Estate Planning: An Overview Webinar

To give accountants and tax professionals the necessary planning information and the available tools to create quality estate plans for clients. You'll learn what estate planning is, when and how to devise a plan, who should plan, what the necessary planning information is and what tools are available.

• Federal estate and gift tax issues
  – Unified credit: today and in the future
  – Marital deduction
  – Revocable transfers
  – Gift tax exemptions
• Income tax issues
• Revocable living trusts
• Probate vs. nonprobate assets
• Multistate issues
• Lifetime transfers
• Will substitutes

To give accountants and tax professionals the necessary planning information and the available tools to create quality estate plans for clients. You'll learn what estate planning is, when and how to devise a plan, who should plan, what the necessary planning information is and what tools are available.

DETAILED LEARNING OBJECTIVES

• Identify the different legal forms of property ownership 

• Recognize the major functions of a will 

• Identify the scope of fiduciary discretion given under the terms of a fiduciary power clause

• 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

• Recognize the contingent future interest time limits imposed by the “Rule Against Perpetuities” 

• Recognize the annual gift tax exclusion 

• Identify the benefits of making taxable gifts in excess of the donor’s lifetime exemption

• 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 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 

• 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

• 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) 

• Federal estate and gift tax issues
  – Unified credit: today and in the future
  – Marital deduction
  – Revocable transfers
  – Gift tax exemptions
• Income tax issues
• Revocable living trusts
• Probate vs. nonprobate assets
• Multistate issues
• Lifetime transfers
• Will substitutes