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Course Details

2019 Estate Taxes (Course Id 1421)

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Author : Andrew Clark, EA
Status : Production
CPE Credits : 6.0
IRS Credits : 6
Price : $53.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1421

Description :

Estate taxes are one of the taxes covered by the IRSs unified transfer tax system. Estate taxes are designed to collect taxes from transferring property at death. Proper planning can save a substantial amount of money in taxes. This course will discuss estate planning and estate taxes. This course will describe the tools that are available for estate planning and will define the benefits of using each tool. This course will describe how to identify what is included in the gross estate and demonstrate how to calculate the gross estate amounts.

Usage Rank : 0
Release : 2019
Version : 1.0
Prerequisites : Basic understanding of federal income taxation and estate concepts.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 16-Oct-2018
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 - NASBA Registry - IRS Enrolled Agents - 1421

Keywords : Taxes, 2019, Estate, Taxes, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

At the end of this course, students will be:
  • Describe estate taxes and the purpose of estate taxes according to the Internal Revenue Code (IRC),
  • Identify the various types of trusts that can be used for estate planning,
  • Recognize what is included in the gross estate of a decedent,
  • Calculate the gross estate of a decedent,
  • Recognize the various deductions and credits available when calculating the gross estate of a decedent,
  • Recognize the benefits of electing portability and calculating portability exemption amounts, and
  • Describe the purpose of Generation Skipping Transfers and the Generation Skipping Transfer Tax according to the IRC.
Course Contents :

Chapter 1 - 2019 Estate Taxes

Course Learning Objectives

Part 1 - Estates, Estate Taxes and Estate Planning Tools

Estate Tax Defined

Estate Planning

Attorney

Accountant

Insurance Agents

Financial Planner

Administration

Internal Revenue Service (IRS)

Intestacy

Probate Court

Trustee

Executor / Executrix

Family Responsibilities

Tools and Techniques for Estate Planning

The Probate Process

Disposing of Property using a Will

Disposing of Property without a Will

Non-Probate Transfers

Joint Tenancy with Right of Survivorship

Tenancy in Common

Retirement Accounts

Payable on Death Accounts (POD)

Life Insurance of a Decedent

Gifts Completed

Transfers Executed by Means of a Trust

Trusts

Trusts Defined

Reasons for Using a Trust

Living vs. Testamentary Trusts

Building Blocks of a Trust

Trusts - Revocable

Trusts - Living

Reversion Defined

Living Trust Advantages

Living Trust Disadvantages

Pour-Over Will

Trusts - Irrevocable

Trusts - Testamentary

The Taxation of Trusts

Grantor Trusts

Grantor Retained Income Trusts

Using Revocable Trusts

Estates Compared to Living Trusts

Using Irrevocable Trusts

2018 Trust Income Tax Rates

Capital Gains Treatment in Trusts

Deduction of Estate Planning Expenses

Deduction of Expenses

Gift Tax with Respect to Trusts

Estate Tax with Respect to Trusts

Unlimited Marital Deduction

Marital Deduction Trust

Qualified Terminable Interest Property (QTIP) Trust

A-B Trusts

A-B-C (QTIP) Trust

Tax Basis

Alternative Valuation

Revocable Living Trust Clauses

Identification Clause

Trustee Clause

Property Transfer Clause

Revocation and Amendment Clause

Income and Principle Clause

Recital Clause

Trustee Requirements

Advantages of Hiring Corporate Trustees

Advantages of Hiring Individual Trustees

Trust Termination Clause

Life Insurance Trust

Annual gift tax exclusion

Unlimited Donees

Gifts Exceeding $15,000

Lifetime Exclusion for an Estate

Unlimited marital deduction

Gift Splitting

Consent to Gift Split Applies to All Gifts

IRC Reference

5-year deferral and 10-year installment payment

Installment sale to family members

Self-canceling installment notes

Private annuities

Crummey Trusts

Charitable Remainder Trusts

Minor Trusts

Family Limited Partnerships

Grantor Retained Annuity Trust

Qualified Personal Residence Trusts (QPRTs)

Grantor Retained Annuity Trusts (GRATs)

Grantor Retained Unitrusts (GRUTs)

Past and Present Exemptions and Estate Tax Rates

Estate Planning Goals

Estate Plan Outcomes

Types of Estate Taxes

Part 1 - Review Questions

Part 2 - Estate Tax Calculation

The Gross Estate

Liabilities of the Decedent

Administration Expenses

Court decree.

Consent decree.

For example

Debts

IRC Reference

Dower, Curtesy, or Statutory Share of the Living Spouse

Power of Appointment

Joint Tenants with Right to Survivorship

Transferred property in which the decedent retained an interest

Government Obligations

Life Insurance Proceeds

Annuities and Survivor Benefits

Medical Insurance Expenses

Medical Insurance Reimbursements

Gifts within 3 Years of Death

IRC Reference

IRC Reference

Example

Gifts of Life Insurance

Inter Vivos Transfers

Community Property

IRC Reference

Qualified Terminable Interest Property (QTIP)

IRC Reference

Part 2 - Review Questions

Part 3 - Valuing the Gross Estate

Deductions for the Gross Estate

Expenses

IRC Reference

IRC Reference

Charitable Contributions

Marital Transfers

State Death Tax Deduction

Gross Estate Credits

Applicable credit amount (ACA).

Portability of unused applicable exclusion amount

Portability provisions

IRC Reference

Irrevocable Election of Portability

Individuals that can Make a Portability Election for an Estate

Portability Examples

Portability Provisions to the Surviving Spouse's Estate.

IRC Reference

Portability Provisions when Surviving Spouse is Not a US Citizen

IRC Reference

Examine returns of deceased spouses

Estates of nonresidents who are not citizens DSUE amounts

Federal estate tax paid on prior transfers

Foreign Death Taxes

Credit for gift taxes on pre-1977 gifts

IRC Reference

Estate Tax Payment and Return

Reporting of value not required for certain property

Return Due Dates

IRC Reference

Alternate Valuation Method Recapture

Assessment Period

Basis reporting requirement

Portability election for unused applicable exclusion amount

IRC Reference

Tax charged to property

Estate taxation on nonresident aliens

IRC Reference

Generation Skipping Transfers

Transfer Types

Exemption Amount

How to compute generation skipping transfer tax

Generation Skipping Terminations Tax (GSTT)

Generation Skipping Distribution Tax (GSDT)

Direct Skip Gift Tax (DSGT)

Direct Skip Estate Tax (DSET)

Filing the return and paying the GSTT

Gifts and bequests from expatriates

Tax Cuts and Jobs Act Changes related to Estate, Gift, and Generation-Skipping Transfers Taxes

Modifications to Estate, Gift, and Generation-Skipping Transfers Taxes

Part 3 - Review Questions

Glossary

CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
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