Before You Start Filling in a Form 1041
You Better Know How to Read a Trust Document
And the Special Tax Accounting Rules!

Great numbers of seniors are transferring substantial wealth to the next generation.  And the numbers will grow astronomically once the baby boomers start to do the same.

Typically these wealth transfers occur through trusts, either lifetime or testamentary.  And there are many types of these trusts - - everything from revocable living trusts to garden variety irrevocable trusts to more complex IDGTs, QPRTs, GRATs and CRTs.

You, the CPA or tax preparer, can have a big role in preparing trust accountings and filing tax returns (Form 1041), but this work isn’t as straight forward as personal or business accounting and tax prep.  There are lots more “grey areas”.  Plus, it’s more complex because the rules are dependent upon both federal and state law, as well as the terms of the trust document.  You need to know:

  • How to read and understand a trust document
    • How trusts work (basic trust principles)
    • The key legal terminology (what the words-of-art actually mean in plain English)
    • Important trust clauses you must pay attention to
  • The differences between the various types of trusts
    • How these trusts are categorized for tax and accounting purposes as “simple” vs. “complex” or “grantor” vs. “non-grantor”
  • Basic trust tax accounting concepts
    • How trust income is taxed to either the trust and/or the beneficiaries
    • “Fiduciary accounting income” vs. “Tax accounting income”
    • How the applicable State Principal and Income Act comes into play
    • How to shift capital gains to the beneficiaries (rather than pay the higher trust tax rate)
    • And other tax planning opportunities

If you (or a junior associate) are just beginning to handle trust tax accounting and prepare 1041s, or would like to begin, join us and nationally renowned income, gift and estate tax expert, Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished) for a basic level, 90 minute presentation entitled “What CPA’s Should Know About Trust Instruments”.

Your purchase includes: Downloadable PDF handout materials and MP3 audio recording. A PDF transcript may be added on for an additional fee during the checkout process.

  • Program Title: What CPA’s Should Know About Trust Instruments
  • Speaker:
  • Duration: 90 minutes

Robert S. Keebler

CPA/PFS, MST, AEP (Distinguished), CGMA
Robert S. Keebler

Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planning Counsels. He has been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. Mr. Keebler is the past Editor-in-Chief of CCH’s magazine, Journal of Retirement Planning, and a member of CCH’s Financial and Estate Planning Advisory Board. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals.

In the past 20 years, he has received over 150 favorable private letter rulings including several key rulings of “first impression.” Mr. Keebler is nationally recognized as an expert in estate and retirement planning and works collaboratively with other experts on academic reviews and papers, and client matters. Mr. Keebler is the author of over 75 articles and columns and editor, author, or co-author of many books and treatises on wealth transfer and taxation, including the Warren, Gorham & Lamont of RIA treatise Esperti, Peterson and Keebler/Irrevocable Trusts: Analysis with Forms.

Mr. Keebler is a member of the editorial board of the Society of Financial Service Professionals “Keeping Current” series. He is a featured columnist for CCH’s Taxes Magazine – “Family Tax Planning Forum,” Steve Leimberg’s “News of the Week Newsletter” and the Bureau of National Affairs Tax Division. Bob also had his article “Is That Your ‘Final’ Answer?” published in Tax Management Compensation Planning Journal. Bob frequently is quoted in national publications such as New York Times, Chicago Tribune, Baltimore Sun, Barrons, Bloomberg Wealth Manager, Financial Advisor, Forbes, Kiplinger, Lawyer’s Weekly, On Wall Street, The Wall Street Journal, USA Today, Wealth Manager and Worth in addition to many local and regional newspapers.

He is a frequent speaker for legal, accounting, insurance and financial planning groups throughout the United States at seminars and conferences on advanced IRA distribution strategies, estate planning and trust administration topics including the AICPA’s Advanced Estate Planning, Personal Financial Planning Conference and Tax Strategies for the High Income Individual Conference.

Mr. Keebler graduated (cum laude) from Lakeland College with a degree in Accountancy and the University of Wisconsin – Milwaukee with a Masters in Taxation. Before practicing in Northeastern Wisconsin, he practiced with Price Waterhouse where he concentrated in taxation.


The Ultimate Estate Planner, Inc. and the presenter are not registered Continuing Education Sponsors and this program is not pre-approved for continuing education credit for any state or regulatory agency.

However, please note that each program includes a Certificate of Completion and, depending on the license and the regulatory agency for which governs a participant’s CE credit, some professionals may be able to self-report his or her participation and receive credit. It is the responsibility of the participant to complete any process necessary to seek self-reported CE credit for his or her participation. By registering for a teleconference (or purchasing on On-Demand program), you understand that CE credit is not guaranteed or warranted by the presenter or The Ultimate Estate Planner, Inc.

Leave a Review

If you have purchased this product and would like to leave a review for others, please comment below.