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| Author : | Danny C Santucci, JD |
| Status : | Production |
| CPE Credits : | 23.0 |
| IRS Credits : | 23 |
| Price : | $141.95 |
| Passing Score : | 70% |
| NASBA Technical: | Yes |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 99 |
| Description : | This informative tax and financial course covers traditional planning tools and their utilization to protect assets. The Uniform Fraudulent Conveyance Act, the Bankruptcy Code and various aspects of the tax law are highlighted in describing asset protection aspects of corporations, partnerships, limited liability companies, family partnerships, trusts, retirement plans, insurance products, and other conventional tools. Special topics include protection against lawsuits, costs of long-term illness, divorce settlements, foreign asset protection trusts, statutory protections, homestead provisions, exempt assets, cancellation of indebtedness taxation and marital agreements. |
| Usage Rank : | 0 |
| Release : | 2019 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Asset Protection Tax Financial Aspects PDF version NASBA
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| Advance Preparation : | None. |
| Delivery Method : | Self-Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 10-Sep-2019 |
| 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 - 99 |
| Keywords : | Taxes, Asset, Protection, Tax, Financial, Aspects, cpe, cpa, online course |
| Learning Objectives : |
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| Course Contents : | Chapter 1 - Introduction to 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 Chapter 2 - Insurance Homeowners Insurance Automobile Insurance Disability Insurance Life Insurance Purpose Tax Overview Income Tax Transfer for Value Rule Employee Death Benefit - §101(b) Repealed Premiums Lifetime Benefits Section 72 Estate Taxes - §2042 & §2035(a) Ownership Gift Taxes Community Property Gift Danger Life Insurance Trust Considerations Annuities Deferred Annuity Private Annuity Unsecured Promise Regulations Restrict Private Annuities Buy-Sell Agreements Definition Contractual Format Funding Life Insurance Funding Term vs. Whole Life Policy Ownership & Premium Payment Entity & Cross-Purchase Agreements Tax Consequences - Cross-Purchase Agreements Non-Deductible Premiums No Dividend Danger Tax Consequences - Entity Purchase Agreements Non-Deductible Premiums Dividend Danger - §302 Exception to Dividend Treatment Constructive Ownership (Attribution) Rules “Estate/Beneficiary” Rule “Family/Trust/Corporation” Rule No Gain on Sale Estate Tax Valuation Using the Buy-Sell Agreement to Set Value Buy-Sell Agreements - §2703 Exceptions to §2703 Arms-Length Bargain Substantial Modifications Exceptions Purchase Price & Terms Valuation Community Property Professional Corporations Marketability Problems Controlled Disposition S Corporations Sole Shareholder Planning Complete Liquidations Alternative Dispositions Use of Life Insurance Estate Valuation One-Way Buy-Outs Chapter 3 - Asset Placement Ownership Vehicles & Entities Individual Titles & Sole Proprietorship Individual Marital Property Timing & Domicile Community Property Tax Basis Advantage Sole Proprietorship Corporate Categories of C Corporations Personal Holding Company - §541 Attribution Rules Penalty Tax C Corporation No Pass Through Getting Money Out of the C Corporation Passive Loss Restrictions Partnership vs. Corporation Personal Service Corporation - §269A The S Corporation - §1361 Minors as Shareholders Bequests & Estate Ownership Trusts as Shareholders S Corporation Assets Built-In Gains Tax - §1374 Incorporation of a Farm Land Partnership Advantage Leasebacks Trusts Types of Trusts Revocable Trust Land Trusts Irrevocable Trusts Testamentary Trust Business Trusts Foreign Trusts - §679 Grantor Trust Rules - §§671 through 679 Asset Protection Trusts - APTs Foreign Jurisdictions Alternatives Income Taxation Estate & Gift Tax Creditor Protection Family Trusts Medicaid Trusts Living Trust Reversion Advantages of a Living Trust Disadvantages Priority Pour-Over Will Trust Taxation Income Tax Grantor Trusts - §671 to §678 Grantor Retained Income Trust Irrevocable Trust Taxation Throwback Rules Capital Gains Deduction of Estate Planning Expenses Deductibility of Death Expenses Domestic Trust Exemptions Gift Tax Estate Tax Unlimited Marital Deduction Outright to Spouse Marital Deduction (QTIP) Trust Qualified Terminable Interest Trust “A-B” Format “A-B-C” (QTIP) Format Valuation & Tax Basis Alternate Valuation Choice of a Trustee Corporate Trustee Factors Individual Trustee Factors Co-Tenancy Tenancy in Common Percentage Interests No Survivorship Joint Tenancy with Right of Survivorship Taxation Percentage Interests Tenants by the Entirety Partition Partnership Partnership Taxation Allocation of Income & Deduction Partnership Recapitalization Two Class Format Valuation Guaranteed Payment Control & Management Estate Issues Family Partnerships Charging Orders Phantom Income to Creditor Tax Issues Estate Savings Income Tax Savings Family Partnership Requirements Recognizing a Partner Control Transferability Donee as a Partner Trusts as Partners Minor As a Partner Purchased Interests Capital Interest in the Partnership Capital as a Material Income Producing Item Source of Capital Family Partnerships Not Within §704(e) Real Estate Family Partnerships Business Family Partnerships Structuring the Family Partnership Limited Liability Company Outside Basis & Debt Share Advantage Substantial Economic Effect Rules Discharge of Indebtedness Income Suggested Uses Professional Firms Joint Ventures Substitute for Family Limited Partnership Retirement Plan Plan Types Retirement Fund Protection in Bankruptcy Employer Costs Profit Sharing Plan Money Purchase Pension Plan Defined Benefit Pension Plan Custodianship Estate Chapter 4 - Bankruptcy Federal Bankruptcy Means Testing Median State Income Test 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 5 - Avoiding Tax on 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) 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 Sale 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 Mortgage Debt Relief Act of 2007 (Expired) Qualified Principal Residence Indebtedness Mixed Indebtedness Amount Realized On Sale or Other Distribution of Property Foreclosure Nonrecourse Indebtedness Recourse Indebtedness Reporting Form 1099A Timing & Character of Gain or Loss Gain Loss Lender’s Tax Impact Foreclosure Sale Discounted Acquisition of Debt Transactions Involving Related Parties Related Persons Chapter 6 - Divorce Settlements & Divisions Premarital Agreements Uniform Premarital Act - The California Example Permitted Items of Agreement Unenforceable Items Retirement Equity Act of 1984 Benefits of a Premarital Agreement Post-Nuptial Agreements Divorce Settlements - The Tax Trap 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 U.S. Savings Bonds 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 Installment Sale of Assets Selected Asset Divisions Installment Obligations Business Interests Corporations Section 302 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 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 Military & Civil Service Pensions Chapter 7 - Protecting Assets from Old Age & Catastrophic Illness 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 Glossary |
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