenges under trust accounting principles.

Description

A critical and often overlooked task for estate planners, administrators and trustees is navigating the rules governing FAI. FAI is the amount generally available to distribute to income beneficiaries of a trust or estate. It is different from both taxable income and distributable net income, both of which are tax-related concepts. It is crucial for estate planners and administrators to have a thorough understanding of FAI principles to properly allocate income and expenses and equitably distribute assets.

The starting point for determining FAI is the operating instrument, such as a will or trust agreement. Where the operating document is unclear as to an income receipt, an expense item or a distribution item, the FAI determination defaults to the state law where the situs of the trust is located. Most states have incorporated the UPIA, with some local differences. However, the timing and amount of distributions to beneficiaries is determined by fiduciary accounting principles.

Another key skill is reconciling FAI to both distributable net income and trust taxable income. In instances where trust documents do not adequately address distributable net income inclusion of capital gains, fiduciaries can be faced with significant tax challenges that can complicate distribution and allocation decisions. Accountants and lawyers representing fiduciaries need to be able to identify the critical differences between fiduciary accounting and tax accounting to avoid both tax consequences and beneficiary challenges.

Listen as our experienced panel provides a deep and practical guide to what estate planners must know to master FAI beyond the basics.

Outline

  1. Specific challenges in allocating income and expenses to FAI
  2. UPIA factors in calculating FAI
  3. Impact of FAI on trust distributions
  4. Tax considerations such as distributable net income inclusion on distribution strategies
  5. Planning considerations and traps to avoid

Benefits

The panel will review these and other key issues:

  • How operating documents impact FAI calculations
  • Interpreting state laws and UPIA provisions in circumstances where operating documents are silent or inconclusive
  • Reconciling FAI to distributable net income and to trust taxable income
  • How FAI determines distribution amounts and timing

Learning Objectives

After completing this course, you will be able to:

  • Recognize the factors that go into the calculation of FAI
  • Integrate knowledge of trust operating documents to determine income and expense items, as well as amounts and timing of distributions to beneficiaries
  • Apply state law and UPIA provisions to income and expense items where the operating documents are silent or unclear
  • Tackle the mechanics of reconciling FAI to both distributable net income and trust taxable income
  • Identify trust terms and income items that create issues in designing an equitable distribution strategy

Faculty

Gregory V. Gadarian, Partner
Gadarian & Cacy, Tucson. Ariz.

Mr. Gadarian's practice focuses on tax strategy, estate planning and asset protection law. Previously, he was a Legislation Attorney on the staff of the Joint Committee on Taxation, U.S. Congress. Before that, he was an Attorney-Advisor to Judge Cynthia H. Hall of the U.S. Tax Court. He is the former Arizona State Chair of the American College of Trust and Estate Council, and is an Adjunct Professor at the University of Arizona College of Law.

Scott M. Nelson, CPA
Hellmuth & Johnson, Minneapolis

Mr. Nelson draws on more than 27 years of experience in trust and estates. He also has a background in business law and is a tax attorney whose ongoing involvement in the drafting of legislation relative to estate planning keeps him on the cutting edge of his field. His clients range from individuals to family-owned businesses.


Live Webinar

Live Webinar $297.00

Add a colleague on the same connection in the same room for only $97.00 in the shopping cart or by calling customer service.

This webinar is eligible for at least 1.5 general CLE credits.

CLE credits are not available for PR.

*In KS, OH, PA, for more than 1 attendee on the connection you must contact Strafford CLE via email or call 1-800-926-7926 ext. 35 prior to the program for special instructions.


CPE on Live Event

Continuing Professional Education credit processing is available for an additional fee per person. You may register for CPE credit processing at any time before or after the program. To qualify for CPE you may not listen via the telephone.

This program is eligible for 1.5 CPE credits.

  • Field of Study: Accounting.
  • Level of Knowledge: Intermediate.
  • Advance Preparation: None.
  • Teaching Method: Seminar/Lecture.
  • Delivery Method: Group-Internet (via computer).
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of verification codes announced throughout the presentation.
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing wills, trusts and other estate documents. Specific knowledge and understanding of trust accounting principles and Uniform Principle & Income Act provisions governing distribution of trust income and principle. Familiarity with concept of Distributable Net Income and the differences between fiduciary accounting and trust income tax reporting.

NOTE: CPE credit processing for all attendees must be ordered by 2pm Eastern the day of the program to receive a Certificate of Attendance within 24 hours.


Recordings

CLE On-Demand - Streaming Video

Note: Self-study CPE and EA credits are not offered on this On-Demand webinar.

Includes recorded streaming video of full program plus PDF handouts.

On-demand is the only recorded format recognized for CLE credits in DE, IN, KS, LA, MS, NC, OH, OK, SC, TN, VA, WI.

AK, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN*, KS, KY, LA, ME, MN, MO, MT, NC, ND, NH**, NJ, NM, NV, NY, OH*, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)

*Only available for attorneys admitted for more than two years. For OH CLE credits, only programs recorded within the current calendar year are eligible - contact the CLE department for verification.

**NH attendees must self-determine if a program is eligible for credit and self-report their attendance.

CLE On-Demand Video $297.00
Available 48 hours after the live event

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Recorded Event

Includes full event recording plus handouts (available after live webinar).

Note: Self-study CPE and EA credits are not offered on recorded events.

Strafford is an approved provider and self-study CLE credit is available in most states.

AK, AZ, CA, CO, CT, FL, GA, HI, IA, ID, IL, KY, ME, MN, MO, MT, ND, NJ, NM, NY, OR, PA, TN, TX, UT, VT, WA, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)

Strafford will process CLE credit for one person on each recording.

Additional copies of a recording can be purchased at a discount. Please call Strafford Customer Service toll-free at 1-800-926-7926 ext 10 or email customerservice@straffordpub.com to place your order.

Recorded Webinar Download $297.00
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Recorded Audio Download (MP3) $297.00
Available 24 hours after the live event

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DVD (Slide Presentation with Audio) $297.00 plus $9.45 S&H
Available ten business days after the live event

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Registration Plus Recorded Event

Best value!

Live Webinar & Webinar Download $394.00

Recorded Webinar Download Only $97.00 with Registration/Webinar Combo

Live Webinar & Audio Download $394.00

Recorded Audio Download (MP3) Only $97.00 with Registration/MP3 Combo

Live Webinar & DVD $394.00 plus $9.45 S&H

DVD (Slide Presentation with Audio) Only $97.00 with Registration/DVD Combo


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Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

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Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

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Customer Reviews

The seminar was very informative and easy to understand.

Amy Allison

Anderson Hunter Law Firm

Better than I expected. Well done on both subject matter and production quality.

Jeff Simpson

Gordon, Fournaris & Mammarella

The program was well organized and discussed the major issues.

Roxy Hammett

Wolff & Samson

The webinar offered excellent insight into some specific areas.

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Virginia Beach Law Group

I thought the information provided was great.

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Law Offices of Marcia L Kraft

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Estate Planning Advisory Board

Brian M. Annino

Partner

Annino Law Firm

L. Paul Hood, Jr.

Consultant, Speaker and Author

The University of Toledo Foundation

Richard S. Franklin

Partner

McArthur Franklin

J. Leigh Griffith

Partner and Practice Group Leader - Tax

Waller Lansden Dortch & Davis

Susan M. von Herrmann

Partner

Schiff Hardin

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