MFEP
MASTERING THE FUNDAMENTALS OF ESTATE PLANNING

This course examines the fundamentals of estate planning including critical concepts in marital deduction planning, credit shelter trusts, selection and powers of trustees, and titling and funding issues. The estate tax is temporarily suspended but comes back with a vengeance in 2011, requiring planning NOW! The comprehensive manual provides an in-depth analysis of will provisions, checklists, flow charts, and real-life examples.

Major Topics

• Up-to-the minute analysis of legislative changes, and planning in light of the changes
• Retroactive reinstatement of the estate tax – what can be done?
• If a client dies in 2010, are you ready for carryover basis?
• Complete Code section analysis of the federal estate and gift tax
• Marital deduction planning -- Second spouse, QTIP trusts, QDOT trusts, power of appointment trusts, and more
• Credit shelter trusts and the growing applicable credit amount
• Uses and techniques of life insurance
• Tools and techniques in gifting to minors, spouses, and other family members, including uniform transfers (or gifts) to minors accounts, education trusts, §§2503(b) and (c) trusts, and more
• Reducing taxes by charitable giving, special credits, and estate freezing techniques
• Use of irrevocable and revocable trusts and other will substitutes
• A timeline of changes in the law -- how and when they affect clients and the estate

Learning Objectives

• Identify what property is included in a decedent’s gross estate
• Understand the use of trusts in an individual’s gross estate
• Calculate gift tax and estate tax liabilities
• Be aware of various tools and techniques of transferring property with the least tax liability

Designed For: CPAs who advise clients on establishing an estate plan.

Level of Knowledge: Basic