Cameron Kelly presented “Tax Reduction with Trusts,” “Main Trust Principles” and “Simple Testamentary Trusts/Revocable Living Trusts” at the National Business Institute webcast Trusts from A to Z on June 9, 2017, a Wisconsin continuing education course provided to attorneys, financial planners, trust officers, accountants and CPA’s to learn or review the basic concepts relating to trusts.



Planning your clients’ financial future and legacy is diverse and complex, with a unique tool for every unique client situation. In this fast-paced comprehensive legal instruction, our authors will guide you through the plethora of trust options and give you a straightforward, incisive analysis of when and how each is to be used for maximum effect.

What are Trusts? Main Trust Principles

  • Trust Terms, Concepts and Definitions
  • Key Parties in a Trust and Their Roles
  • The Laws of Trust Creation and Administration (UTC, UPA, UPIA, etc.)
  • Trust Revocability and its Implications
  • Trust Funding Basics
  • Creditor Rights in Regards to Trusts
  • Does the Client Need a Trust?

Simple Testamentary Trusts and Revocable Living Trusts

  • When are Testamentary Trusts Used?
  • Living vs. Testamentary Trusts for Tax Purposes
  • Trust Funding Mistakes and Consequences
  • Top Trust Administration Issues
  • Sample Trust Language

Tax Reduction with Trusts

  • Current State and Federal Tax Regime
  • Taxation of Trusts: Transfer and Income
  • Accounting vs. Taxable Income
  • Tax Consequences of Distributions
  • 3.8% NIIT Surtax
  • Tax Implications of a Trust Becoming Irrevocable
  • Accumulation Distribution for Some Complex Trusts
  • The 2% Floor on Miscellaneous Itemized Deductions
  • Material Participation by Trusts – Recent IRS Changes
  • Tax Consequences of Trusts in Estate Administration