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Course Details

Estate Planning Essentials (Course Id 210)

Updated / QAS / Registry / EA
Author : Danny C Santucci, JD
Status : Production
CPE Credits : 16.0
IRS Credits : 16
Price : $125.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 210

Description :

Just the facts; just the estate planning facts. Designed to give a quick overview of estate planning essentials, this course surveys wills, living trusts, gifts, marital property, and probate avoidance with an Internet flair. Will and trust types are examined in the context of general estate and gift taxation. Designed to eliminate estate problems and death taxes, the emphasis is on practical solutions that are cost effective. Talk about having it all in an overview course - there is even a quick review of immediate postmortem death tax planning and filling out the Form 706.

Usage Rank : 0
Release : 2017
Version : 999
Prerequisites : General understanding of federal income taxation.
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 : 09-Oct-2017
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 - 210

Keywords : Taxes, Estate, Planning, Essentials, 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.

Chapter 1 Estate Planning

At the start of Chapter 1, participants should identify the following topics for study:

    * Build, preserve & distribute
    * Legal documents
    * Estate planning team
    * Estate administration
    * Transfers within probate
    * Transfers outside probate
    * Transfers using a trust
    * Special planning tools
    * Facts
Learning Objectives:

After reading Chapter 1, participants will be able to:
    1. Identify basic estate planning elements noting the importance of well-drafted legal documents and specify the key team participants including their roles in estate planning process.
    2. Determine the major steps in the probate process, identify ways to make transfers outside the probate system including the use of a trust, specify estate tax techniques that save death taxes while retaining maximum control, and select categories estate-planning facts.

Chapter 2 Estate & Gift Taxes

At the start of Chapter 2, participants should identify the following topics for study:

    * Taxable estate
    * IRS valuation
    * Estate tax return & payment
    * Tax basis for estate assets
    * Generation-skipping transfer tax
    * Application of gift taxes and valuation
    * Gift tax annual exclusion
    * Gift tax marital and charitable deductions
    * Gift tax advantages and disadvantages
    * Shifting income & gain
Learning Objectives:

After reading Chapter 2, participants will be able to:
    1. Identify potential death taxes including federal estate tax as it applies to various size estates, specify the principal taxes that impact death taxation, and determine the expiration of the death tax credit.
    2. Determine what constitutes a taxable estate under 2501 noting what assets are included in a gross estate using basic categories of property and transfers.
    3. Specify estate deductions allowed under federal estate tax law noting their tax advantages and disadvantages.
    4. Determine the value a decedents assets using permitted elections, recognize the use of the Form 706 to pay any estate tax due, select the tax basis of estate assets noting how common transactions affect property basis under 1014.
    5. Recall the advantages of gift planning including estate reduction noting the impact of the GST, specify the steps to compute gift tax identifying the gift tax exclusion amount, and determine the value of gifts including those that are split.
    6. Identify the various gift tax exclusions, specify the tax treatment of below-market loans, recall the gift tax marital deduction requirements, determine the tax consequences of giving various assets noting factors to consider when gifting, and recognize the use of the Form 709 to compute and pay federal gift tax.

Chapter 3 Wills & Probate

At the start of Chapter 3, participants should identify the following topics for study:

    * Provisions of wills
    * Requirements of wills
    * Executors and guardians
    * Types of wills
    * Title implications
    * Changes to a will
    * Advantages of a will
    * Simple will
    * Probate pros and cons
    * Probate avoidance
Learning Objectives:

After reading Chapter 3, participants will be able to:
    1. Specify types of wills noting functions a will can perform, identify types of bequests, determine the duties of executors and guardians, and recall ways to hold title and their tax ramifications.
    2. Identify advantages of a properly drafted will, determine the distribution flow of simple wills, and specify the pros and cons of probate proceedings.

Chapter 4 Trusts

At the start of Chapter 4, participants should identify the following topics for study:

    * Purpose of trusts
    * Common elements of trusts
    * Types of trusts
    * Living trusts
    * Income tax & trusts
    * Gift tax & trusts
    * Estate tax & trusts
    * Identification, recital & property transfer clauses
    * Income and principal & revocation and amendment clauses
    * Trustee & trust termination clauses
Learning Objectives:

After reading Chapter 4, participants will be able to:
    1. Identify the relationship of parties in a trust, reasons to establish a trust, and types of trusts noting their estate planning function.
    2. Specify recommended living trust provisions, identify the application of gift and income tax including the use of a grantor trust and an unlimited marital deduction, and determine what constitutes an A-B and A-B-C trust format.

Chapter 5 Post-Mortem Planning & Tax Return Requirements

At the start of Chapter 5, participants should identify the following topics for study:

    * After death planning
    * Federal returns
    * Decedents estate tax
    * Preparation of the Form 706
    * Estate income tax return
    * Filing requirements of decedents final income tax return
    * Included income
    * Exemptions & deductions
    * Filing the gift tax return
    * Special applications & traps of the gift tax return
Learning Objectives:

After reading Chapter 5, participants will be able to:
    1. Determine post-mortem estate planning action in the face of funeral and administrative expenses using elections and disclaimers.
    2. Cite the due dates of post-mortem federal forms, specify the filing requirements of a decedents estate tax return, and identify exceptions to the general rule of estate tax payment.
    3. Determine the processes and procedures necessary in preparation and filing of the Form 706.
    4. Identify the filing requirements for estate income tax and decedents final income tax returns by:
      a. Determining the estate income tax under available tax accounting methods and tax years; and
      b. Specify the use of Form 1310 for a decedent or a joint return for a decedent and their surviving spouse.
    5. Determine total income be included on the decedents final income tax return using available exemptions or deductions.
    6. Identify how to avoid penalties when filing a gift tax return, recognize gift splitting to reduce gift taxes, and recall special gift applications and traps noting ways to avoid their tax consequences.

Chapter 6 Estate Planning & the Internet

At the start of Chapter 6, participants should identify the following topics for study:

    * Internet tax research
    * Strengths & weaknesses of Web research
    * Law libraries & site lists
    * Existing law
    * Proposed law
    * Articles, commentaries & treatises
    * Developments & newsletters
    * Tax forms
    * Administrative agencies
    * Search sites
Learning Objectives:

After reading Chapter 6, participants will be able to:
    1. Identify how the Internet is changing the tax profession, recognize the evolution of the Internet noting its main contributors and influential organizations, and determine the distinction between the Internet and the World Wide Web.
    2. Recognize how to utilize Internet resources safely and to their fullest by:
      a. Identifying basic parts of an Internet connection and how to optimize the connection;
      b. Determining the various ways to connect to the Internet noting their data speeds;
      c. Specifying what browser software allows users to do and how a browser retrieves Web documents or pages;
      d. Identifying basic browser features to improve Web surfing.
    3. Determine how to use the World Wide Web by typing a URL into the address bar, sending and receiving e-mail using appropriate e-mail etiquette, subscribing to a mailing list or a newsgroup, improving Internet performance, and identifying the purpose for each part of an Internet address.
    4. Identify the strengths and weaknesses of the Web as they apply to researching tax issues, and select legal and tax resources on the Web using various online law libraries and site lists.
    5. Recognize reliable and trusted websites to obtain primary and commentary tax information on:
      a. Federal and State tax statutes and case law,
      b. Tax articles, commentaries and treatises,
      c. Current developments, legislation and newsletters, and
      d. Tax discussion forums and newsgroups.
    6. Choose federal tax forms using IRS websites, determine how to refine searches on search sites using specialize (Boolean) tools, and identify all-in-one sites for case, legislation and regulation search.
Course Contents :

Chapter 1 - Estate Planning

Build, Preserve & Distribute

Legal Documents

Estate Planning Team



Insurance Agents

Financial Planner

Estate Administration

Probate Court


Internal Revenue Service (IRS)


Family Members

Things to Be Done When Death Occurs

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


Payable on Death Accounts (POD)

Transfers Using a Trust

Special Planning Tools


Annual Gift Tax Exclusion

Applicable Exclusion Amount

Spousal Portability of Unused Exemption Amount

2010 Special Election

Unlimited Marital Deduction

Family Business Deduction - Expired

Installment Payment of Estate Taxes - 6166

Private Annuities

Regs Restrict Private Annuity Tax Benefits

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

Estate Planning Facts





Existing Estate Plan

Chapter 2 - Estate & Gift Taxes

Federal Estate Tax

Changing Legislative Landscape

Spousal Portability of Unused Exemption Amount - 2010(c)(2)

Persons Subject to Federal Estate Tax

Applicable Exclusion Amount, Basic Computation & Rates

Progressive or Flat Rate

2010 Special Election

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


Net Value Rule

Non-Citizen Spouse

Qualified Domestic Trust

Gifts to Non-Citizen Spouses


IRS Valuation Explanation - 7517

Alternative Valuation - 2032

Special Valuation - 2032A

Estate Tax Return & Payment - 6018

Installment Payment of Federal Estate Taxes - 6166


Eligibility & Court Supervision

Closely Held Business

Acceleration of Payment

Flower Bonds

Tax Basis for Estate Assets - 1014

Community Property Cost Basis

Basis of Property Under the 2010 Special Election

Property to Which the Modified Carryover Basis Rules Apply

Limited Basis Increase for Certain Property

GST Tax - 2601

Predeceased Parent Exception



Retroactive Allocation

Gift Taxes - 2501 to 2524

Gift Tax Computation

Calculation Steps

Applicable Exclusion


Entity Rule


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

No Gift Tax

Gifts within 3 Years of Death

Uniform Gifts to Minors Act

Exception for Minors 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

Includibility 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 - Wills & Probate

What Is A Will?

Provisions & Requirements

Specific & General Bequests

Residual Bequests

Conditional Bequests



Types of Wills

Title Implications


Joint Tenancy

Tenants in Common

Tenants by the Entirety

Community Property

Tax Basis Advantage

Untitled Assets

Changes to a Will

Advantages of a Will

Intestate Succession

Periodic Review

Continuing Business Operations

Simple Will




Probate Avoidance

Joint Tenancy

Community Property

Totten Trust Accounts

Life Insurance & Employee Benefits

Living Trusts

Chapter 4 - Trusts

What is a Trust?

Why a Trust?

Types of Trusts

Common Elements

Revocable Trust

Irrevocable Trusts

Testamentary Trust

Foreign Trusts - 679

Family Trusts

Medicaid Trust

Living Trust


Advantages of a Living Trust



Pour-Over Will

Trust Taxation

Income Tax

Grantor Trusts - 671 to 678

Grantor Retained Income Trust

Revocable Trusts Included in Estate - 646 & 2652(b)(1)

Election for Income Tax Purposes

Irrevocable Trust Taxation

Throwback Rules

Capital Gains

Deduction of Estate Planning Expenses

Deductibility of Death Expenses

Gift Tax

Estate Tax

Unlimited Marital Deduction

Outright to Spouse

Marital Deduction Trust

Qualified Terminable Interest Property (QTIP) Trust

A-B Format

A-B-C (QTIP) Format

Valuation & Tax Basis

Alternate Valuation

Fundamental Provisions - Revocable Living Trust

Identification Clause

Recital Clause

Property Transfer Clause

Income & Principal Clause

Revocation & Amendment Clause

Trustee Clause

Trustees Acceptance

Choice of a Trustee

Factors for Corporate Trustees

Factors for Individual Trustees

Trust Termination Clause

Chapter 5 - Post-Mortem Planning & Tax Return Requirements

After Death Planning

Alternate Valuation Election

Special Use Valuation

Election to Defer Payment

Final Medical Expenses

Administration Expenses

QTIP Election


Federal Returns

Form 1040 - Decedents Income Tax

Form 1041 - Estates Income Tax

Form 706 - Decedents Estate Tax

Carryover Basis Election & Information Return For 2010

Decedents Estate Tax - Form 706

Filing Requirements

Paying the Estate Tax

Section 6161

Section 6166

Section 6163

Overview of the Form 706


Preparing the Form 706

Form 706, Part 1, Page 1 - Decedent & Executor

Form 706, Part 3, Page 2 - Elections by the Executor

Form 706, Part 4, Pages 2 & 3 - General Information

Schedule A, Page 4 - Real Estate

Schedule A-1, Pages 5 thru 8 - Section 2032A Valuation

Schedule B, Page 9 - Stocks and Bonds

Schedule C, Page 10 - Mortgages, Notes, and Cash

Schedule D, Page 11 - Insurance on Decedents Life

Schedule E, Page 12 - Jointly Owned Property

Schedule F, Page 13  - Other Miscellaneous Property

Schedule G, Page 14 - Transfers During Decedents Life

Schedule H, Page 14 - Powers of Appointment

Schedule I, Page 15 - Annuities

Schedule J, Page 16 - Funeral and Administration Expenses

Schedule K, Page 17 - Debts of Decedent, and Mortgages and Liens

Schedule L, Page 18 - Net Losses during Administration and Expenses Incurred in Administering Claims  5-17

Schedule M, Page 19 - Bequests to Surviving Spouse

Schedule O, Page 20 - Charitable Gifts and Bequests

Schedule P, Page 21 - Credit for Foreign Death Taxes

Schedule Q, Page 21 - Credit for Tax on Prior Transfers

Schedules R & R-1, Pages 22 thru 26 - Generation Skipping Transfer Tax

Old Schedule T Gone - Qualified Family-Owned Business Interest

Schedule U, Pages 27 & 28 - Qualified Conservation Easement Exclusion

Form 706, Part 5, Page 3 - Recapitulation

Form 706, Part 2, Page 1 - Tax Computation

Discharge from Personal Liability

Estate Income Tax Return - Form 1041

Filing Requirements

Schedule K-1

Tax Computation

Exemption Deduction


Statute of Limitations

Accounting Methods

Taxable Year

Double, Split & Solo Deductions

Decedents Final Income Tax Return - Form 1040

Preceding Year Return

Filing Requirements


Form 1310

Joint Return with Surviving Spouse

Request for Prompt Assessment

Included Income

Partnership Income

S Corporation Income

Self-Employment Income

Community Income

Interest & Dividend Income

Exemptions & Deductions

Medical Expenses

Election for Decedents Expenses

Making the Election

AGI Limit

Medical Expenses Not Paid By Estate

Insurance Reimbursements

Deduction for Losses

At-Risk Loss Limits

Passive Activity Rules

Gift Tax Return - Form 709



Extension of Time to File

Extension of Time to Pay

Split Gifts

Special Applications & Traps

Bargain Sales

Below Market Loans


Net Gifts

Promises to Make a Gift


Stock Certificates

Promissory Notes

Powers of Appointment

Chapter 6 - Estate Planning & the Internet

Estate Planning as a Universal

The Internet & Estate Planning

Internet Tax Research - An Overview

Internet Evolution & Revolution

Internet & World Wide Web

Connecting to the Internet


Phone Modem Optimizing

Cable Modems

Computer Monitor



Microsoft Explorer (Edge) & Others

A Short Course on Browsers

Surfing (and Sometimes Crawling On) the Net

Internet Addresses


Privacy & Security

E-Mail Addresses

Mailing Lists


Accountant Forums

E-Mail Addresses

E-Mail Etiquette

Speeding up the Internet

Start with a Blank Home Page

Using Multiple Windows

Strengths & Weaknesses of Web Research

History vs. News

Statutes & Regulations

Its Unofficial

Pros & Cons of Free Service

Law Libraries & Site Lists

Cornell Law School - Federal & State

Duke University Law - Federal & State

Georgetown University Law School - Federal

University of Iowa - Federal & State

Tax Sites Guide - Federal & State

Tax Planning Resources

Existing Law

Current Federal Tax Law

Internal Revenue Code

Treasury Regulations

Federal Register

Internal Revenue Bulletin & Private Letter Rulings

Federal Cases

U. S. Supreme Court Decisions (running from 1990)

Federal Courts of Appeals Decisions

Current California Law

California Statutes

California Case Law

Proposed Law

Pending Federal Law


E-Mail Your Senator/Representative

Pending California Law

California State Senate & Assembly

Contacting Your California State Representative

Articles, Commentaries & Treatises

Havens Legal Research for Estate Planners - Articles

Accounting Today Articles for Advisors

Developments & Newsletters

The Tax Prophet

Tax Tips & Facts


Newsgroups & Usenet

Tax Forms

Federal Tax Forms & Publications

California Tax Forms & Publications

Administrative Agencies


Franchise Tax Board

Search Sites

All-In-One Sites

Case, Legislation & Regulation Search

Appendix A - Bookmarks

Expanded List of Web Sites

Tax - The Ransom for Civilization

Accountant & Attorney Locators - Tax

Accounting & Legal Associations

Applicable Federal Rates






Code - Federal


Congressional Bills & Acts

Congressional Committees

Congressional Publications

Continuing Professional Education (CPE)

Courts & Cases

Circuit Courts of Appeal Cases

Court of Federal Claims Cases


Supreme Court Cases

Tax Court Cases

Divorce & Family Taxation

Employee_Independent Contractor

Estate Tax Law & Planning




Federal Register

Foreign & International



Health Savings Accounts

Investment Taxation


IRS - Announcements   

IRS - Audit Techniques Guides

IRS - Bulletins

IRS - General Interest

IRS - Notices

IRS - PLRs, AOD, etc

IRS - Pronouncements by Year

IRS - Publications

IRS - Revenue Procedures

IRS - Revenue Rulings

IRS Procedures


Links & Sites


Mailing Lists & Discussion Groups - Taxes

News - Taxes

Offers in Compromise & Other Tax Problems

Payroll Taxes

Pending & Recent Legislation

Per Diem Allowances


Rates & Tables


Research - Tax


State Tax Forms

State Taxes

Income Tax

Sales Tax

Tax Free Exchanges

Tax Subscription Services

Valuation - Everything's Price But Nothing's Value



Taxes Course 210 Home: https://www.cpethink.com/tax-cpa-courses
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