Estate Planning Tools & Techniques Self-Study Webinar (10 Hours)

Overview: 

This practical self-study webinar will introduce you to the hows, whys and whens of the federal consolidated tax return system. You'll gain the know-how to achieve the benefits and avoid the pitfalls of the system. You'll also:

  • Analyze the technicalities from the initial election through termination of the group
  • Maximize the advantages and minimize the disadvantages of filing consolidated tax returns
  • Understand basis adjustment and intercompany transaction rules
  • Gain hands-on practice as you work through a variety of case studies
Objective: 

To arm tax practitioners with the technical knowledge and practical skills to deal with the intricacies of the federal consolidated tax return system. You'll become familiar with the basis adjustment and intercompany transaction rules, as well as how the consolidated net operating rules—including the Overlap Rule—affects the Separate Return Limitation Year (SRLY) and Section 382 rules. And you'll put theory into practice as you work with realistic case studies.

Emphasis: 
  • An overview of the federal consolidated tax return system
  • Establishing the existence of an affiliated group
  • Determining the tax year of the group and its members
  • Understanding the basis adjustment rules and excess loss accounts
  • Exploring the complex intercompany transaction rules
  • Understanding the consolidated loss system
    – Basic consolidated NOL rules
    – SRLY rules
    – Section 382
    – The Overlap Rule
  • Computing earnings and profits and allocating the consolidated tax liability

• Recognize the primary consideration in the ultimate disposition of a client’s assets

• Recognize the typical will requested by long-term married couples with adult children

• Recognize the term “intestate”

• Recognize the term “probate”

• Identify means in which to avoid probate

• Identify the ramifications of holding assets in a living trust

• Identify the client circumstances likely to result in a living trust

• Identify probate from non-probate assets

• Identify the most common types of co-tenancies

• Identify the gift tax consequences of holding assets as “tenants in common”

• Identify the beneficiary of assets held as “joint tenants with right of survivorship”

• Identify the estate tax consequences of holding assets as “joint tenants with right of survivorship”

• Recognize the ramifications of holding property in a manner inconsistent with one’s intentions

• Recognize the tax benefits of making taxable gifts above and beyond the lifetime exemption

• Recognize the top effective transfer tax rate in effect in prior years

• Determine a decedent’s gross estate

• Identify the Congressional intent behind including adjusted taxable gifts in the estate tax calculation

• Determine a decedent’s tentative tax base

• Determine a decedent’s estate tax due

• Determine a decedent’s estate tax due after application of the unified credit

• Identify the typical IRS status of a grantor trust

• Identify the categories of non-grantor trusts

• Determine those trusts which will and will not be included in a decedent’s gross estate

• Identify the primary tax characteristics of life insurance

• Identify the current annual gift tax exclusion

• Identify the basics of annual exclusion giving

• Determine the maximum amount of assets that can be transferred annually, gift tax free, by a married couple

• Recognize what a remainder interest is associated within estate planning

• Recognize the gift tax consequences of asset transfers to trusts with Crummey withdrawal rights

• Recognize the reasons for establishing a 2503(c) minor’s trust instead of merely gifting assets to an UTMA/UGMA account

• Recognize the characteristics of deductible medical and educational gifts

• Determine assets most suited to gifting

• Recognize the income tax effect of gifting appreciated assets

• Recognize the income tax effect of bequeathing appreciated assets

• Identify the basic characteristics of the marital deduction

• Identify the basic characteristics of the use of marital/nonmarital trusts in estate planning

• Identify the significance of a terminal interest in estate planning

• Identify the trust popular in second marriage situations where there are children from first marriages

• Recognize the benefits of the use of a QTIP trust

• Identify the general method used to allow the deferral of estate taxes upon the first spouse to die

• Identify the characteristics of the charitable deduction in estate planning

• Recognize the general goals of life insurance in estate planning

• Recognize the income tax consequences of life insurance in estate planning

• Recognize the estate tax consequences of life insurance in estate planning

• Identify the characteristics of a life insurance trust

• Identify the characteristics of a family limited partnership

• Identify the commonly accepted methods for determining the value of a business for purposes of a buy-sell agreement

• Identify the common methods of funding buy-sell agreements

• Recognize the benefits of marketing estate planning services

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Price: 
$199.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
10.00
NASBA Field of Study: 
Taxes