EPBB
THE TOP 50 MISTAKES PRACTITIONERS MAKE AND HOW TO FIX THEM:
ESTATE PLANNING AND ADMINISTRATION
Estate planning and administration is one of the most complicated areas
in the tax law, and practitioners should not fail to advise clients during
a temporary period of flux in the estate tax. The liability for making
a mistake can be huge, and mistakes are made every day. Learn what not
to do by discovering what others have done before in an enjoyable day of
CPE. This course will help practitioners understand the key areas to watch
out for and how to prevent mistakes, particularly in light of estate planning
tax reform. Remember: all errors are avoidable, as long as you know what
to look for.
*This course is fully up-to-date with all new tax law changes. Major Topics
- Irrevocable life insurance trusts
- What happens if Crummey letters are not sent?
- Does irrevocable really mean irrevocable?
- Who applies for the insurance, and how is it done?
- Gift tax returns
- Present interest, future interest, and exclusion issues
- Valuation issues and statute of limitations
- Failure to allocate the GST exemption
- What is a completed gift before death?
- Problems with trusts
- Failure to deed or transfer property to a trust
- What is income and what is principal?
- How to get rid of the trustee and the use of protectors
- Errors in drafting and reading the will
- Beneficiaries, specific bequests, bonding issues
- Picking the wrong executor
- Dealing with property that passes by contract or operation of law
- …and much more!
- Estate planning
- Failure to plan during a suspension of the estate tax
- Equalizing the estate of the married couple
- Beneficiary designations and options in retirement plans
- Failure to plan early
- Maximizing the use of disclaimers
- Estate and trust administration
- Distributing too early, too much, or too little
- Re-titling the assets to get them to the right place
- Accounting issues and errors
Learning Objectives
- Acquire an awareness of and sensitivity to the major mistakes that can be made in dealing with this unique area.
- Develop an eye for the subtle missteps that are too often taken.
Designed For: CPAs who need a deeper insight into the practical realities of the transmission of wealth.
Level of Knowledge: Intermediate |
