- NY Credits : 5.0
- TX Credits : 5.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 5.0
Estate Planning for the Small and Midsized Estate
The course describes the differences between a small, mid-sized, and large estate including planning opportunities to reduce or even eliminate estate taxes. With the increase in the applicable exclusion amount, (formerly unified credit), many individuals do not see the need in creating wills or planning for their estate; however, this course explores reasons for having a will, including a brief discussion on intestacy laws; considerations for the care of minor children, including selection of a guardian and management of their property; applicability of a durable power of attorney and living wills, and planning for the elderly client. The history of the estate tax leading up to the enactment of the 2012 Taxpayer Relief Act is described for reference and understanding in the event estate tax legislation is proposed or enacted. See how the use of the marital deduction and the applicable credit amount can minimize or eliminate the estate tax through the utilization of the unlimited marital deduction by transferring property outright or through a qualified marital trust to a surviving spouse.
This course was updated for the Tax Cuts and Jobs Act.
This course is most beneficial to professionals new to estate planning who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to estate planning.
Upon successful completion of this course, the user should be able to:
identify the reasons for estate planning,
determine strategies for planning the small estate for both young and elderly couples,
identify planning strategies for the midsized estate,
determine advantages of inter vivos transfers,
recognize the advantages of gifts to minors via inter vivos transfers, and
identify life insurance and other death benefits.