|Author :||Danny C Santucci, JD|
|CPE Credits :||10.5|
|IRS Credits :||10|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Taxes - Taxes for Course Id 1412
"Just the facts ma'am; 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. 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|
|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 :||23-Oct-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 - 1412
|Keywords :||Taxes, Estate, Planning, Essentials, v09, 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 SUBJECT
Chapter 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
After reading Chapter 1, participants will be able to:
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 identify estate-planning facts.
Chapter 2 Estate & Gift Taxes
At the start of Chapter 2, participants should identify the following topics for study:
* 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
After reading Chapter 2, participants will be able to:
2. Determine what constitutes a taxable estate under §2501 specifying 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 stating their tax advantages and disadvantages.
4. Determine the value of a decedent’s assets using permitted elections, recognize the use of Form 706 to pay any estate tax due, select the tax basis of estate assets stating how common transactions affect property basis under §1014.
5. Recall the advantages of gift planning including estate reduction recognizing 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 specifying factors to consider when gifting, and recognize the use of 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:
* 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
After reading Chapter 3, participants will be able to:
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:
* 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
After reading Chapter 4, participants will be able to:
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:
* Federal returns
* Decedent’s estate tax
* Preparation of Form 706
* Estate income tax return
* Filing requirements of decedent’s final income tax return
* Included income
* Exemptions & deductions
* Filing the gift tax return
* Special applications & traps of the gift tax return
After reading Chapter 5, participants will be able to:
b. Selecting primary groups of C corporations specifying the estate-planning problems associated with each; and
c. Recalling the advantages that partnerships can have over corporations.
3. Identify title holding benefits of trusts, co-tenancy, partnerships, and limited liability companies and the tax characteristics of each.
4. Specify types of retirement plans used to provide lifetime benefits to a business owner and to employees, identify how title can be held on behalf of minors and the tax treatment of custodianships, and recall the tax treatment of a probate estate.
|Course Contents :||
Chapter 1 -
Chapter 2 -
Alternate Valuation - §2032
Chapter 3 -
Chapter 4 -
Chapter 5 -