2018 - How to start a Trust and Estate Practice
Overview
Setting up Trusts and overseeing the administration of deceased Estates are essential services accountants should provide to their clients.
The purpose of this event is to demonstrate how accountants should plan, create, manage, and oversee Trusts and Estates for their clients, and charge a fee for this service.
Using Trusts protects your client's assets from claims from creditors, and is essential for business, financial and estate planning. It also binds your clients and their families and safeguards their assets to create a loyal client base. Clients that want Trusts are wealthier and are therefore able to pay higher fees. Attending this event will enable you to diversify your income whilst helping clients save their businesses.
Learning objectives
By the end of the webinar the participant should understand the following:
- Latest critical legislative, case law, and Trust developments to best advise clients.
- How to create a Trust and which clients are best suited for Trusts.
- The tax implications of using a Trust.
- Identify the key legislation relevant to the deceased estate administration process.
- Identify the role-players in the administration of deceased estates and describe their respective functions.
- Explain the deceased estate administration process.
- Discuss the role of the accountant in the estate administration process.
Course content
The webinar will cover the following topics:
- How to create a Trust and Estate practice within your accounting firm.
- Which clients need Trusts and which don't.
- The 10 common errors and pitfalls in Trust Deeds and how to correct this.
- How to create, administer, amend, and terminate Trusts in a valid way.
- The role of the Trust founder and beneficiaries.
- Income distribution: How to do it right and avoid creditor claims.
- The deceased estate administration process.
- How to get appointed as the curator and what your role and responsibilities are.
- How to perform an estate planning process with a client and the various insurance options.
- Trustee’s and administrator's personal liability.
- Special Trusts and PBOs.
- Update on the Davies Committee recommendations.
- Opportunities and threats to Trusts in the future.
- How to get PI for your Trust and Estate practice.
- The provisions of Section 7C of the Income Tax Act.
- Taxation of resident and non-resident trust beneficiaries.
- Taxation of income in deceased person's Trust and Estate duty.
- Changes to the ITR12T trust return.
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