Source: https://jncpe.com/courses/estate-planning-selected-issues-20-hrs/
Timestamp: 2019-04-23 18:58:54+00:00

Document:
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 estate planning solutions that are cost-effective.
Format: Online pdf (497 pages). Printed book available.
1. Identify basic estate planning elements noting the importance of well-drafted legal documents and specify the key team participants in-cluding their roles in estate planning process.
2. Determine the major steps in the probate process, identify ways to make transfers outside the probate system including the use of a trust, specify estate tax techniques that save death taxes while retaining max-imum control, and identify estate-planning facts.
After studying the materials in this chapter, answer the exam questions 1 to 6.
1. Identify potential death taxes including federal estate tax as it applies to various size estates, specify the principal taxes that impact death tax-ation, and determine the expiration of the death tax credit.
4. Determine the value of a decedent’s assets using permitted elections, recognize the use of Form 706 to pay any estate tax due, select the tax basis of estate assets noting how common transactions affect property basis under §1014.
5. Recall the advantages of gift planning including estate reduction noting the impact of the GST, specify the steps to compute gift tax identifying the gift tax exclusion amount, and determine the value of gifts including those that are split.
6. Identify the various gift tax exclusions, specify the tax treatment of below-market loans, recall the gift tax marital deduction requirements, determine the tax consequences of giving various assets noting factors to consider when gifting, and recognize the use of Form 709 to compute and pay federal gift tax.
After studying the materials in this chapter, answer the exam questions 7 to 26.
1. Specify types of wills noting functions a will can perform, identify types of bequests, determine the duties of executors and guardians, and recall ways to hold title and their tax ramifications.
2. Identify advantages of a properly drafted will, determine the distri-bution flow of simple wills, and specify the pros and cons of probate proceedings.
After studying the materials in this chapter, answer the exam questions 27 to 32.
1. Identify the relationship of parties in a trust, reasons to establish a trust, and types of trusts noting their estate planning function.
2. Specify recommended living trust provisions, identify the application of gift and income tax including the use of a grantor trust and an un-limited marital deduction, and determine what constitutes an “A-B” and “A-B-C” trust format.
After studying the materials in this chapter, answer the exam questions 33 to 42.
c. Recalling advantages that partnerships can have over corporations.
2. Determine S corporation rules stating tax advantages and disad-vantages and also specify disadvantages and advantages of incorporat-ing a farm.
After studying the materials in this chapter, answer the exam questions 43 to 50.
1. Specify persons in which rights are placed by life insurance and rea-sons to purchase life insurance.
c. Recalling the gift tax associated with the transfer of life insurance policies.
3. Specify the pros and cons of various types of life insurance policies to guide clients in choosing a suitable policy.
4. Identify reasons for establishing an irrevocable life insurance trust to achieve estate tax planning advantage, specify considerations in estab-lishing life insurance trusts, and determine the differences between de-ferred and private annuities.
5. Determine what constitutes an entity purchase agreement and a cross purchase agreement noting tax and legal advantages.
After studying the materials in this chapter, answer the exam questions 51 to 64.
1. Identify reasons why a business interest must be valued in an estate that is subject to federal estate tax, specify factors used to determine the net value of a business under the regulations, and recall the valuation factors in R.R. 59-60 noting their impact.
2. Determine how tangible assets are normally valued identifying those assets whose valuation is based on values other than book value, and specify the steps in R.R. 68-609’s valuation formula for intangible assets specifying the effect such amount can have on the total value of a business.
d. Citing the §303 exception to the dividend treatment of redemp-tions noting qualifications.
4. Determine the tax consequences in leaving an estate to a surviving spouse, specify the elements of buy-sell agreements, stock redemptions, and stock recapitalizations in order to dispose of business interests be-fore death, and identify deferred compensation agreements noting their estate planning impact.
After studying the materials in this chapter, answer the exam questions 65 to 73.
1. Determine the benefits of an estate freeze and its ability to reduce the value of a business interest, identify transactions to which Chapter 14 rules apply and terminology used in the Chapter 14 valuation rule that applies to corporations and partnerships, and specify exceptions to §2701.
d. Specifying a junior equity interest according to §2701 rules and determining the value of other rights held together with an extraordinary payment right.
e. Specifying the stepped computation under the subtraction method to determine an amount of a gift resulting from a transfer to which §2701 applies.
4. Recall the terms used in §2702 concerning transfers of interests in trust, identify the application of the zero value rule to a transfer of in-terest in trust, and specify exceptions to §2702, determine the transfer of an interest in property when there are one or more term interests as a transfer of an interest in a trust, and specify the treatment of joint purchases.
5. Recognize the requirements and exceptions of §2703 to ensure property is valued appropriately, identify lapses as a transfer by gift or as includible in the decedent’s gross estate under §2704, recall the key terminology of §2704 under the evaluation rules, specify the amount of the transfer stating which lapses or restrictions qualify as an applicable restriction.
After studying the materials in this chapter, answer the exam questions 74 to 91.
c. Determining what constitutes a durable power noting advantages of establishing a revocable living trust as a way to manage assets in an estate.
2. Cite the eldercare benefits of Medicare, Medicaid, and Supple-mental Security Income, identify disadvantages of the Medicaid program noting how to divide income into asset groups, specify the dan-gers and benefits of gifting to family members, including how individuals might use private insurance for catastrophic illness.
3. Identify tools that can allow patients to refuse treatment even when incompetent, determine Supplemental Security Income specifying how it relates to elderly and disability planning, and specify the requirements that must be met in order to receive disability benefits.
After studying the materials in this chapter, answer the exam questions 92 to 101.
1. Determine post-mortem estate planning action in the face of funeral and administrative expenses using elections and disclaimers.
2. Cite the due dates of post-mortem federal forms, specify the filing requirements of a decedent’s estate tax return, and identify exceptions to the general rule of estate tax payment.
3. Determine the processes and procedures necessary in preparation and filing of Form 706.
b. Specify the use of Form 1310 for a decedent or a joint return for a decedent and his or her surviving spouse.
5. Determine total income to be included on the decedent’s final income tax return using available exemptions or deductions.
6. Identify how to avoid penalties when filing a gift tax return, recognize gift splitting to reduce gift taxes, and recall special gift applications and traps stating ways to avoid their tax consequences.
After studying the materials in this chapter, answer the exam questions 102 to 120.

References: §1014
 §303
 §2701
 §2701
 §2701
 §2702
 §2702
 §2703
 §2704
 §2704