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Course Details

Tax, Bankruptcy, and Financial Problems - v14 (Course Id 2386)

New / QAS / Registry / EA
  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 163 ||| Word Count: 94,782 ||| Review Questions: 120 ||| Final Exam Questions: 93
CPE Credits : 18.5
IRS Credits : 18
Price : $128.45
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 2386

Description :

Test the treacherous (and shark-infested) waters of tax, bankruptcy, and financial problems. This course will teach participants how to apply, implement, and evaluate the strategic tax aspects of bankruptcy, property settlements, debt cancellation, and foreclosure. Current perspectives on asset protection, repossession, and bad debts are examined with an emphasis on planning considerations. The cancellation of indebtedness income inclusion rules are examined in the context of debt forgiveness and property foreclosure. Emphasis is given to the exceptions from income inclusion contained in §108. The tax treatment of property repossession under §1038 is explored with detail given to the calculation of gain and received property basis. Finally, eldercare and estate planning are reviewed and detailed.

Usage Rank : 0
Release : 2024
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 : 24-Oct-2024
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 - 2386

Keywords : Taxes, Tax, Bankruptcy, Financial, Problems, v14, 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       SUBJECT
Chapter 1              Bankruptcy

           At the start of Chapter 1, participants should identify the following topics for study:

    * Tax law changes
    * Bankruptcy types
    * Automatic stay
    * Preferences
    * Priorities
    * Debt discharge
    * Individual bankruptcy estate
    * Individual debtor
    * Corporate bankruptcy
    * Homesteading & garnishment
Learning Objectives:

           After reading Chapter 1, participants will be able to:
    1. Determine how the 2005 Bankruptcy Act changed procedures and qualifications, identify the most common bankruptcy types, and specify the rules for automatic stay including their impact on “freezing” creditor activity, tax assessment, and collection.
    2. Identify the differences between preferential and nonpreferential payments specifying the priority of creditor claims, recognize when debt is discharged under various bankruptcy types, and identify how to establish an individual bankruptcy estate.
    3. Recognize partnership bankruptcies, specify debts covered under homesteading, and determine permissible garnishment amounts and special garnishment rules.

As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.

ASSIGNMENT       SUBJECT
Chapter 2              Transfers Incident to Divorce

           At the start of Chapter 2, participants should identify the following topics for study:

    * Property rights
    * Premarital agreements
    * Application of §1041
    * Incident to divorce
    * Property basis
    * Purchases of residence between spouses
    * Purchases of business interests between spouses
    * Selected asset divisions of residence & business interests
    * Real & personal property
    * Pension benefits
Learning Objectives:

           After reading Chapter 2, participants will be able to:
    1. Identify types of marital property and their likely division in marital property settlements and determine the benefits of premarital agreements stating the requirements and permissible provisions.
    2. Specify the position of U.S. v. Davis on interspousal transfers recognizing the changes made by §1041, identify the requirements of §1041 and the scope of its application, and recognize transfers incident to divorce and avoid them when desired.
    3. Determine the application of §1041 to transfers in trust and to third-parties transfers on behalf of a spouse or former spouse, identify the property basis for the transferor & transferee spouse after a property settlement, and specify the application of §1041 assumption liabilities including reporting and notice requirements.
    4. Recall the tax dangers of purchasing a former spouse's interest in property, identify the use of a §121 disposition or a §1031 exchange to dispose of real property received in a §1041 transfer, recognize the methods of dividing business interests in a marital settlement, and determine the post-receipt taxation and protection of assets and payments.
    5. Specify popular methods of dividing retirement benefits in a divorce or separation action identifying the requirements and tax consequences of a “qualified domestic relations order (QDRO), determine the treatment of IRAs at divorce considering the IRA deduction limit and rollovers, and recognize military pensions that may be available to a former spouse.

As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.

ASSIGNMENT       SUBJECT
Chapter 3              Asset Protection

           At the start of Chapter 3, participants should identify the following topics for study:

    * Need for asset protection
    * Types of creditors
    * Fraudulent transfers
    * Preparation for asset protection
    * Types of insurance
    * Buy-sell agreements
    * Individual ownership & corporate ownership
    * Asset protection aspects of trusts
    * Co-tenancy & partnerships
    * Divorce
Learning Objectives:

           After reading Chapter 3, participants will be able to:
    1. Recognize the goals and purposes of asset protection and the objections to it, list reasons for asset protection and situations that can put assets at risk, determine how insurance, asset placement, and statutory protections can achieve asset protection, and identify the types of creditors associated with asset protection.
    2. Determine fraudulent transfers under the Uniform Acts, identify net worth under a balance sheet, and determine asset values in the preparation of a balance sheet.
    3. Identify how insurance and buy-sell agreements can offer asset protection by determining the asset protection elements of homeowner's, automobile, disability insurance, and buy-sell agreements.
    4. Recognize the asset protection advantages and disadvantages of ownership formats and entities citing the use of individual ownership and corporate ownership in an asset protection plan, recognize asset protection elements trusts, specify the types of co-tenancy and their asset protection dangers, and identify the protection provided by marital agreements.

As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.

ASSIGNMENT       SUBJECT
Chapter 4              Medical, Charitable, and Casualty

           At the start of Chapter 4, participants should identify the following topics for study:

    * Medical costs
    * Medical deductions
    * Health savings accounts
    * Accelerated death benefits
    * Charitable contributions of cash
    * Charitable contributions of property
    * Substantiation
    * Pre- & Post-2018 Casualty & theft losses
    * Deductible & nondeductible losses
    * Disaster area losses
Learning Objectives:

           After reading Chapter 4, participants will be able to:
    1. Identify deductible §213 medical care expenses, recognize the potential inclusion of spousal expenses, meals and lodging, cosmetic surgery, and reimburse expenses, and determine what constitutes a health savings account citing the benefits and qualifications of HSAs.
    2. Cite variables that impact the deductibility of §170 charitable contributions recognizing qualified organizations and limitations and identify the types of contributions that can be made, their tax treatment, and substantiation requirements.
    3. Determine what constitutes a §165 casualty or theft and the rules for taking a deduction for all or part of each loss.

As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.

ASSIGNMENT       SUBJECT
Chapter 5              Debt Cancellation & Foreclosure

           At the start of Chapter 5, participants should identify the following topics for study:

    * Income inclusion rule & exceptions
    * Real property business debt exclusion
    * General ordering of tax attribute reduction
    * Basis reduction
    * Individual and partnership bankruptcies
    * Corporate stock-for-debt rule
    * S corporation bankruptcy
    * Reporting
    * Amount realized on the sale or other distribution of property
    * Discounted acquisition of debt
Learning Objectives:

           After reading Chapter 5, participants will be able to:
    1. Recognize the potential income inclusion from cancellation of indebtedness income, and identify exceptions to the general income inclusion rule and their tax effect.
    2. Specify the reduction of tax attributes on cancellation of indebtedness identifying any special basis reduction rules.
    3. Determine gain or loss resulting from foreclosure or repossession including its character and specify the tax danger of acquiring one's own debt at a discount.

As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.

ASSIGNMENT       SUBJECT
Chapter 6              Repossession

           At the start of Chapter 1, participants should identify the following topics for study:

    * Repossession of personal property
    * Non-installment method sales
    * Installment method sales
    * Basis of repossessed personal property
    * Bad debt
    * Repossession of real property
    * Figuring gain on repossession
    * Seller’s former home exception
Learning Objectives:

           After reading Chapter 6, participants will be able to:
    1. Recognize the §1038 repossession rules that apply to a transaction, determining gain or loss resulting from the repossession of sold under the installment and non-installment methods.
    2. Determine the potential gain and tax basis of property repossessed stating applicable limits and key elements.

As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.

ASSIGNMENT       SUBJECT
Chapter 7              Bad Debts

           At the start of Chapter 1, participants should identify the following topics for study:

    * Totally worthless bad debts
    * True debt
    * Mechanics’ liens
    * Reporting & recovery
    * Credit transactions
    * Former business bad debts
    * Insolvency of a partner
    * Business loan guarantees
    * Specific charge-off method
    * Nonaccrual-experience accounting method
Learning Objectives:

           After reading Chapter 7, participants will be able to:
    1. Determine bad debt categories and their tax treatment and recognize true debt specifying the unique characteristics of deductible nonbusiness bad debt.
    2. Identify the qualifications for §166 tax treatment of business bad debt specifying the debt’s relationship to business and the potential creation of a net operating loss.

As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.

ASSIGNMENT       SUBJECT
Chapter 8              Elderly & Disabled Planning

           At the start of Chapter 1, participants should identify the following topics for study:

    * Managing the estate
    * Medicare
    * Medicaid & countable assets
    * Medicaid & non-countable assets
    * Medicaid & inaccessible assets
    * Private insurance
    * Healthcare decisions
    * Supplemental security income
    * Income & assets
    * Disability benefits
Learning Objectives:

           After reading Chapter 8, participants will be able to:
    1. Specify ways to manage an incompetent person’s estate by recognizing tools such as conservatorship, durable powers, and trusts, identify the eldercare benefits of Medicare and Medicaid, countable income and assets, and determine possible benefits of Medicaid trusts and private insurance.
    2. Specify available health care decisions such as a living will, and recognize Social Security disability benefits.

As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.

ASSIGNMENT       SUBJECT
Chapter 9              Estate Planning

           At the start of Chapter 1, participants should identify the following topics for study:

    * Unlimited marital deduction
    * Applicable exclusion amount
    * Stepped-up basis
    * Basic estate planning goals
    * Simple will
    * Types of trusts
    * Charitable trusts
    * Insurance trusts
    * Family documents
    * Private annuities
Learning Objectives:

           After reading Chapter 9, participants will be able to:
    1. Recognize the unlimited marital deduction and its use in a qualified terminable interest property trust and identify the applicable exclusion amount and the concept of “stepped-up basis”.
    2. Identify various types of estate trusts and the family documents that every taxpayer should consider, and determine the advantages and disadvantages of the former private annuity format.

Course Contents :

Chapter 1 - Bankruptcy

Federal Bankruptcy

Means Testing

Median State Income Test

Means Test

Credit Counseling

Tax Law Changes

Chapter 13 "Superdischarge"

Subordination Of Ad Valorem Tax Liens

Interest on Tax Claims

Tax Returns

Bankruptcy Types

Chapter 7 - Liquidation

Exempt Assets

Availability

Trustee Appointment

Chapter 11- Reorganization

Availability

Creditors’ Committee

Reorganization Plan

Chapter 13 - Wage-Earner Plan

Availability

Repayment Plan

Trustee Appointment

Automatic Stay

Tax Assessment

Suspension of Statute of Limitation

Immediate Assessment

Levy

Tax Court

Tax Court Petition

Preferences

Trust Fund Taxes

Allocation of Tax Payments

Priorities

Super Priority Claims

Secured Claims

Federal Tax Liens

Priority Claims

Tax Claim Determination

Refunds

Priority of Tax Claims

Second Priority Tax Claims

Third Priority Tax Claims

Four Generates Priority Eight Tax Claims

Eighth Priority Tax Claims

Debt Discharge

Chapter 7 Discharge

Chapter 11 Discharge

Chapter 13 Discharge

Discharge of Taxes

Tax Liens

Individual Bankruptcy Estate

Separate Entity

Tax Attribute Carryovers

Termination of the Estate

Filing Requirements

Disclosure of Return Information

Taxable Income

Taxable Year

Gross Income

Deductions & Credits

Administrative Expenses

Net Operating Loss Carryback

Transfers to Debtor

Partnership & S Corporation Interests

Request for Prompt Determination of Liability

Tax Liability

Individual Debtor

Tax Year Election

Annualizing Taxable Income

Making the Election

Later Bankruptcy of Spouse

Election Considerations

Transfers between Debtor & Estate

Net Operating Loss Carryback Limitation

Partnership Bankruptcy

No Separate Estate

Discharge of Debts

Corporate Bankruptcy

Exemption Return Filing

Personal Holding Company Tax

Tax-Free Reorganizations

§354, §355, & §356

Corporate Liquidations under Chapter 7

Carryover of Tax Items - §381 & 382

Bankruptcy Exception

Reduction of Carryforwards

Section 269 Presumption

Homesteading

Types of Homesteads

Property & Equity Covered

Who Can Homestead?

Excluded Debts

Garnishment

Chapter 2 - Transfers Incident to Divorce

Property Rights

Marital Property

Common Law Property

Community Property

Equitable Distribution

Separate Property

Asset Division Principles

Premarital Agreements

Uses & Benefits

Control & Scope

Limitations

Retirement Equity Act of 1984

Enforceability Requirements

Checklist

Uniform Premarital Act - The California Example

Permitted Items of Agreement

Unenforceable Items

Property Settlements

Section 1041

Application of §1041

U.S. vs. Foreign Spouse

Mandatory Scope

Property vs. Income

Unpaid Income

Savings Bonds

Receivables

Interest

Imputed Interest

Transfers to a Former Spouse Incident to Divorce

Related To Termination

Rebuttable Presumption

Divorce or Separation Instrument

Transfers in Trust

Third Party Transfers

Property Basis

Gift Variation

Passive Activity Loss Property

Property Transferred In Trust

Basis in U.S. Savings Bonds

Negotiated Property Divisions

Adjudicated Property Divisions

Caselaw

General Rule - Immediate & Specific

Liabilities

Holding Period

Notice & Recordkeeping

Purchases Between Spouses

Residence

Home Mortgage Interest

Deferral & Exclusion of Gain

Business & Investment Property

Recapture

Section 1031 Exchange

Asset Separation

Related Parties

Two-Year Restriction

Foreign Property

Form 8824

Spousal Transfers

Installment Sale of Assets

Selected Asset Divisions

Residence

Section 121 Home Sales

Two-Year Ownership & Use Requirements

Special Divorce Rules

Tacking of Prior Holding Period

Prorata Exception

Limitations on Exclusion

Installment Obligations

Business Interests

Corporate Stock

Cases & Rulings

Section 302 Stock Redemption

Recapitalization

Partnerships

Section 736(a) Payments

Effect on Recipient

Section 736(b) Payments

Effect

Exclusions From §736(b) Treatment

Liabilities

Series of Payments

Section 754 Election

Insurance Policies

Real & Personal Property

Classification of Assets

Character of Gain or Loss

Capital Assets - §1221

Long-Term or Short-Term

Installment Sale

Net Gain or Loss

Treatment of Net Capital Gains

Section 1231 Assets

Gains & Losses

Recapture Of Net Ordinary Losses

Ordinary Assets

Depreciable Property

Recapture on Personal Property

Section 1245 Property

Treatment of Gain

Recapture on Real Property

Section 1250 Property

Pension Benefits

Qualified Domestic Relations Order

Taxation of Distributions

Deferred v. Present Division of Benefits

Deferred Division Arguments

Present Division or Alternate Property Arguments

Individual Retirement Arrangements

IRA Deduction Limit

Rollovers

Divorce Distributions

Amounts Not Rolled Over

Retirement Planning After Divorce

Social Security Benefits

Divorced Spouse Benefits

Divorced Widow(er) Benefits

Military Pensions

Divorced Spouse Benefits

Jurisdiction Requirement

Disposable Pay

Direct Payment

Divorced Widow(er) Benefits

Social Security Offset

Civil Service Pensions

Divorced Spouse Benefit

Divorced Widow(er) Benefit

Railroad Pensions

Divorced Spouse Benefit

Divorced Widow(er) Benefit

Bankruptcy

Chapter 3 - Asset Protection

Why Asset Protection?

Situations That Create Danger

Sources of Lawsuits

Types of Liability

Basic Protection Concepts

Types of Creditors

Evading Creditors

Fraudulent Transfers

Badges of Fraud

Statute of Limitations

Criminal Penalties

Permissible Asset Transfers

Asset Protection Goals

Preparation

Insurance

Homeowners Insurance

Automobile Insurance

Disability Insurance

Life Insurance

Life Insurance Trust

Buy-Sell Agreements

Definition

Asset Protection Aspects of Common Entities

Individual Ownership

Sole Proprietorship

Corporate

C Corporation

No Pass-Through

The S Corporation - §1361

Trusts

Types of Trusts

Revocable Trust

Land Trusts

Irrevocable Trusts

Testamentary Trust

Business Trusts

Foreign Trusts - §679

Asset Protection Trusts - APTs

Foreign Jurisdictions

Alternatives

Income Taxation

Estate & Gift Tax

Creditor Protection

Family Trusts

Medicaid Trust

Grantor Retained Income Trust

Co-Tenancy

Tenancy in Common

Varying Percentages

No Survivorship

Joint Tenancy with Right of Survivorship

Equal Percentages

Tenants by the Entirety

Right of Partition

Partnership

Family Partnerships

Charging Orders

Phantom Income to Creditor

Tax Issues

Estate Savings

Income Tax Savings

Limited Liability Company

Retirement Plan

Retirement Fund Protection in Bankruptcy

Custodianship

Estate

Divorce

Premarital Agreements

Uniform Premarital Act - The California Example

Permitted Items of Agreement

Unenforceable Items

Retirement Equity Act of 1984

Benefits of a Premarital Agreement

Post-Nuptial Agreements

Chapter 4 - Medical, Charitable & Casualty

Medical Costs - §213

Spouse

Separate Returns

Community Property States

Dependents

Adopted Child

Children of Divorced or Separated Parents

Multiple Support Agreements

Decedents

Medical Deductions

Items Deductible

Items Not Deductible

Medical Insurance Premiums

Meals & Lodging

Expenses of Transportation

Cosmetic Surgery

Permanent Improvements

Lifetime Care Advance Payments

Reimbursement of Expenses

Amounts Deductible

Long-term Care Provisions

IRA Withdrawals for Certain Medical Expenses

Grandfathered Archer Medical Savings Accounts - §220

Health Savings Accounts (HSAs) - §223

Benefits

Qualifications

High Deductible Health Plan (HDHP)

Limits for HDHP

Amount of Contribution

Enrolled in Medicare

Special Rules for Married Couples

Establishing an HSA

Rollovers

Distributions

Qualified Medical Expenses

Insurance Premiums

Record Keeping

Prescription Drug Costs

Accelerated Death Benefits

Terminally Ill Individual

Chronically Ill Individual

Exclusion Limited

Health Insurance For Self-Employed

Charitable Contributions - §170

Requirements for Deductibility

Qualified Organizations

Limitations on Contributions

Five-year Carryover

Contributions of Cash

Benefits Received

Benefit Performances

Athletic Event Seating Rights Repealed

Raffle Tickets, Bingo, Etc.

Dues, Fees, or Assessments

Contribution of Property

Clothing & Household Goods

Ordinary Income or Short-term Capital Gain Type Property

Exception

Capital Gain Type Property

Exceptions

Conservation Easements

Loss Type Property

Vehicle Donations

Fractional Interests

Other Types of Contributions

Charitable Distributions from an IRA

Substantiation

Cash Contributions

Contributions Less Than $250

Contributions of $250 or More

Payroll Deduction Records

Noncash Contributions

Deductions of Less Than $250

Additional Records

Deductions of At Least $250 But Not More Than $500

Deductions Over $500 But Not Over $5,000

Deductions Over $5,000

Contributions Over $75 Made Partly for Goods or Services

Personal Casualty & Theft Losses - §165

Casualty

Theft

Mislaid or Lost Property

Deductible Losses

Nondeductible Losses

Proof of Loss

Amount of Loss

Theft

Recovered Property

Related Expenses

Protection Cost

Repair & Replacement Costs

Allocation for Mixed Use Property

Insurance and Other Reimbursements

Limitations

Disaster Area Losses

Unsafe Home

Special Residence Rule

Loss on Deposits

Chapter 5 - Debt Cancellation & Foreclosure

Income Inclusion Rule

Exceptions from Income Inclusion

Order of Exclusions

Bankruptcy Case Exclusion - §108(a)(1)(A)

Insolvency Exception - §108(a)(1)(B)

Qualified Farm Debt Exclusion - §108(a)(1)(C)

Qualified Farm Debt - §108(g)(2)

Qualified Person - §108(g)(1)

Real Property Business Debt - §108(a)(1)(D)

Qualified Debt

Exclusion Limit

Ordinary Income Recapture

Partnerships

Deemed Distribution Rules

S Corporations

Student Loan Exception - §108(f)

Tax-Exempt Educational Organizations - §108

Purchase Money Debt Reduction Exception - §108(e)(5)

Cancellation of Deductible Debt Exception - §108(e)(2)

Reduction of Tax Benefits (Attributes) - §108(b)

General Ordering of Tax Attribute Reduction

Basis Reduction

Depreciable Property Election

Procedure

Required Reduction

Timing of Basis Reduction

Limit on Basis Reduction

Recapture of Basis Reductions

Exempt Property

Special Basis Reduction Rule for Qualified Farm Debt

Qualified Property

Basis Reduction Order

Exclusion Limit

Individual Bankruptcy

Partnership Bankruptcy

Depreciable Property

Allocation of Debt-Discharge Income

Corporate Stock-For-Debt Rule

Token Share Inclusion

Workout Inclusion

Recapture of Gain on Later Sale

Debt Contributed to Capital

Debt-For-Debt Exchange

Earnings & Profits

S Corporation Bankruptcy

Net Operating Losses

Adjustments to Shareholder’s Basis in Debt

Bankruptcy Estate as Shareholder

Reporting

Amount Realized On Sale or Other Distribution of Property

Foreclosure

Nonrecourse Indebtedness

Recourse Indebtedness

Reporting

Form 1099A

Timing & Character of Gain or Loss

Gain

Loss

Mortgage Relief Act of 2007

Qualified Principal Residence Indebtedness

Mixed Indebtedness

Lender’s Tax Impact

Foreclosure Sale

Discounted Acquisition of Debt

Transactions Involving Related Parties

Related Persons

Chapter 6 - Repossession

Personal Property

Non-Installment Method Sales

Basis of Installment Obligation

Gain or Loss on Repossession

Installment Method Sales

Basis of Installment Obligation

Gain or Loss on Repossession

Basis of Repossessed Personal Property

Bad Debt

Real Property

Conditions

Figuring Gain on Repossession

Limit on Taxable Gain

Repossession Costs

Indefinite Selling Price

Character of Gain

Basis of Repossessed Real Property

Holding Period for Resales

Buyer Improvements

Bad Debt

Seller’s Former Home Exception

Chapter 7 - Bad Debts

Non-Business Bad Debts

Totally Worthless

Determining Worthlessness

Required Basis or Income Inclusion

True Debt

Loan or Gift

Loan Guarantees

Political Debts

Mechanics’ Liens

Insolvency of Contractor

Secondary Liability on Home Mortgage

Reporting

Recovery

Business Bad Debts

Credit Transactions

Income Inclusion

Accrual Method Taxpayers

Cash Method Taxpayers

Former Business

Debt Acquired from a Decedent

Political Debts

Insolvency of Partner

Business Loan Guarantees

Reporting

Methods of Treating Bad Debts

Specific Charge-Off Method

Partly Worthless Debts

Deduction Disallowed

Totally Worthless Debts

Recovery of Bad Debt

Property Received for a Debt

Bankruptcy Claim

Sale of Mortgaged Property

Net Operating Loss

Nonaccrual-Experience Accounting Method

Performing Services

Interest & Late Charges

Chapter 8 - 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 9 - Estate Planning

Unlimited Marital Deduction

Outright To Spouse

Marital Deduction Trust - §2056

Qualified Terminable Interest Property (QTIP) Trust

Applicable Exclusion Amount

Spousal Portability of Unused Exemption Amount - §2010(c)(2)

Stepped-up Basis - §1014

Basic Estate Planning Goals

Primary Dispositive Plans

Simple Will

Danger for Larger Estates

Probate

Transfers within Probate

Disposition of Property without a Will

Transfers outside Probate

Assets Not Subject to a Will

Assets Subject to a Will

Trusts

Types of Trusts

Living Trusts

Testamentary Trusts

Revocable & Irrevocable

Living “A-B” Revocable Trust

Living “A-B-C” (QTIP) Trust

Impact of Spousal Portability on Trust B under TUIRJCA

Charitable Trusts

Charitable Remainder Trusts

Charitable Income Trusts

Insurance Trusts

Family Documents

Living Will

Property Agreement & Inventory

Durable Power Of Attorney

Power of Attorney for Health Care

Conservatorship

Funeral Arrangements

Anatomical Gifts

Private Annuity?

Advantages to the Transferor

Disadvantages to the Transferor

Advantages to the Transferee

Disadvantages to the Transferee

Regulations Restrict Private Annuity Income

 

Glossary

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