Follow your favourite podcasts, listen offline and in the car with CarPlay and Android Auto, and always pick up where you left off. Free to try.
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn: - The three strict requirements a trust must meet to be classified as 'simple.' - How a trust's classification can change from simple to complex on a year-by-year basis based on its actions. - Why the specific terms written in the trust document, not just the annual distributions, can automatically make a trust complex. - The difference in personal exemption amounts: $300 for a simple trust versus $100 for a complex trust. - A simple mnemonic to help you remember the rules and avoid common exam traps related to simple trusts.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
