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Trust Establishment and Termination: Avoiding Common Errors

Funding, Choosing a Trustee, Situs, Final Distributions, Excess Deductions on Termination, Loss Carryforwards

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Wednesday, June 29, 2022

Recorded event now available

or call 1-800-926-7926

This webinar will review the primary concerns of grantors, taxpayers, and trust and estate professionals when forming and terminating trusts. Our panel will discuss initial concerns, including trust situs, funding a trust, and selecting an appropriate trustee. Our experts will cover finalizing a trust and discuss terminating events, final distributions, and the tax consequences of final year distributions.


A properly established trust can provide a method to transfer assets after death, asset protection, Medicare eligibility, and estate tax savings. There are key aspects a grantor must consider when forming a trust to secure these benefits. The type of trust, trustee chosen, and location of the trust all affect its subsequent taxation and administration. One of the most common trust errors is improperly funding or failing to fund a trust after it is established.

On the other end, when a trust terminates, final distributions should be made following the grantor's intentions. Income allocations, excess deductions on termination, and loss carryforwards must be reported to beneficiaries. Trust professionals need to be aware of terminating events. A properly established trust and trust document can circumvent future problems and tax issues.

Listen as our authoritative panel of trust and estate veterans explains critical concerns when forming and ending trusts to avoid common errors.



  1. Establishing and terminating trusts: introduction
  2. Establishing a trust
    1. Types of trusts
    2. Situs
    3. Selecting a trustee
    4. Funding a trust
    5. Other issues
  3. Terminating a trust
    1. Determining final distributions
    2. Terminating events
    3. Tax consequences
    4. Other issues


The panel will review these and other critical issues:

  • How trust situs is determined, and how it affects taxation of a trust
  • Evaluating trustee choices, including co-trustees, family, friends, professionals, and institutions
  • Reporting excess deductions on terminations and loss carryforwards in the final year
  • Key provisions in a trust document


Allen, Charles
Charles J. Allen

Edmondson Sage Allen

Mr. Allen focuses his practice on estate planning, income tax planning, business planning, and probate and estate...  |  Read More

Edmondson, S. Gray
S. Gray Edmondson

Edmondson Sage Allen

Mr. Edmondson practices in partnership, corporate, and individual tax planning; business transactions, including...  |  Read More

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