Checkpoint Learning

Course Detail

Estate Planning for the Small and Midsized Estate   Updated

CATEGORY: Taxation
  Online & Mobile
4 CPE Credits

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, 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 Tax Cuts and Jobs Act of 2017 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 Navarro Mills Lake marital trust to a surviving spouse.

Discussion of the portability election available to an executor of a decedent is discussed along with advantages and disadvantages of relying on the election.

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.

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