Estate planning is when tomorrow becomes today! As a result of recent legisla-tion, estate planning has been made surprisingly simple. This mini-course sur-veys wills, living trusts, gifts, insurance, marital property, and probate avoid-ance. The will and trust forms are explored along with living wills, durable powers of attorney, and nominations of conservator.
Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless oth-erwise indicated, no correct or incorrect feedback for any exam question will be provided.
Course Level: Overview. This program is appropriate for professionals at all organizational levels.
Field of Study: Taxes
Prerequisite: General understanding of federal income taxation.
Advanced Preparation: None
Learning Assignment & Objectives
As a result of studying the assigned materials, you should be able to meet the objectives listed below.
ASSIGNMENT
At the start of the materials, participants should identify the following topics for study:
* Estate planning team & administration
* Unlimited marital deduction & applicable exclusion amount
* Primary dispositive plans
* Trusts
* Annual gift tax exclusion
* Annuities & installment sales to family members
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* Charitable remainder trusts
* Family limited partnerships
* Buy-sell agreements
* Family documents
Learning Objectives
After reading the materials, participants will be able to:
1. Recognize members of the estate planning team including their role in the estate administration process, specify the unlimited marital de-duction requirements, cite the applicable exclusion amount and iden-tify the effects of stepped-up basis particularly, the repealed of modi-fied carryover basis.
2. Determine the limits of a simple will and the advantages and disad-vantages of living trusts.
3. Identify specialized estate planning tools and how they permit cli-ents to pass more wealth and save death taxes, cite the uses of a du-rable power of attorney, and specify instances when a conserva-torship is appropriate.
After studying the materials, answer exam questions 1 to 10.
Notice
This course and test have been adapted from materials and information contained in the above text and any supplemental material provided. This course is sold with the understand-ing that the publisher is not engaged in rendering legal, accounting, or other professional ad-vice and assumes no liability whatsoever in connection with its use. Since laws are constantly changing, and are subject to differing interpretations, we urge you to do additional research and consult appropriate experts before relying on the information contained in this course to render professional advice.
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