Clients believe that estate planning is only for the wealthy. This isn't the case. Estate planning involves personal issues that affect everyone, even when the estate tax doesn't apply. Learn strategies to fairly pass assets to future generations; provide education benefits; distribute retirement benefits, and provide a charitable legacy. Estate planning has a renewed focus. All practitioners should be familiar with the vernacular, acronyms and techniques.
Learning Objectives
- Identify new developments in estate and financial planning
- Understand portability and when it should be elected
- Select appropriate strategies and beneficiary designations to maximize after-tax assets
- Recognize issues that require updates to an existing plan, and traps for the unwary
Major Topics
- Exemptions and exclusions
- Portability and step-up in basis
- Asset valuation
- Discounts
- Marital and charitable deductions
- Deductions: Transmission expenses and Administration expenses (706 or 1041)
- Income in respect of a decedent and retirement plan assets
- Life insurance and annuities
- Trust or estate administration
- Trust funding
