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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 0 ||| Review Questions: 0 ||| Final Exam Questions: 120 |
| CPE Credits : | 24.0 |
| IRS Credits : | 24 |
| Price : | $145.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 1071 |
| Description : | Test the treacherous (and shark infested) waters of tax, bankruptcy and financial problems. This course will teach participants how to apply, implement, and evaluate the strategic tax aspects of bankruptcy, property settlements, debt cancellation, and foreclosure. Current perspectives on asset protection, repossession, and bad debts are examined with an emphasis on planning considerations. The cancellation of indebtedness income inclusion rules are examined in the context of debt forgiveness and property foreclosure. Emphasis is given to the exceptions from income inclusion contained in §108. The tax treatment of property repossession under §1038 is explored with detail given to the calculation of gain and received property basis. Finally, eldercare and estate planning are reviewed and detailed. |
| Usage Rank : | 0 |
| Release : | 2016 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed |
| Additional Links : |
Accounting Consulting Personal Financial Planning The Trust As
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| Advance Preparation : | None |
| Delivery Method : | Self-Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE) |
| Revision Date : | 16-Jul-2016 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 1071 |
| Keywords : | Taxes, Tax, Bankruptcy, Financial, ProblemsBlowout, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying each assignment, you should be able to meet the objectives listed below each assignment. ASSIGNMENT SUBJECTChapter 1 Bankruptcy At the start of Chapter 1, participants should identify the following topics for study:
* Bankruptcy types * Automatic stay * Preferences * Priorities * Debt discharge * Individual bankruptcy estate * Individual debtor * Corporate bankruptcy * Homesteading & garnishment After reading Chapter 1, participants will be able to:
2. Specify the rules for automatic stay and levy noting their impact on “freezing” creditor activity, tax assessment, and collection. 3. Identify the differences between preferential and nonpreferential payments noting the priority of creditor claims. 4. Recognize when debt is discharged under various bankruptcy types and identify how to establish an individual bankruptcy estate determining its taxable income and filing requirements. 5. Identify partnership and corporate bankruptcies, specify debts covered under homesteading, and determine permissible garnishment amounts noting special garnishment rules. As a result of studying each assignment, you should be able to meet the objectives listed below each assignment. ASSIGNMENT SUBJECTChapter 2 Transfers Incident to Divorce At the start of Chapter 2, participants should identify the following topics for study:
* Premarital agreements * Application of §1041 * Incident to divorce * Property basis * Purchases of residence between spouses * Purchases of business interests between spouses * Selected asset divisions of residence & business interests * Real & personal property * Pension benefits After reading Chapter 2, participants will be able to:
2. Determine the benefits of premarital agreements and the requirements and permissible provisions for a valid and comprehensive agreement under the Uniform Premarital Act. 3. Specify the position of U.S. v. Davis on interspousal transfers noting the changes made by §1041, and identify the requirements of §1041 and the scope of its application. 4. Identify factors that determine whether a property transfer is incident to divorce and how to meet these factors or avoid §1041 altogether when desired. 5. Determine the application of §1041 to transfers in trust under §1041(e) and to third party transfers on behalf of a spouse or former spouse. 6. Recognize deferred tax liability by identifying property basis for the transferor spouse and transferee spouse under §1041 after a property settlement. 7. Specify the application of §1041 to property transfers where the transferee assumes liabilities encumbering the property, and choose the holding period for an asset transferred between spouses or former spouses incident to divorce. 8. Recall the dangers of purchasing a former spouse's interest in property particularly a marital residence and its tendency to create deferred tax liability. 9. Determine tax effects of purchasing an interest in personal or real property used in a business or held for investment, recognize potential recapture and identify the use of an exchange to dispose of low-basis property received in a §1041 transfer. 10. Specify common disposition alternatives available on divorce, recall the home sale exclusion requirements, and identify the tax treatment and use of installment obligations under §453 in divorce. 11. Recognize sale, redemption, recapitalization, liquidation and third-party transfers as methods of dividing a business in a marital settlement citing unique provisions under §302, §736 and §754. 12. Identify whether gain or loss on a sale of real or personal property is capital or ordinary, recognize the tax treatment of such gain or loss and recall the role and tax treatment of life insurance in property settlements. 13. Specify popular methods of dividing retirement benefits in a divorce or separation action identifying the requirements and tax consequences of a “qualified domestic relations order (QDRO). 14. Choose an overall tax and economic strategy for the division of pension benefits in a marital settlement by:
b. Determining the treatment of IRAs at divorce considering the IRA deduction limit and rollovers; c. Identifying strategies for retirement planning after divorce; d. Recognizing the Social Security benefits, military pensions, civil service pensions, or railroad pensions that may be available to a former spouse; and e. Selecting which debts incurred during a divorce are dischargeable in bankruptcy. As a result of studying each assignment, you should be able to meet the objectives listed below each assignment. ASSIGNMENT SUBJECTChapter 3 Asset Protection At the start of Chapter 3, participants should identify the following topics for study:
* Types of creditors * Fraudulent transfers * Preparation for asset protection * Types of insurance * Buy-sell agreements * Individual ownership & corporate ownership * Asset protection aspects of trusts * Co-tenancy & partnerships * Divorce After reading Chapter 3, participants will be able to:
b. Identifying common sources of lawsuits and the concepts of exploding and imploding liability; and c. Determining how insurance, asset placement and statutory protections can help achieve asset protection. 3. Determine fraudulent transfer noting badges of fraud, statutes of limitation and criminal penalties, and specify permissible asset transfers. 4. Recognize the necessity of asset protection noting net worth under a balance sheet, and determine asset values in the preparation of a balance sheet. 5. Identify how insurance and buy-sell agreements can offer asset protection by:
b. Specifying the parties under a life insurance contract listing and reasons for establishing an irrevocable life insurance trust; and c. Determining what constitutes entity purchase and cross purchase buy sell agreements.
b. Identifying testamentary trusts, living trusts and their subcategories noting asset protection elements; c. Specifying the types of co-tenancy noting their asset protection dangers, and identifying types of partnerships noting their variation from limited liability companies; and d. Recognizing the unique asset protection qualities of retirement plans, custodianship, and estates as asset protection tools. As a result of studying each assignment, you should be able to meet the objectives listed below each assignment. ASSIGNMENT SUBJECTChapter 4 Medical, Charitable and Casualty At the start of Chapter 4, participants should identify the following topics for study:
* Medical deductions * Health savings accounts * Accelerated death benefits * Charitable contributions of cash * Charitable contributions of property * Substantiation * Casualty & theft losses * Deductible & nondeductible losses * Disaster area losses After reading Chapter 4, participants will be able to:
b. Determining what constitutes medical savings accounts noting differences with health savings accounts, and citing the benefits and qualifications of HSAs including their relationship with high deductible health plans; and c. Specifying the mechanics of prescription drug plans, and identifying the accelerated death benefits exclusion and the health insurance deduction for self-employed individuals. 3. Determine what constitutes a §165 casualty and theft noting the rules for taking a deduction for all or part of each loss. As a result of studying each assignment, you should be able to meet the objectives listed below each assignment. ASSIGNMENT SUBJECTChapter 5 Debt Cancellation & Foreclosure At the start of Chapter 5, participants should identify the following topics for study:
* Real property business debt exclusion * General ordering of tax attribute reduction * Basis reduction * Individual and partnership bankruptcies * Corporate stock-for-debt rule * S corporation bankruptcy * Reporting * Amount realized on sale or other distribution of property * Discounted acquisition of debt After reading Chapter 5, participants will be able to:
2. Specify the reduction of tax attributes on cancellation noting any special basis reduction rules, recognize the depreciable property election, and determine what constitutes individual, partnership and S corporation bankruptcies identifying variables used in characterizing shares as nominal or token. 3. Determine gain or loss resulting from foreclosure or repossession including its timing and character, identify reporting and filing requirements of such items, and specify the tax danger of acquiring one's own debt at a discount. As a result of studying each assignment, you should be able to meet the objectives listed below each assignment. ASSIGNMENT SUBJECTChapter 6 Repossession At the start of Chapter 1, participants should identify the following topics for study:
* Non-installment method sales * Installment method sales * Basis of repossessed personal property * Bad debt * Repossession of real property * Figuring gain on repossession * Seller’s former home exception After reading Chapter 6, participants will be able to:
2. Identify the distinctions between the rules, calculations and effects of repossessions of personal and real property, and specify when a §166 bad debt deduction may be taken if the seller repossesses real property. As a result of studying each assignment, you should be able to meet the objectives listed below each assignment. ASSIGNMENT SUBJECTChapter 7 Bad Debts At the start of Chapter 1, participants should identify the following topics for study:
* True debt * Mechanics’ liens * Reporting & recovery * Credit transactions * Former business bad debts * Insolvency of partner * Business loan guarantees * Specific charge-off method * Nonaccrual-experience accounting method After reading Chapter 7, participants will be able to:
b. Identifying the treatment of bad debts related to political debts, mechanics’ liens and secondary liabilities on home mortgages; and c. Specifying the forms used to report bad debts and the tax treatment of recovered amounts.
b. Determining the tests to be met by an accrual method business in taking a bad debt deduction for a political debt and specifying the tax consequences of the insolvency of a partner when a partnership terminates with debts owed; and c. Identifying methods that can be used by businesses to treat uncollectible amounts noting the rules that apply to each. As a result of studying each assignment, you should be able to meet the objectives listed below each assignment. ASSIGNMENT SUBJECTChapter 8 Elderly & Disabled Planning At the start of Chapter 1, participants should identify the following topics for study:
* Medicare * Medicaid & countable assets * Medicaid & non-countable assets * Medicaid & inaccessible assets * Private insurance * Health care decisions * Supplemental security income * Income & assets * Disability benefits After reading Chapter 8, participants will be able to:
2. Recognize durable powers and funded revocable living trusts noting out their uses and limitations in elderly and disabled planning. 3. Identify the eldercare benefits of Medicare and Medicaid, countable income and asset groupings under Medicaid. 4. Determine available health care decisions such as having a living will, identify the distinctions between Supplemental Security Income and Social Security disability benefits, determine SSI asset groups, and specify requirements for SSI and Social Security disability benefits. As a result of studying each assignment, you should be able to meet the objectives listed below each assignment. ASSIGNMENT SUBJECTChapter 9 Estate Planning At the start of Chapter 1, participants should identify the following topics for study:
* Applicable exclusion amount * Stepped-up basis * Basic estate planning goals * Simple will * Types of trusts * Charitable trusts * Insurance trusts * Family documents * Private annuities After reading Chapter 9, participants will be able to:
b. Recognizing the unlimited marital deduction and its effect on the gross estate of the value of property; and c. Specifying the applicable exclusion amounts for various years of death. 3. Specify estate-planning goals, and recall the benefits and drawbacks of the primary dispositive plans. 4. Identify various types of estate trusts and the family documents that every taxpayer should consider, and determine the advantages and disadvantages of the former private annuity format. |
| Course Contents : | Chapter 1 - Bankruptcy Federal Bankruptcy Means Testing Means Test Credit Counseling Tax Law Changes Chapter 13 "Superdischarge" Subordination Of Ad Valorem Tax Liens Interest on Tax Claims Tax Returns Bankruptcy Types Chapter 7 - Liquidation Exempt Assets Availability Trustee Appointment Chapter 11- Reorganization Availability Creditors’ Committee Reorganization Plan Chapter 13 - Wage-Earner Plan Availability Repayment Plan Trustee Appointment Automatic Stay Tax Assessment Suspension of Statute of Limitation Immediate Assessment Levy Tax Court Tax Court Petition Preferences Trust Fund Taxes Allocation of Tax Payments Priorities Super Priority Claims Secured Claims Federal Tax Liens Priority Claims Tax Claim Determination Refunds Priority of Tax Claims Second Priority Tax Claims Third Priority Tax Claims Four Generates Priority Eight Tax Claims Eighth Priority Tax Claims Debt Discharge Chapter 7 Discharge Chapter 11 Discharge Chapter 13 Discharge Discharge of Taxes Tax Liens Individual Bankruptcy Estate Separate Entity Tax Attribute Carryovers Termination of the Estate Filing Requirements Disclosure of Return Information Taxable Income Taxable Year Gross Income Deductions & Credits Administrative Expenses Net Operating Loss Carryback Transfers to Debtor Partnership & S Corporation Interests Request for Prompt Determination of Liability Tax Liability Individual Debtor Tax Year Election Annualizing Taxable Income Making the Election Later Bankruptcy of Spouse Election Considerations Transfers between Debtor & Estate Net Operating Loss Carryback Limitation Partnership Bankruptcy No Separate Estate Discharge of Debts Corporate Bankruptcy Exemption Return Filing Personal Holding Company Tax Tax-Free Reorganizations §354, §355, & §356 Corporate Liquidations under Chapter 7 Carryover of Tax Items - §381 & 382 Bankruptcy Exception Reduction of Carryforwards Section 269 Presumption Homesteading Types of Homesteads Property & Equity Covered Who Can Homestead? Excluded Debts Garnishment Chapter 2 - Transfers Incident to Divorce Property Rights Marital Property Common Law Property Community Property Equitable Distribution Separate Property Asset Division Principles Premarital Agreements Uses & Benefits Control & Scope Limitations Retirement Equity Act of 1984 Enforceability Requirements Checklist Uniform Premarital Act - The Permitted Items of Agreement Unenforceable Items Property Settlements Section 1041 Application of §1041 Mandatory Scope Property vs. Income Savings Bonds Receivables Interest Imputed Interest Incident to Divorce Related To Termination Rebuttable Presumption Divorce or Separation Instrument Transfers in Trust Third Party Transfers Property Basis Gift Variation Passive Activity Loss Property Property Transferred In Trust Basis in Negotiated Property Divisions Adjudicated Property Divisions Caselaw General Rule - Immediate & Specific Liabilities Holding Period Notice & Record keeping Purchases Between Spouses Residence Home Mortgage Interest Deferral & Exclusion of Gain Business & Investment Property Recapture Section 1031 Exchange Asset Separation Final Personal Property Regulations General & Product Class Multiple Asset Exchanges Related Parties Two-Year Restriction Foreign Property Form 8824 Spousal Transfers Installment Selected Asset Divisions Residence Section 121 Home Sales Two-Year Ownership & Use Requirements Special Divorce Rules Tacking of Prior Holding Period Prorata Exception Limitations on Exclusion Installment Obligations Business Interests Corporate Stock Cases & Rulings PLR 9046004 Arnes Cases Mrs. Arnes v. Mr. Arnes v. Commissioner, 102 TC 522 (1994) Blatt Case Gaughan Case Section 302 Stock Redemption Recapitalization Partnerships Section 736(a) Payments Effect on Recipient Section 736(b) Payments Effect Exclusions From §736(b) Treatment Liabilities Series of Payments Section 754 Election Insurance Policies Real & Personal Property Classification of Assets Character of Gain or Loss Capital Assets - §1221 Long-Term or Short-Term Installment Net Gain or Loss Treatment of Net Capital Gains Section 1231 Assets Gains & Losses Recapture Of Net Ordinary Losses Ordinary Assets Depreciable Property Recapture on Personal Property Section 1245 Property Treatment of Gain Recapture on Real Property Section 1250 Property Pension Benefits Qualified Domestic Relations Order Taxation of Distributions Deferred v. Present Division of Benefits Deferred Division Arguments Present Division or Alternate Property Arguments Individual Retirement Arrangements IRA Deduction Limit Rollovers Divorce Distributions Amounts Not Rolled Over Retirement Planning After Divorce Social Security Benefits Divorced Spouse Benefits Divorced Widow(er) Benefits Military Pensions Divorced Spouse Benefits Jurisdiction Requirement Disposable Pay Direct Payment Divorced Widow(er) Benefits Social Security Offset Civil Service Pensions Divorced Spouse Benefit Divorced Widow(er) Benefit Railroad Pensions Divorced Spouse Benefit Divorced Widow(er) Benefit Bankruptcy Chapter 3 - Asset Protection Why Asset Protection? Situations That Create Danger Sources of Lawsuits Types of Liability Basic Protection Concepts Types of Creditors Evading Creditors Fraudulent Transfers Badges of Fraud Statute of Limitations Criminal Penalties Permissible Asset Transfers Asset Protection Goals Preparation Insurance Homeowners Insurance Automobile Insurance Disability Insurance Life Insurance Life Insurance Trust Buy-Sell Agreements Definition Asset Protection Aspects of Common Entities Individual Ownership Sole Proprietorship Corporate C Corporation No Pass Through The S Corporation - §1361 Trusts Types of Trusts Revocable Trust Land Trusts Irrevocable Trusts Testamentary Trust Business Trusts Foreign Trusts - §679 Asset Protection Trusts - APTs Foreign Jurisdictions Alternatives Income Taxation Estate & Gift Tax Creditor Protection Family Trusts Medicaid Trust Grantor Retained Income Trust Co-Tenancy Tenancy in Common Varying Percentages No Survivorship Joint Tenancy with Right of Survivorship Equal Percentages Tenants by the Entirety Right of Partition Partnership Family Partnerships Charging Orders Phantom Income to Creditor Tax Issues Estate Savings Income Tax Savings Limited Liability Company Retirement Plan Retirement Fund Protection in Bankruptcy Custodianship Estate Divorce Premarital Agreements Uniform Premarital Act - The Permitted Items of Agreement Unenforceable Items Retirement Equity Act of 1984 Benefits of a Premarital Agreement Post-Nuptial Agreements Chapter 4 - Medical, Charitable & Casualty Medical Costs - §213 Spouse Separate Returns Community Property States Dependents Adopted Child Child of Divorced or Separated Parents Multiple Support Agreements Decedents Medical Deductions Items Deductible Items Not Deductible Medical Insurance Premiums Meals & Lodging Expenses of Transportation Cosmetic Surgery Permanent Improvements Lifetime Care Advance Payments Reimbursement of Expenses Amounts Deductible Long-Term Care Provisions IRA Withdrawals for Certain Medical Expenses Medical Savings Accounts (Archer MSAs) - §220 Health Savings Accounts (HSAs) - §223 Benefits Qualifications High Deductible Health Plan (HDHP) Limits for HDHP Amount of Contribution Special Rules for Married Couples Establishing an HSA Rollovers Distributions Qualified Medical Expenses Insurance Premiums Record Keeping Health Care Act of 2006 Changes Prescription Drug Costs Accelerated Death Benefits Terminally Ill Individual Chronically Ill Individual Exclusion Limited Health Insurance For Self-Employed Charitable Contributions - §170 Requirements for Deductibility Qualified Organizations Limitations on Contributions Five-year Carryover Contributions of Cash Benefits Received Benefit Performances Athletic Events Raffle Tickets, Bingo, Etc. Dues, Fees, or Assessments Contribution of Property Clothing & Household Goods Ordinary Income or Short-term Capital Gain Type Property Exception Capital Gain Type Property Exceptions Conservation Easements Loss Type Property Vehicle Donations Fractional Interests Other Types of Contributions Charitable Distributions from an IRA Substantiation Cash Contributions Contributions Less Than $250 Contributions of $250 or More Payroll Deduction Records Noncash Contributions Deductions of Less Than $250 Additional Records Deductions of At Least $250 But Not More Than $500 Deductions Over $500 But Not Over $5,000 Deductions Over $5,000 Contributions Over $75 Made Partly for Goods or Services Casualty & Theft Losses - §165 Casualty Theft Mislaid or Lost Property Deductible Losses Nondeductible Losses Proof of Loss Amount of Loss Theft Recovered Property Related Expenses Protection Cost Repair & Replacement Costs Allocation for Mixed Use Property Insurance and Other Reimbursements Limitations Disaster Area Losses Unsafe Home Special Residence Rule Loss on Deposits Chapter 5 - Debt Cancellation & Foreclosure Income Inclusion Rule Exceptions from Income Inclusion Order of Exclusions Bankruptcy Case Exclusion - §108(a)(1)(A) Insolvency Exception - §108(a)(1)(B) Qualified Farm Debt Exclusion - §108(a)(1)(C) Qualified Farm Debt - §108(g)(2) Qualified Person - §108(g)(1) Real Property Business Debt - §108(a)(1)(D) Qualified Debt Exclusion Limit Ordinary Income Recapture Partnerships Deemed Distribution Rules S Corporations Student Loan Exception - §108(f) Tax-Exempt Educational Organizations - §108 Purchase Money Debt Reduction Exception - §108(e)(5) Cancellation of Deductible Debt Exception - §108(e)(2) Reduction of Tax Benefits (Attributes) - §108(b) General Ordering of Tax Attribute Reduction Basis Reduction Depreciable Property Election Procedure Required Reduction Timing of Basis Reduction Limit on Basis Reduction Recapture of Basis Reductions Exempt Property Special Basis Reduction Rule for Qualified Farm Debt Qualified Property Basis Reduction Order Exclusion Limit Individual Bankruptcy Partnership Bankruptcy Depreciable Property Allocation of Debt-Discharge Income Corporate Stock-For-Debt Rule Token Share Inclusion Workout Inclusion Recapture of Gain on Later Debt Contributed to Capital Debt-For-Debt Exchange Earnings & Profits S Corporation Bankruptcy Net Operating Losses Adjustments to Shareholder’s Basis in Debt Bankruptcy Estate as Shareholder Reporting Amount Realized On Foreclosure Nonrecourse Indebtedness Recourse Indebtedness Reporting Form 1099A Timing & Character of Gain or Loss Gain Loss Mortgage Debt Relief Act of 2007 (Expired) Qualified Principal Residence Indebtedness Mixed Indebtedness Lender’s Tax Impact Foreclosure Discounted Acquisition of Debt Transactions Involving Related Parties Related Persons Chapter 6 - Repossession Personal Property Non-Installment Method Sales Basis of Installment Obligation Gain or Loss on Repossession Installment Method Sales Basis of Installment Obligation Gain or Loss on Repossession Basis of Repossessed Personal Property Bad Debt Real Property Conditions Figuring Gain on Repossession Limit on Taxable Gain Repossession Costs Indefinite Selling Price Character of Gain Basis of Repossessed Real Property Holding Period for Resales Buyer Improvements Bad Debt Seller’s Former Home Exception Chapter 7 - Bad Debts Non-Business Bad Debts Totally Worthless Determining Worthlessness Required Basis or Income Inclusion True Debt Loan or Gift Loan Guarantees Political Debts Mechanics’ Liens Insolvency of Contractor Secondary Liability on Home Mortgage Reporting Recovery Business Bad Debts Credit Transactions Income Inclusion Accrual Method Taxpayers Cash Method Taxpayers Former Business Debt Acquired from a Decedent Political Debts Insolvency of Partner Business Loan Guarantees Reporting Methods of Treating Bad Debts Specific Charge-Off Method Partly Worthless Debts Deduction Disallowed Totally Worthless Debts Recovery of Bad Debt Property Received for a Debt Bankruptcy Claim Net operating Loss Nonaccrual-Experience Accounting Method Performing Services Interest & Late Charges Chapter 8 - Elderly & Disabled Planning Managing the Estate Joint Tenancy Conservatorship Durable Power Revocable Living Trust Catastrophic illness Medicare Medicaid Countable Assets Non-Countable Assets Personal Residence Gifting the Residence - General Rule Exceptions Inaccessible Assets Gifts Spousal Transfers Spousal Allowance Medicaid Trusts Limited Trust Exceptions Criminalization of Medicaid Asset Transfers Private Insurance Health Care Decisions Supplemental Security Income Income Unearned Income Earned Income Exempt Income Assets Countable Assets Non-Countable Assets Disability Benefits Blind Kidney Disease AIDS Chapter 9 - Estate Planning Unlimited Marital Deduction Outright To Spouse Marital Deduction Trust Qualified Terminable Interest Property Trust Applicable Exclusion Amount Spousal Portability of Unused Exemption Amount - §2010(c)(2) Stepped-up & Modified Carryover Basis Modified Carryover Basis - §1022 Limited Basis Increase for Certain Property 2010 Special Election Basic Estate Planning Goals Primary Dispositive Plans Simple Will Danger for Larger Estates Probate Assets Not Subject to a Will Assets Subject to a Will Trusts Types of Trusts Living Trusts Testamentary Trusts Revocable & Irrevocable Living “A-B” Revocable Trust Living “A-B-C” (QTIP) Trust Impact of Spousal Portability on Trust B under TUIRJCA Charitable Trusts Charitable Remainder Trusts Charitable Income Trusts Insurance Trusts Family Documents Living Will Property Agreement & Inventory Durable Power Of Attorney Power of Attorney for Health Care Conservatorship Funeral Arrangements Anatomical Gifts Private Annuity? Advantages to the Transferor Disadvantages to the Transferor Advantages to the Transferee Disadvantages to the Transferee Regulations Restrict Private Annuity Income Glossary |
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