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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 97 ||| Review Questions: 61 ||| Final Exam Questions: 53 |
| CPE Credits : | 10.5 |
| IRS Credits : | 10 |
| Price : | $93.95 |
| 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 1412 |
| Description : | "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 Form 706. |
| Usage Rank : | 20000 |
| Release : | 2023 |
| 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 : | 06-Nov-2023 |
| 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 - 1412 |
| Keywords : | Taxes, Estate, Planning, Essentials, v13, 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. 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. ASSIGNMENT SUBJECT 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, and 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. ASSIGNMENT SUBJECT 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. ASSIGNMENT SUBJECT 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. ASSIGNMENT SUBJECT 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 - 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 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 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 Family Property Domicile Objectives 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 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 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 Exemption Allocation Retroactive Allocation Gift Taxes - §2501 to §2524 Gift Tax Computation Calculation Steps Applicable Exclusion 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 No Gift Tax 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 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 Executor Guardian Types of Wills Title Implications Individual 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 Advantages Disadvantages 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 Reversion Advantages of a Living Trust Disadvantages Priority 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 Trustee’s 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 Disclaimers Federal Returns Form 1040 - Decedent’s Income Tax Form 1041 - Estate’s Income Tax Form 706 - Decedent’s Estate Tax Carryover Basis Election & Information Return For 2010 Decedent’s Estate Tax - Form 706 Filing Requirements Paying the Estate Tax Section 6161 Section 6166 Section 6163 Overview of the Form 706 Definitions Preparing 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 5 - Real Estate Schedule A-1, Pages 6 thru 9 - Section 2032A Valuation Schedule B, Page 10 - Stocks and Bonds Schedule C, Page 11 - Mortgages, Notes, and Cash Schedule D, Page 12 - Insurance on Decedent’s Life Schedule E, Page 13 - Jointly Owned Property Schedule F, Page 14 - Other Miscellaneous Property Schedule G, Page 15 - Transfers During Decedent’s Life Schedule H, Page 15 - Powers of Appointment Schedule I, Page 16 - Annuities Schedule J, Page 17 - Funeral and Administration Expenses Schedule K, Page 18 - Debts of Decedent, and Mortgages and Liens Schedule L, Page 19 - Net Losses During Administration and Expenses Incurred in Administering Property Not Subject to Claims Schedule M, Page 20 - Bequests to Surviving Spouse Schedule O, Page 21 - Charitable Gifts and Bequests Schedule P, Page 22 - Credit for Foreign Death Taxes Schedule Q, Page 22 - Credit for Tax on Prior Transfers Schedules R & R-1, Pages 23 thru 27 - Generation-Skipping Transfer Tax Old Schedule T Gone - Qualified Family-Owned Business Interest Schedule U, Page 28 - Qualified Conservation Easement Exclusion Form 706, Part 5, Page 3 - Recapitulation Form 706, Part 6, Page 4 - Portability of Deceased Spousal Unused Exclusion (DSUE) Form 706, Part 2, Page 1 - Tax Computation Schedule PC, Pages 29 - 31 - Protective Claim for Refund Discharge from Personal Liability Estate Income Tax Return - Form 1041 Filing Requirements Schedule K-1 Tax Computation Exemption Deduction Contributions Statute of Limitations Accounting Methods Taxable Year Double, Split & Solo Deductions Decedent’s Final Income Tax Return - Form 1040 Preceding Year Return Filing Requirements Refund 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 Decedent’s 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 Penalties Filing Extension of Time to File Extension of Time to Pay Split Gifts Special Applications & Traps Bargain Sales Below Market Loans Exception Net Gifts Promises to Make a Gift Checks Stock Certificates Promissory Notes Powers of Appointment Glossary |
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