Working with Older Clients? You’ll Want to Understand the Use of Trusts

Recent tax changes require forethought in planning for high-income earners, and in the preparation of final returns for deceased single taxpayers.

All stakeholders also need to understand the use of trusts in tax and estate planning and especially a special tax designation to ensure progressive tax rates are available under a new trust called “Graduated Rate Estate” (GRE).

The GRE, available since 2016, can be used for only 36 months after the date of death, can use a fiscal year end other than December 31, and has some advantages in claiming donations and losses. However, there are other trusts that can and should be considered as part of estate planning processes.

Trusts have long been a cornerstone of planning for wealth and succession objectives for medium- and high-worth clients. Every financial advisor who discusses tax, financial or investment plans with clients should have a basic understanding of the taxation of trusts, especially with new rules for principle residence disposition reporting.

The advisor who can assist with confidence will establish a long-term, potentially intergenerational connection with a client and their family. But coming up to speed on the new tax changes is a critical prerequisite.

Knowledge Bureau can help with two certificate courses.

The Use of Trusts in Tax and Estate Planning course is a great primer on understanding trusts in tax and estate planning, while the T3 Trust Preparation Course offers the solution to your need for new, specialized knowledge: it covers everything from basic trusts mechanics, to the Graduated Rate Estates and specialized uses of trusts for spouses and disabled beneficiaries. This course features common true-to-life scenarios and professional software to practice case study application with.

For more information about Knowledge Bureau’s Use of Trusts course, click here. 

For more information about Knowledge Bureau’s T3 Trust Preparation course, click here.

Summer school starts June 15 – early registration tuition reductions available too.  Call 1-866-953-4769.

What Our Students Say:

“This course provides an extensive knowledge about the use of trusts in tax and estate planning and is to be recommended as part of a background for a tax professional. It clearly spelled out the structure, advantages and disadvantages of each type of trust. The study cases give a valuable insight into handling a variety of situations where the establishment of a trust is warranted.”
Halina S., AB

“The scope of the course is excellent. The level of learning required is high and the usefulness and relevance of the content is in line with the needs of a long-time planning practitioner.”
Maria Kent, Calgary, AB

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