The Estate Planning Process

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Overview

2.5 Credits
ONLINE

Estate planning is not a singular event. An ongoing, dynamic process, your client’s estate plan should be reviewed and updated on a regular basis and as changes occur. As a personal financial planner, you should have a broad awareness of the foundational concepts of estate planning to be an effective advocate for your clients.

This CPE course addresses elements and deductions of the gross estate and the calculation of the federal estate tax. Additional topics include: income in respect of the decedent and its impact on the federal estate tax calculation; state estate and inheritance taxes; the rule for gift taxes paid within three years of death; and, the treatment of adjusted taxable gifts. Finally, this course also covers the key steps in the calculation of Form 706 United States Estate (and Generation-Skipping Transfer) Tax Return.

Objectives

  • Recognize the advantages of the probate process
  • Recall the procedure that is used to dispose of a decedent's personal and property interests
  • Identify a type of property interest that can only be held by spouses
  • Recall that certain expenses and taxes are deducted in the estate tax calculation
  • Identify property that is included in the gross estate
  • Determine the correct tax treatment for income in respect of a decedent
  • Identify the benefits of estate planning 
  • Recognize when a personal financial client is intestate 
  • Recall an estate planning recommendation that address incapacity

Major Topics

  • Fundamentals of estate planning
  • Estate tax calculations
  • Basic estate planning process
  • Instructions for care in the event of incapacity
  • Instructions for passing along the client’s values (education, religious beliefs, work ethic, etc.)
  • Nomination of a guardian for minor children
  • Provisions for family members with special needs
  • Provisions for the transfer of business interests in the event of death or incapacity

Designed For

CPAs and financial planners with basic knowledge of personal financial planning, and an interest in estate planning.

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