Incapacity and Postmortem Estate Planning

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Overview

3.0 Credits
ONLINE

What would happen to your clients' finances or estates if they lost the physical or mental capacity to sufficiently care for themselves or their property? What if they become incompetent and are unable to participate in a legal action or proceeding in a meaningful way? Noncitizen spouses, adoption, cohabitation, pets, blended families, and community property are all issues that may affect your clients' financial and estate plans when they are temporarily, intermittently, or permanently incapacitated. As the personal financial planner, you must be adept in navigating these and other new and oftentimes unchartered waters to avoid intervention by a court and the appointment of a guardian or conservator, which could be required if not planned for appropriately. This course will equip you with the knowledge you need to help your clients plan for these possible situations.

Objectives

  • Identify the court-appointed substitute decision maker for an incompetent adult.
  • Recall the most critical feature of a special needs trust.
  • Identify the person appointed to manage Social Security payments on behalf of an individual.
  • Recall the features of a qualified terminable interest property trust.
  • Recall the due date for Form 706, "United States Estate (and Generation-Skipping Transfer) Tax Return."
  • Identify the latest date by which a disclaimer must be made.
  • Recognize the implications of a nonresident, noncitizen spouse of a U.S. citizen.
  • Recall the personal financial planning constraints when working with cohabitating partners.

Major Topics

  • Incapacity planning
  • Guardianship
  • Conservatorship
  • Postmortem estate planning
  • Powers of attorney
  • Advanced medical directives
  • Trusts
  • Other estate planning considerations

Designed For

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

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