To provide CPAs and finance professionals with a foundational understanding of estate planning concepts, tax considerations, and strategies for wealth transfer and post-death planning.
DETAILED LEARNING OBJECTIVES
• Identify the different legal forms of property ownership
• Identify the terminology used when an individual dies without a will
• Recognize the major functions of a will
• Identify the scope of fiduciary discretion given under the terms of a fiduciary power clause
• Recognize the role of the probate process in estate planning
• Recognize the common methods used to avoid probate
• Identify the implications to an estate plan when assets are held in a living trust
• Identify the steps in the probate process
• Identify the income tax implications of estates and trusts
• Recognize the main functions of the personal representative
• Recognize the contingent future interest time limits imposed by the “Rule Against Perpetuities”
• Recognize the circumstances required for the imposition of federal gift taxes
• Recognize the circumstances required for the unlimited medical and education deduction in gift taxation
• Recognize the annual gift tax exclusion
• Identify the role of annual exclusion giving in estate planning
• Identify the age at which a Section 2503(c) trust beneficiary must receive the funds from the trust
• Identify the reason a grantor may prefer a Section 2503(c) minor’s trust over an UTMA/UGMA account
• Identify the benefits of making taxable gifts in excess of the donor’s lifetime exemption
• Recognize the gift tax consequences of gifting a residence to a spouse as a “tenant in common”
• Recognize the tax implications of gifting less than an entire interest in property to charity
• Recognize the reason that adjusted taxable gifts are included in the estate tax calculation
• Recognize the characteristics of the marital deduction
• Identify the significance of a terminal interest in estate planning
• Identify the applicable GST tax rate
• Identify the basis implications of both lifetime and testamentary gifting
• Identify the circumstances creating income in respect of a decedent, or IRD
• Identify the circumstances creating deductions in respect of a decedent, or DRD
• Identify the typical will used by most long-term married couples with adult children and modest estates
• Identify the characteristics of marital/non-marital trusts in estate planning
• Identify the type of trust often used in second marriage situations where there are children from a first marriage
• Recognize the role of a QTIP trust in estate planning
• Recognize the role of life insurance in estate planning
• Recognize the circumstances in which life insurance on a decedent will be included in his gross estate
• Recognize the characteristics of a qualified disclaimer
• Recognize the commonly-accepted methods for determining the value of a business for purposes of a buy-sell agreement
• Identify the qualifying business disposition percentage necessary to terminate the deferral of the payment of estate taxes under Section 6166
• Identify the maximum available deferral of the payment of estate taxes under Section 6161(a)(2)
