Why Estate Planning is Still Alive for those not Subject to the Estate Tax
Author: Klaralee R. Charlton
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC
2 hours Estate Planning for CFP |
With the Gift and Estate Tax Exemption at an all-time high, clients and practitioners often wonder whether complex estate planning is really necessary. In this course practitioners will learn that estate tax is only one of many important considerations clients must analyze when planning their estate. More and more, clients have children from prior marriages or beneficiaries with disabilities or substance abuse issues. Protecting funds for the intended beneficiary and sheltering assets from creditors or ex-spouses is just as important as protecting assets from estate tax. In addition, basis adjustment opportunities should not be ignored as they can provide valuable tax savings. Practitioners will come away with a thorough understanding of the various estate planning techniques clients can use to protect their hard-earned assets from future uncertainly.
Publication Date: July 2023
Designed For
Attorneys, CPAs, and Enrolled Agents.
Topics Covered
- What Happens if I Die Without a Will?
- Guardianships & Conservatorships vs. Medical & Financial Powers of Attorney
- Why Wealthy Clients Need Sophisticated Estate Planning
- Estate Planning for Protection in Second Marriages
- Planning for Minor, Irresponsible, or Disabled Beneficiaries
- Creditor Protection During Life, At Death, and for Beneficiaries
- Transfers During Life and Capturing Basis Adjustment Opportunities
- Free Estate Planning Ideas
Learning Objectives
- Describe the importance of estate planning for clients without taxable estates
- Identify the difference between default inheritance laws and estate planning provisions
- Identify situations when default inheritance laws are detrimental to a client
- Recognize how to analyze the tax savings that can be achieved by adjusting the tax basis at death
- Identify how to recommend estate planning techniques to protect clients and beneficiaries
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
