Uniform Principal and Income Act: More than Just a Name Change

About This Course

Join Duane Lee in exploring the revisions to the Uniform Principal and Income Act as it transitions to the Uniform Fiduciary Income and Principal Act. This course provides a comprehensive understanding of how the revised act will impact your policies, procedures, and controls. Engage with industry experts, pose your questions, and gain collaborative feedback.

Course Outline

01. Welcome
Welcome & Objectives

02. Background and History
Background and History

03. Uniform Fiduciary Income and Principal Act
New Proposals

04. Uniform Fiduciary Income and Principal Act Summary
Course Summary

Course Instructor

Duane Lee, CFIRS™, CTOP™, AIF®, AFIM™

Duane E. Lee, II serves as an Executive Vice President with Cannon Financial Institute. With extensive expertise in the Fiduciary Services Industry, Duane believes that rules of engagement are not merely guidelines but valuable tools that, when executed properly, drive increased shareholder value, employee performance, and client satisfaction.

Duane has served the financial services industry in various roles. His career highlights include serving as a Board Member of an independent trust company, an Administrative Vice President in charge of trust administration and securities operations at a large regional bank, a Senior Vice President and Trust Executive managing a trust company supporting a seven-member bank holding company, and a National Trust Examiner with the Office of the Comptroller of the Currency. This unique combination of experiences provides both a balanced and focused instructional approach.

In addition to his rewarding career, Duane is an accomplished pilot. He and his wife, Sue, enjoy spending time with their two charming grandchildren and maintain a passion for the outdoors.

Who Should Enroll and Why

Participating in this course will provide you with:

• An understanding of the evolution of principal and income law
• An explanation of how projects are proposed to and approved by the Uniform Law Commission
• A demonstration of the Decision Tree on Allocations
• Discussion on the new name and the reasons behind it
• Descriptions of the proposed changes and updates and things that are not changing (Situs, Uni-Trust Conversion, Abolishing the 20% Rule, etc.) with the new law
• An explanation of how the act works

For Securities/Trust Operations Professional, your focus is a deep understanding of how the UFIPA affects your day to day transaction processing. This allows you to properly determine when the money belongs to principal cash, or to income cash and when the money is split between principal and income under a formula. Having this understanding will allow you to be both more effective and more efficient in your role.

For Trust Accounting Personnel, your daily focus is understanding statements you are looking at and determining why something has been put into principal and why something has been put into income. And then to interpret what your accounting statements are telling you.

For Trust Tax Professionals, as a person who prepares and reviews tax returns, your focus is for you to understand the origin of the funds. Was it a taxable distribution of income? Was it a long-term capital gain from a sale? Was it a non-taxable distribution? Without this understanding of the origins of the money, it is difficult to understand the resulting tax treatment of the money.

Education Credits

This course qualifies for the following estimated CE credits:

CE: 2.5 HRS