Broadcast: Estate Planning and Trusts for CPAs
116 | Course | Update | Scheduled
CPAs, although not practicing law, need to understand the basics of estate and trust planning. As usually the first and most trusted planning professional for their clients, this knowledge is critical to fully serving them. The course will cover the types and uses of the various planning alternatives and equip CPAs to advise clients and work with legal counsel to find the best solutions for the client.
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Public Practitioners and Industry CPAs
Estate Planning: Deceased Spouse Unused Exemption (DSUE): Making the decision to file a 706 even when one is not due can pay off for the surviving spouse in the long run. Whether to file or not requires careful consideration and consultation with the surviving spouse and executor.
Lifetime Giving: Future appreciation is out of the estate, but because of basis carryover, tax on the appreciation is still there. With the higher estate tax exemption and basis step up, does lifetime giving still make sense?
Trust Planning: How the various types of trusts may be used for asset preservation, estate planning, exit strategy and business continuation planning, charitable giving and financial management purposes.
- Qualified terminable interest property trusts (QTIP)
- Life estate trusts
- Electing small business trust (ESBT)
- Qualified Subchapter S trusts (QSST): Issues related to foreigners
- Defective grantor trusts
- Revocable grantor trusts
- Irrevocable trusts
- Testamentary trusts
- Spendthrift trusts
- Charitable remainder trusts
- Member (Early Bird)
- Non-Member (Early Bird)
Christi Mondrik, CPA, JD
Christi Mondrik, CPA, JD, is the founder of Mondrik & Associates, a tax law firm in downtown Austin, Texas. Ms. Mondrik and members of her firm dedicate their practice to resolving state and federal tax controversies and litigation. Ms. Mondrik represents the firm's clients in administrative and legal proceedings before the Comptroller's office and the Texas state courts. She represents federal tax clients in administrative appeals, in proceedings before the U.S. Tax Court and in proceedings before the U.S. District Courts. She is licensed to practice in U.S. Tax Court, Federal District Court, and all of the Texas state courts. Ms. Mondrik serves on the governing council of the State Bar of Texas Tax Section, and has served as chair and vice-chair of its Tax Controversy, Continuing Legal Education and Solo and Small Firm Committees. She has served as President, chair of the Oversight Council and Manager of Education and Leadership for the Austin Chapter of Certified Public Accountants. She is a board member of the Texas Society of CPAs. Ms. Mondrik also serves on the State Bar of Texas and TSCPA State Taxation Committees, and is the 2010-2012 chair of the TSCPA State Taxation Committee. She has been named a Texas Monthly Super Lawyer Rising Star from 2005-2011. She earned her B.B.A. and her J.D., with honors, both from the University of Texas at Austin. Ms. Mondrik is board certified in tax law by the Texas Board of Legal Specialization.Back to Instructors
Alan K. Davis, CPA, JD
Alan K. Davis, CPA, JD, is a partner with the law firm of Meadows, Collier, Reed, Cousins & Blau, L.L.P., based in Dallas, Texas. Mr. Davis' practice consists primarily of representing clients in all phases of their business and estate planning matters, as well as a substantial probate practice. Estate planning consists of designing and implementing documents, or a series of documents which will accomplish all of a client's objectives regarding the disposition of his or her estate. Estate planning also includes taking maximum advantage of the credits and exemptions from federal estate and gift taxes provided for under the Internal Revenue Code, as well as creatively reducing the extent to which an estate is subject to estate taxes. Business planning consists of counseling clients with respect to the establishment, operation and tax reporting requirements of his or her business and transactions. A primary emphasis of business planning is placed on the transfer of business interests to family members in the most tax efficient manner and providing the second (or third) generation with the best chance of continuing the family business. Mr. Davis' probate practice consists of representing executors in the administration and settlement of estates, and the preparation of federal and state estate and inheritance tax returns. Mr. Davis is a licensed Certified Public Accountant, and is Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization. Born in El Paso, Texas in 1963, Mr. Davis obtained his B.B.A. in Accounting from the University of Texas at El Paso in 1985. He then obtained his J.D. degree, cum laude, from the Texas Tech School of Law in 1988.Back to Instructors
James A. Smith, CPA
James A. Smith, CPA, serves as Managing Director of Smith, Jackson, Boyer & Bovard, PLLC, a Dallas based, full service Certified Public Accounting firm. In his forty-four years of professional experience, he has performed audit engagements in real estate development and construction, investment partnerships, manufacturing, utilities, retail, transportation and health care. He has worked with companies ranging in size from large, multinational corporations to small, closely held businesses. He has also been engaged extensively in tax and financial planning consultations for closely held corporations and their owners. Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, as an elected member of its Executive Board and its Board of Directors. He served as an elected member of the AICPA Council 2007 through 2011 and is serving again from 2012 through 2015. He also served as an appointed member of the AICPA Accounting and Review Services Committee 2008 through 2011and is currently serving as an appointed member of the AICPA Tax Practice Responsibilities Committee.Back to Instructors