Author : | Danny C Santucci, JD |
Course Length : | Pages: 84 ||| Word Count: 31,438 ||| Review Questions: 79 ||| Final Exam Questions: 40 |
CPE Credits : | 8.0 |
IRS Credits : | 0 |
Price : | $71.95 |
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 2380 |
Description : | Estate planning doesn't have to be a daunting maze of tax codes and regulations; instead, it can be approached as a practical, real-life strategy to protect and distribute assets. This course focuses on the key elements and tools for a successful estate plan, from basic wills and healthcare directives to more complex trusts and partnerships, it explores comprehensive strategies that serve your unique needs. This approach encompasses a range of tools designed to minimize both income and estate taxes, such as strategic gifting, charitable donations, and various types of trusts. Additionally, it examines commonly used devices for transferring and controlling assets, like family limited partnerships, qualified personal residence trusts, and grantor-retained annuity trusts, each offering specific benefits in terms of tax efficiency and asset protection. By understanding these components and how they interact within the broader context of financial and family situations, practitioners can maximize the wealth transferred to beneficiaries, all while navigating the complexities of tax law with greater confidence and clarity. |
Usage Rank : | 10000 |
Release : | 2024 |
Version : | 1.0 |
Prerequisites : | General understanding of federal income taxation. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
What Is Estate Planning?
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Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 10-Oct-2024 |
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 - 2380 |
Keywords : | Taxes, Estate, Elements, Tools, 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 Estate Planning At the start of Chapter 1, participants should identify the following topics for study:
* Legal documents * Estate planning team * Estate administration * Transfers within probate * Transfers outside probate * Transfers using a trust * Special planning tools * Facts After reading Chapter 1, participants will be able to:
2. Recognize the probate process to guide clients through an average probate. 3. Identify those estate tax-planning elements that remain relatively unaffected by recent legislation and recognize how each could benefit the taxpayer’s estate planning. 4. Specify estate planning goals in designing an effective plan and primary plans that allow disposition outside of probate and identify trusts in at least one of two ways. 5. Determine the mechanics of a living “A-B” and “A-B-C” (QTIP) trust and their ability to reduce death taxes and identify estate planning facts to develop an information base for an estate plan. Chapter 2 Estate & Gift Taxes At the start of Chapter 2, participants should identify the following topics for study:
* Taxable gross estate * Deductions from the gross estate * Valuation * Estate tax return & payment * Tax basis for estate assets * Generation-skipping transfer tax * Gift taxes * Annual exclusion * Shifting income & gain After reading Chapter 2, participants will be able to:
2. Identify the components of the gross estate under §2031 including terminating, reversionary, and retained interests, certain gifts, tenancies, powers, and insurance. 3. Specify estate deductions allowed under federal estate tax law and their tax advantages and disadvantages. 4. Determine the value of a decedent’s assets using permitted elections, recognize special valuations and payment options, and identify the basis of property acquired from a decedent. 5. Recognize the advantages of gift planning including estate reduction and the impact of the GST, specify the steps to compute gift tax identifying the gift tax exclusion amount, identify gift tax rates and the various gift tax exclusions, and cite the gift tax marital deduction requirements. Chapter 3 Plans, Devices & Techniques At the start of Chapter 3, participants should identify the following topics for study:
* Disposition of property with a will * Joint tenancies & tenancies in common * Retirement plans & IRAs & life insurance * Gifts & payable on death accounts * Transfers using a trust * Annual gift tax exclusion & unlimited marital deduction * Annuities & trusts * Grantor retained income trusts * Buy-sell agreements After reading Chapter 3, participants will be able to:
2. Specify special exclusions, deductions, and transfers to be used as estate-planning tools permitting clients to pass more wealth to heirs and save death taxes while retaining maximum control where possible. 3. Recognize how specialized trusts and entities can reduce estate taxes and define grantor-retained income and personal residence trusts as estate-planning devices specifying their variations and their benefits to the grantor and beneficiaries. |
Course Contents : | Chapter 1 - Estate Planning Build, Preserve & Distribute Legal Documents Estate Planning Team Attorney Accountant Insurance Agents Financial Planner Estate Administration Probate Court Executor Internal Revenue Service (IRS) Trustee Family Members Things to Be Done When Death Occurs Planning Concepts Unlimited Marital Deduction Outright To Spouse Marital Deduction Trust - §2056 Qualified Terminable Interest Property (QTIP) Trust Applicable Exclusion Amount Spousal Portability of Unused Exemption Amount - §2010(c)(2) Stepped-up Basis - §1014 Basic Estate Planning Goals Primary Dispositive Plans Simple Will Danger for Larger Estates Probate Transfers within Probate Disposition of Property without a Will Transfers outside 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 Estate Planning Facts Family Property Domicile Objectives Existing Estate Plan Chapter 2 - Estate & Gift Taxes Federal Estate Tax Persons Subject to Federal Estate Tax Applicable Exemption (or Exclusion) Amount Spousal Portability of Unused Exemption Amount - §2010(c)(2) Estate Tax Rates Progressive or Flat Rate State Inheritance Tax State Death Tax Credit Turns into Deduction – §2011 & §2058 Taxable Estate - §2051 Gross Estate - §2031 Owned Property - §2033 Interests Terminating At Death - Life Estates & Joint Tenancies Interests Created After Death Remainder Interests Dower & Curtsey - §2034 Community Property Comparison Gifts within Three Years of Death - §2035 Transfers from Revocable Trusts Retained Life Interest - §2036 Retained Voting Rights Lifetime Transfers With Reversionary Interests - §2037 Revocable Transfers - §2038 Annuities - §2039 Joint Interests - §2040 Qualified Joint Interests Between Spouses - §2040(b) Powers of Appointment - §2041 Ascertainable Standard - The Safe Harbor Limitation 5/5 Power Life Insurance - §2042 Incidents of Ownership Community Property Issue Deductions from Gross Estate Estate Expenses & Claims - §2053 Inclusion of Administrative Expenses on Non-Probate Assets Casualty & Theft Losses during Administration - §2054 Charitable Transfers - §2055 (§170 & §2522) Immediate Contributions Split-Interest Contributions Charitable Remainder Trusts Charitable Lead Trusts Insurance Related Contributions Unlimited Marital Deduction - §2056 Requirements Net Value Rule Non-Citizen Spouse Qualified Domestic Trust Gifts to Non-Citizen Spouses Valuation IRS Valuation Explanation - §7517 Alternate Valuation - §2032 Special Valuation - §2032A Estate Tax Return & Payment - §6018 Installment Payment of Federal Estate Taxes - §6166 Computation Eligibility & Court Supervision Closely Held Business Acceleration of Payment Stepped-up Tax Basis for Estate Assets - §1014 Community Property Cost Basis GST Tax - §2601 Predeceased Parent Exception Exemption Allocation Retroactive Allocation Gift Taxes - §2501 to §2524 Gift Tax Computation Calculation Steps Applicable Exemption Amount for Gift Tax - §2505 Application Entity Rule Valuation Real Property Stocks & Bonds Annuities, Life Estates, Terms for Years, Remainders, & Reversions Split Gifts - §2513 Community Property States Annual Exclusion Per Donee/Per Year Gifts in Excess of the Annual Exclusion Gifts Within the Annual Exclusion Gifts within 3 Years of Death Uniform Gifts to Minors Act Exception for Minor’s Trusts - §2503(b) & (c) Medical & Tuition Exclusion - §2503(e) Qualifying Transfers Interest-Free or Below-Market Loans Gift Tax Marital Deduction Nondeductible Terminable Interests Gift Tax Charitable Deduction Partial Interests Selecting Gift Property Gift Advantages Gift Disadvantages Gift Tax Returns Inclusion of Gifts in the Estate Shifting Income & Gain Gifts before Sale Transfers into Trust Prior to Sale Installment Obligations Transfer to Obligor at Death Income in Respect of a Decedent Reporting of Foreign Gifts - §6039(f) Chapter 3 - Plans, Devices & Techniques Estate Planning Techniques & Devices Transfers within Probate Disposition of Property without a Will Disposition of Property with a Will Transfers Outside Probate Joint Tenancy with Right of Survivorship Tenancy in Common Retirement Plan & Individual Retirement Accounts Life Insurance Gifts Payable on Death Accounts (POD) Transfers Using a Trust Special Planning Tools Spending Annual Gift Tax Exclusion Applicable Exclusion Amount Spousal Portability of Unused Exemption Amount Unlimited Marital Deduction Installment Payment of Estate Taxes Private Annuities Installment Sale to Family Member Self-Canceling Installment Notes Irrevocable Life Insurance Trust Special Valuation of Farms and Businesses - §2032A Crummey Trusts Charitable Remainder Trusts Minor Trusts Family Limited Partnerships Grantor Retained Income Trusts Qualified Personal Residence Trusts (QPRTs) Grantor Retained Annuity Trusts (GRATs) Grantor Retained Unitrusts (GRUTs) Buy-Sell Agreements Glossary |