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Course Details

Estate Planning Essentials - v13 (Course Id 1412)

Updated / QAS / Registry / EA
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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 :
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.

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 recognizing the importance of well-drafted legal documents and specify the key team participants including their roles in the 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 identify 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 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.

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 citing the 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 specifying 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
    * 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
Learning Objectives:

       After reading Chapter 5, participants will be able to:
    1. Identify tax and legal title formats naming differences among these entity formats by:
      a. Specifying the advantages and disadvantages of holding property individually and through a sole proprietorship or a corporation stating how to avoid associated title pitfalls;
      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.
    2. Determine S corporation rules stating tax advantages and disadvantages and also specify disadvantages and advantages of incorporating a farm.
    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



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

Alternate 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 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



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

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


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


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


Statute of Limitations

Accounting Methods

Taxable Year

Double, Split & Solo Deductions

Decedent’s 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 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



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



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