Estate Planning with Selected Issues (eBook)

  • Credits: 20
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Danny C. Santucci
Available Formats:  
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: General Understanding of Taxes
Course ID: EWTFM-T-01854-21-S | 6233-CE-0567
Published Date: © September 2021


Everyone needs to do estate planning. Whether a person is a business owner or an employee, young or retired, wealthy or poor, people should plan their estate. Even those without assets need to deal with old age, possible conservatorship, health care directives, and funeral arrangements. Estate planning is for everyone. Since death is uncertain, everyone, young or old, should be ready for the contingency of death at any time. Even with the great advances in modern medicine, not everyone is lucky enough to grow old gracefully. None of us can, with certainty, predict the timing of our deaths. In estate planning, tomorrow may instantly become today.

Estate planning is more than just planning for death. It includes building an estate during a lifetime, then seeing that those assets are protected in an estate that can be passed to the next generation. It allows you the opportunity to control your success both during life and on death.

Topics include:
  • Chapter 1 Estate Planning
  • Chapter 2 Estate & Gift Taxes
  • Chapter 3 Wills & Probate
  • Chapter 4 Trusts
  • Chapter 5 Entities & Title
  • Chapter 6 Life Insurance, Annuities & Buy-sell Agreements
  • Chapter 7 Special Business Issues
  • Chapter 8 Estate Tax Freeze Rules
  • Chapter 9 Elderly & Disabled Planning
  • Chapter 10 Post-mortem Planning & Tax Return Requirements

Learning Objectives:

After reading the course material, you will be able to:

  • Identify basic estate planning elements recognizing the importance of well-drafted legal documents and specify the key team participants including their roles in the estate planning process. 
  • Identify potential death taxes including federal estate tax as it applies to various size estates, specify the principal taxes that impact death taxation, and determine the expiration of the death tax credit. 
  • Specify types of wills citing the 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.
  • Identify the relationship of parties in a trust, reasons to establish a trust, and types of trusts specifying their estate planning function.
  • Determine S corporation rules stating tax advantages and disadvantages and also specify disadvantages and advantages of incorporating a farm.
  • Identify reasons for establishing an irrevocable life insurance trust to achieve estate tax planning advantage, specify considerations in establishing life insurance trusts, and determine the differences between deferred and private annuities.
  • 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 specifying their impact.
  • 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.
  • Cite the eldercare benefits of Medicare, Medicaid, and Supplemental Security Income, identify disadvantages of the Medicaid program stating how to divide income into asset groups, specify the dangers and benefits of gifting to family members, including how individuals might use private insurance for catastrophic illness.
  • Determine the processes and procedures necessary in the preparation and filing of Form 706.
  • Determine total income to be included on the decedent’s final income tax return using available exemptions or deductions.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s: