AICPA Engage 2024 Conference: Reading Trust and Will Documents

In this fast-paced, interactive session, we’ll examine key language in a Will and trust agreement to break down the most important provisions in plain English. We’ll also explain how an when a revocable trust becomes irrevocable and the tax implications. Last, we’ll explain the timing and tax considerations when a credit shelter trust, marital trust, or trust for another beneficiary is created after the death of the trustor.

Learning Objectives:

• Understand the interplay between a pour over will and a revocable trust.
• Appreciate the significance of formula provisions in a trust agreement and how they work.
• Analyze typical language in a trust agreement pertaining to distributions of income and principal and connect this language with preparation of the fiduciary income tax return.