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Author: |
Danny C Santucci, JD |
Course Length: |
Pages: 30 ||| Word Count: 13,456 ||| Review Questions: 10 ||| Final Exam Questions: 10 |
CPE Credits: |
2.0 |
IRS Credits: |
2 |
Price: |
$17.95 |
Passing Score: |
70% |
Course Type: |
Text - IRS Enrolled Agents |
Technical Designation: |
Technical |
Field Of Study: |
Taxes |
Approved Audience: |
NASBA QAS - NASBA Registry |
Key Takeaways: |
This mini course surveys estate planning tools including wills, living trusts, gifts, marital property, and probate avoidance.
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Frequently Asked Questions: |
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Description: |
Everyone needs to do estate planning. It is more than just planning for death. Estate planning is designing a program for effective wealth building, preservation, and disposition of property at the minimum possible tax cost. This exceptional mini-course surveys wills, living trusts, gifts, marital property, and probate avoidance. Designed to eliminate estate problems and death taxes, the emphasis is on practical solutions that are cost-effective. The text reviews and explains both federal gift and estate tax systems giving practice pointers and planning observations. |
Usage Rank: |
19615 |
Release: |
2016 |
Version: |
1.0 |
Prerequisites: |
General understanding of federal income taxation. |
Experience Level: |
Overview |
Additional Contents: |
Complete, no additional material needed. |
Additional Links: |
External: What Is Estate Planning?
Internal: Estate Elements & Tools for CPAs
Internal: Practical Tax and Estate Planning (with Business Issues) Mini Course
External: IRS - Estate and Gift Taxes (overview)
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Advance Preparation: |
None. |
Delivery Method: |
QAS Self Study |
Intended Participants: |
Anyone needing Continuing Professional Education (CPE). |
Revision Date: |
28-Apr-2025 |
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. |
Keywords: |
Estate Tools and Trusts - Mini Course - CPE course for CPAs |
Learning Objectives: |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENT
* Legal documents * Estate planning team * Estate administration * Estate planning techniques & devices * Trusts
2. Determine specialized estate planning tools recognizing the use of trusts and identify how such tools save death taxes and transfer wealth while accentuating asset control; 3. Specify recommended trust provisions and requirements identifying how these terms and rules impact estate and trust taxation. |
Course Contents: |
Chapter 1 - Estate Tools and Trusts 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 Some 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 Unlimited Marital Deduction Installment Payment of Estate Taxes - §6166 Private Annuities 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 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 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 Corporate Trustee Factors Individual Trustee Factors Trust Termination Clause Glossary |
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