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Course Details

Estate Planning with Selected Issues from a Tax Perspective (Course Id 123)

Updated / QAS / Registry / EA   Add to Cart 
Author : Danny C Santucci, JD
Status : Production
CPE Credits : 21.0
IRS Credits : 21
Price : $154.95
Passing Score : 70%
Primary Subject-Field Of Study:

Taxes - Taxation for Course Id 123

Description :

This exceptional course surveys wills, living trusts, gifts, marital property, and probate avoidance. Will and trust forms are explored along with living wills, durable powers of attorney, and nominations of conservator. Designed to eliminate estate problems and death taxes, the emphasis is on practical solutions that are cost effective.

Usage Rank : 0
Release : 2017
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 : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 23-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 - 123

Keywords : Taxes, Estate, Planning, Selected, Issues, from, Tax, Perspective, cpe, cpa, online course
Learning Objectives :
    To view Learning Objectives, please Click here.
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

Alternative 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 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

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

Trustees Acceptance

Factors for Corporate Trustees  4-26

Factors for Individual Trustees  4-26

Individual Trustee Factors

Trust Termination Clause

Chapter 5 - Entities & Title

Basic Entity Formats

Individual & Sole Proprietorship

Marital Property

Timing & Domicile

Corporate

Categories of C Corporations

Personal Holding Company - 541

Attribution Rules

Penalty Tax

Regular C Corporation

No Pass Through

Getting Money Out of the C Corporation

Passive Loss Restrictions

Partnership vs. Corporation

Personal Service Corporation - 269A

S Corporation - 1361

Minors as Shareholders

Bequests & Estate Ownership

Trusts as Shareholders

S Corporation Assets

Built-In Gains Tax - 1374

Incorporation of a Farm

Land Partnership Advantage

Leasebacks

Trusts

Title Holding

Business Trusts

Co-Tenancy

Taxation

Percentage Interests

Partition

Partnership

Partnership Taxation

Allocation of Income & Deduction

Partnership Recapitalization

Two Class Format

Valuation

Guaranteed Payment

Control & Management

Estate Issues

Family Partnerships

Estate Savings

Income Tax Savings

Family Partnership Requirements

Recognizing a Partner

Control

Transferability

Donee as a Partner

Trusts as Partners

Minor as a Partner

Purchased Interests

Capital Interest in the Partnership

Capital as a Material Income-Producing Item

Source of Capital

Family Partnerships Not Within 704(e)

Real Estate Family Partnerships

Business Family Partnerships

Structuring the Family Partnership

Limited Liability Company

Outside Basis & Debt Share Advantage

Substantial Economic Effect Rules

Discharge of Indebtedness Income

Suggested Uses

Professional Firms

Joint Ventures

Substitute for Family Limited Partnership

Retirement Plan

Employer Costs

Profit Sharing Plan

Money Purchase Pension Plan

Defined Benefit Pension Plan

Custodianship

Estate

Chapter 6 - Life Insurance, Annuities & Buy-Sell Agreements

Purpose

Tax Overview

Income Tax

Transfer for Value Rule

Employee Death Benefit - 101(b) (Repealed)

Premiums

Lifetime Benefits

Section 72

Estate Taxes - 2042 & 2035(a)

Ownership

Gift Taxes

Community Property Gift Danger

Types of Life Insurance

Term Insurance

Whole Life (Permanent) Insurance

Straight Life v. Limited Payment

Modified v. Preferred

Endowment Insurance

Universal Life

Charges

Premium Payment

Variable life

Investment Accounts

Taxation

Survivor Life

Single Premium Whole Life

Dividends

Life Insurance Trust

Considerations

Annuities

Deferred Annuity

Private Annuity

Unsecured Promise

Regulations Restrict Private Annuity Income

Buy-Sell Agreements

Definition

Contractual Format

Funding

Life Insurance Funding

Term vs. Whole Life

Policy Ownership & Premium Payment

Entity & Cross Purchase Agreements

Tax Consequences - Cross Purchase Agreements

Non-Deductible Premiums

No Dividend Danger

Tax Consequences - Entity Purchase Agreements

Non-Deductible Premiums

Dividend Danger - 302

Exception to Dividend Treatment

Constructive Ownership (Attribution) Rules

Estate/Beneficiary Rule

Family/Trust/Corporation Rule

No Gain on Sale

Estate Tax Valuation

Using the Buy-Sell Agreement to Set Value

Enforcement of Contract Price

Purchase Price & Terms

Valuation

Community Property

Professional Corporations

Marketability Problems

Controlled Disposition

S Corporations

Sole Shareholder Planning

Complete Liquidations

Alternative Dispositions

Use of Life Insurance

Estate Valuation

One-Way Buy-Outs

Chapter 7 - Special Business Issues

Business Valuation

Relevant Facts

Revenue Ruling 59-60

Tangible Assets

Special Real Estate Election - 2032A

Limitations

Related Party Cash Lease

Intangible Assets & Goodwill

R.R. 68-609

Qualified Family-Owned Businesses - 2057 (Repealed)

Deduction Amount

Definitions

Requirements

Material Participation

Determining 50+% of AGE

Interests Acquired From the Decedent

Recapture

Trade or Business Requirement

Sunset Provision

Land Subject To Conservation Easement - 2032A(c)(8)

Family Member

Indirect Ownership of Land

Qualified Conservation Easement

Qualified Real Property Interest

Qualified Organization

Conservation Purpose

No Additional Income Tax Deduction

Valuation Discounts

Minority Interests

Special Valuation Plus Minority Discount

Fractional Interests

Lack of Marketability

Swing Vote Premium

Buy-Sell Agreements

Redemptions Under 303

Requirements

Corporate Accumulation For 303 Redemption

Accumulation in Anticipation of Shareholders Death

Death of a Spouse

Bypass Trust

Lifetime Dispositions

Stock Redemptions Under 302

Substantially Disproportionate Redemption - 80/50 Rule

Redemptions Not Essentially Equivalent to a Dividend

Complete Redemptions

Constructive Ownership - 318

Double Attribution

Stock Attribution in Complete Redemptions

Stock Recapitalization

Section 306 Taint

Deferred Compensation Agreements

Chapter 8 - Estate Freeze Rules

Application

Corporations & Partnerships - 2701

Definitions

Member of the Family

Applicable Family Member

Applicable Retained Interest

Control

Exceptions To 2701

Zero Value Rule

Qualified Payment Exception to Zero Value Rule

Valuation of Qualified Payments - Lowest Value Rule

Cumulative but Unpaid Distributions - Compounding Rules

Taxable Events

Amount of Increase

Limitation

Applicable Percentage

Transfer Tax Adjustment

Election into Qualified Payment Treatment

Election Out of Qualified Payment Treatment

Minimum Valuation of a Junior Interest

Definitions

Junior Equity Interest

Equity Interest

Value of Other Rights

Capital Contributions, Redemptions, & Recapitalizations

Attribution Rules

Corporation

Partnership

Estate & Trust

Siblings & Lineal Descendants

Transfer Tax Adjustments

Splitting Retained Interests

Subtraction Method

Three Step Computation

Valuation Adjustment

Transfers of Interests in Trust - 2702

Definitions

Applicable Family Member

Member of the Family

Transfer in Trust

Term Interest

Retained

Zero Value Rule

Qualified Interest

Exceptions to 2702

Incompleted Gift

Term Interests

Successive v. Concurrent

Leasehold

Joint Purchases

Term Interests in Tangible Property

Transfers of Interest in Portion of Trust

Buy-Sell Agreements & Options - 2703

Exceptions to 2703

Arms Length Bargain

Substantial Modifications

Exceptions

Lapsing Rights & Restrictions - 2704

Definitions

Member of the Family

Lapse

Voting Right

Liquidation Right

Control

Amount of Transfer

Restrictions on Liquidations Disregarded

Attribution Rules

Chapter 9 - Elderly & Disabled Planning

Managing the Estate

Joint Tenancy

Conservatorship

Durable Power

Revocable Living Trust

Catastrophic illness

Medicare

Medicaid

Countable Assets

Non-Countable Assets

Personal Residence

Gifting the Residence - General Rule

Exceptions

Inaccessible Assets

Gifts

Spousal Transfers

Spousal Allowance

Medicaid Trusts

Limited Trust Exceptions

Criminalization of Medicaid Asset Transfers

Private Insurance

Health Care Decisions

Supplemental Security Income

Income

Unearned Income

Earned Income

Exempt Income

Assets

Countable Assets

Non-Countable Assets

Disability Benefits

Blind

Kidney Disease

AIDS

Chapter 10 - 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 - 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

Definitions

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 Property Not Subject to Claims

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

Contributions

Statute of Limitations

Accounting Methods

Taxable Year

Double, Split & Solo Deductions

Decedents 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 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

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

Appendix A - Sample Revocable Living A-B Trust Agreement

A. RIGHT TO ADD PROPERTY TO TRUST

B. RIGHT TO AMEND OR REVOKE TRUST

C. RIGHT TO DIRECT TRUSTEE RE INVESTMENTS, ETC

A. DURING THE JOINT LIFETIMES OF BOTH TRUSTORS.

B. UPON THE DEATH OF EITHER TRUSTOR SURVIVED BY THE OTHER.

C. SIMULTANEOUS DEATH OF BOTH TRUSTORS

D. TERMINATION OF TRUST

E. CONTEST OF TRUST

A. GENERAL POWERS

B. NO PHYSICAL DIVISION REQUIRED

C. PAYMENTS TO MINORS OR INCOMPETENTS

D. ADDITION OF ASSETS TO TRUST

E. RETENTION OF ASSETS

F. TRANSACTIONS WITH ESTATE OF TRUSTOR

G. LOANS TO TRUST ESTATE

H. ENUMERATION OF POWERS NOT LIMITATION

I. PURCHASE OF TREASURY BONDS

J. POWERS CONSISTENT WITH MARITAL DEDUCTION

Appendix B - Family Limited Partnership Agreement

Appendix C - Buy & Sell Agreement

Appendix D - Care Documents

GUIDELINES AND DIRECTIVE

GUIDELINES FOR SIGNERS

SUMMARY AND GUIDELINES FOR PHYSICIANS

INTRODUCTION

SIGNATURE AND WITNESSES

EFFECT OF A DIRECTIVE

REVOCATION

OTHER RIGHTS

PRECAUTIONS

SUMMARY

Recording Requested By:

When Recorded Return To:

RECORDING REQUESTED BY

AND WHEN RECORDED MAIL TO

WARNING TO PERSON EXECUTING THIS DOCUMENT*

STATEMENT OF WITNESSES

REQUIREMENTS

RECORDING REQUESTED BY

AND WHEN RECORDED MAIL TO

 

Glossary

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