Estate Planning Essentials
Field of Study:
"Just the facts ma'am; just the estate planning facts." Designed to give a quick overview of estate planning essentials, this course surveys wills, living trusts, gifts, marital property, and probate avoidance. Will and trust types are examined in the context of general estate and gift taxation. Designed to eliminate estate problems and death taxes, the emphasis is on practical solutions that are cost effective. Talk about having it all in an overview course - there is even a quick review of immediate postmortem death tax planning and filling out the Form 706.
- Identify basic estate planning elements noting the importance of well-drafted legal documents and specify the key team participants in-cluding their roles in estate planning process.
- Determine the major steps in the probate process, identify ways to make transfers outside the probate system including the use of a trust, specify estate tax techniques that save death taxes while retaining max-imum control, and select categories estate-planning facts.
- Identify potential death taxes including federal estate tax as it applies to various size estates, specify the principal taxes that impact death taxation, and determine the expiration of the death tax credit.
- Determine what constitutes a taxable estate under §2501 noting what assets are included in a gross estate using basic categories of property and transfers.
- Specify estate deductions allowed under federal estate tax law noting their tax advantages and disadvantages.
- Determine the value a decedent’s assets using permitted elections, recognize the use of the Form 706 to pay any estate tax due, select the tax basis of estate assets noting how common transactions affect prop-erty basis under §1014.
- Recall the advantages of gift planning including estate reduction noting the impact of the GST, specify the steps to compute gift tax identifying the gift tax exclusion amount, and determine the value of gifts including those that are split.
- Identify the various gift tax exclusions, specify the tax treatment of below-market loans, recall the gift tax marital deduction requirements, determine the tax consequences of giving various assets noting factors to consider when gifting, and recognize the use of the Form 709 to compute and pay federal gift tax.
- Specify types of wills noting functions a will can perform, identify types of bequests, determine the duties of executors and guardians, and recall ways to hold title and their tax ramifications. Identify advantages of a properly drafted will, determine the distri-bution flow of simple wills, and specify the pros and cons of probate proceedings.
- Identify the relationship of parties in a trust, reasons to establish a trust, and types of trusts noting their estate planning function.
- Specify recommended living trust provisions, identify the application of gift and income tax including the use of a grantor trust and an un-limited marital deduction, and determine what constitutes an “A-B” and “A-B-C” trust format.
- Determine post-mortem estate planning action in the face of funeral and administrative expenses using elections and disclaimers.
- Cite the due dates of post-mortem federal forms, specify the filing requirements of a decedent’s estate tax return, and identify exceptions to the general rule of estate tax payment.
- Determine the processes and procedures necessary in preparation and filing of the Form 706.
- Identify the filing requirements for estate income tax and decedent’s final income tax returns.
- Determine total income be included on the decedent’s final income tax return using available exemptions or deductions.
- Identify how to avoid penalties when filing a gift tax return, recognize gift splitting to reduce gift taxes, and recall special gift applications and traps noting ways to avoid their tax consequences.
Recommended CPE Credits:
Type of Delivery Method:
QAS Self Study
Final examination expiration date:
The program participant will have one year from the date of purchase to complete the course and final examination.
Web CPE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org