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Estate Tax Planning - v09 (Course Id 1491)

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Author : Paul Winn, CLU, ChFC
Status : Production
CPE Credits : 5.0
IRS Credits : 5
Price : $44.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1491

Description :

Estate Tax Planning examines the various aspects of planning for the estate tax liability.  The course begins with a discussion of the genesis of estate taxation in English common law and continues with an examination of the estate and its administration. 

The subjects discussed in the course are a) the estate and its administration, b) federal gift and estate taxes, c) common estate planning trusts, d) calculating federal estate taxes, e) state inheritance and estate taxation, and f) estate tax payment. The text serves as an introduction to the issues of estate settlement and includes a discussion of the probate estate and the federal gross estate.

The steps taken to calculate federal estate tax liability are discussed. In that discussion, the federal gross estate, tentative taxable estate, taxable estate and tentative tax are examined. The various estate tax credits and deductions are considered and their place in the federal estate tax calculation is explained.

The role of trusts in estate tax minimization is considered. The common trusts employed in estate tax planning are explained, and the uses of credit shelter trusts, QTIP trusts and irrevocable life insurance trusts are demonstrated. State death taxes are considered, and inheritance taxes are compared to estate taxes with respect to the party liable for payment and the role of decedent/beneficiary relationships in inheritance taxation. Finally, the traditional sources of estate tax payment are examined and compared.

Usage Rank : 0
Release : 2019
Version : 1.0
Prerequisites : None.
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 : 04-Jun-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 - 1491

Keywords : Taxes, Estate, Tax, Planning, v09, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you should be able to:
  • Explain the differences between an estate for tax purposes and a probate estate;
  • Identify the assets that comprise the federal gross estate;
  • Compare state inheritance taxes and estate taxes and the typical beneficiary classifications for state inheritance tax purposes;
  • Explain how gifts are taxed under the federal gift tax system;
  • List the deductions and credits allowed under the federal system of estate taxation;
  • Describe the common trusts employed in estate tax planning;
  • Perform an estate tax calculation; and
  • Identify the methods of estate tax payment and their cost consequences.

Chapter 1
The Estate and Its Administration

Upon completion of this chapter, you should be able to:
  • Explain the differences between the probate estate and the federal gross estate;
  • Identify the components of a decedentís probate estate;
  • Describe the assets that comprise a decedentís federal gross estate; and
  • Explain the duties of an executor or administrator of a decedentís estate.

    Chapter 2
    Federal Gift and Estate Taxes

    Upon completion of this chapter, you should be able to:
    • Identify the principal estate tax provisions of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Act) and the American Taxpayer Relief Act of 2012 (2012 Tax Act);
    • Describe how the current annual gift tax exclusion permits the tax-free transfer of property ownership;
    • List the deductions allowed in calculating the federal estate tax liability;
    • Define the estate tax unified credit and its exemption equivalent; and
    • Explain how the portability provision operates to reduce federal estate tax liability.

    Chapter 3
    Common Estate Planning Trusts

    Upon completion of this chapter, you should be able to:
    • Describe how a credit shelter trust works to reduce federal estate tax liability in suitable estates;
    • List the client estate planning objectives met through a qualified terminable interest (QTIP) trust; and
    • Explain how an irrevocable life insurance trust (ILIT) facilitates the use of life insurance to pay estate tax and settlement costs without increasing the federal gross estate.

    Chapter 4
    Calculating Federal Estate Taxes

    Upon completion of this chapter, you should be able to:
    • Identify the components of the federal gross estate;
    • List the deductions that may be taken from the federal gross estate to arrive at the tentative taxable estate;
    • Explain how state estate taxes are accounted for in calculating the federal estate tax liability;
    • Calculate the value of adjusted taxable gifts that must be added to a decedentís taxable estate;
    • Describe the use of the estate tax unified credit, the credit on prior transfers and the foreign death tax credit in determining federal estate tax liability; and
    • Calculate the federal estate tax liability under various estate tax fact patterns.

    Chapter 5
    State Death Taxes

    Upon completion of this chapter, you should be able to:
    • Describe the principal differences between state estate taxes and inheritance taxes;
    • Identify the factors that affect the amount of state inheritance tax liability; and
    • Explain how the familial relationship of a beneficiary to a decedent determines the applicable inheritance tax class.

    Chapter 6
    Estate Tax Payment

    Upon completion of this chapter, you should be able to:
    • Describe the four methods generally available for payment of estate settlement costs;
    • Identify the factors that need to be considered when evaluating the relative effectiveness of the various methods of paying estate settlement costs;
    • Determine the parties that should normally own life insurance when designed to be used solely to pay estate settlement costs; and
    • Explain how life insurance death benefit proceeds payable to an irrevocable life insurance trust are used by a decedentís estate to pay estate taxes and settlement costs.
  • Course Contents :

    Course Learning Objectives

    Introduction to the Course

    Chapter 1 - The Estate and Its Administration

    Chapter Learning Objectives

    Introduction

    The Probate Estate

    The Federal Gross Estate

    Property Owned at Death

    Property in Which Decedent Had Incidents of Ownership

    Life Insurance Proceeds

    The Executor and Administrator

    Summary

    Chapter Review

    Chapter 2 - Federal Gift and Estate Taxes

    Chapter Learning Objectives

    Introduction

    Economic Growth and Tax Relief Reconciliation Act

    2010 Tax Act

    2012 Tax Act

    2017 Tax Act

    Annual Gift Tax Exclusion

    Estate Tax Deductions

    Estate Tax Credits

    Estate Tax Portability Provision

    Summary

    Chapter Review

    Chapter 3 - Common Estate Planning Trusts

    Chapter Learning Objectives

    Introduction

    Credit Shelter Trust

    Credit Shelter Trusts vs. Portability

    QTIP Trust

    Irrevocable Life Insurance Trust

    Operation of an ILIT

    Funding the ILIT

    Summary

    Chapter Review

    Chapter 4 - Calculating Federal Estate Taxes

    Chapter Learning Objectives

    Introduction

    Estate Tax Calculation

    The Gross Estate

    The Tentative Taxable Estate

    State Taxes Imposed at Death

    Adjusted Taxable Gifts Added to Taxable Estate

    The Tentative Estate Tax

    The Tax Credits

    Hypothetical Clients - Calculating the Estate Tax Liability

    Client #1 - George and Sheila Edwards

    Client #2 Ė Bill and Lori Bell

    Summary

    Chapter Review

    Chapter 5 - State Death Taxes

    Chapter Learning Objectives

    Introduction

    Estate Taxation

    Inheritance Taxation

    Summary

    Chapter Review

    Chapter 6 - Estate Tax Payment

    Chapter Learning Objectives

    Introduction

    Paying Estate Taxes and Settlement Costs

    Use of Liquid Estate Assets

    Selling Illiquid Estate Assets

    Borrowing to Pay Taxes

    Using Life Insurance Death Benefits to Pay Taxes

    Summary

    Chapter Review

    References

    Glossary

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