This course is specifically for Enrolled Agents that need to report to the IRS.

Estate planning is when tomorrow becomes today! As a result of recent legislation, estate planning has been made surprisingly simple. This mini-course surveys wills, living trusts, gifts, insurance, marital property and probate avoidance. The will and trust forms are explored along with living wills, durable powers of attorney and nominations of conservator.

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

At the start of the materials, participants should identify the following topics for study:

• Estate planning team & administration
• Unlimited marital deduction & applicable exclusion amount
• Primary dispositive plans
• Trusts
• Annual gift tax exclusion
• Annuities & installment sales to family members
• Charitable remainder trusts
• Family limited partnerships
• Buy-sell agreements
• Family documents

Learning Objectives

After reading the materials, participants will be able to:

1. Describe an estate planning team explaining their role in the estate administration process, list the unlimited marital deduction requirements, define the applicable exclusion amount and discuss the effects of stepped-up basis and the former modified carryover basis rules.
2. Point out the limits of a simple will and the advantages and disadvantages of living trusts.
3. Identify specialized estate planning tools describing how they permit clients to pass more wealth and save death taxes, list the uses of a durable power of attorney, and give instances when a conservatorship is appropriate.

Revision Date:  3/6/2024

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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