Estate Planning Fundamentals

Upon successful completion of this course, participants will be able to:

• Identify the issues that can impact your estate planning goals.
• Specify the types of liquid assets.
• Describe the clauses that can be included in a will.
• Identify how the disinheritance concept is used.
• Specify the rules associated with a 529 plan.
• Identify the requirements for the creation of a will.
• Recall the steps involved in the probate process.
• Specify when the probate process can be useful.
• Describe the structure and contents of a living trust.
• Specify how a joint tenancy arrangement works.
• Specify the problems with a joint tenancy arrangement.
• Recall the advantages of the pay-on-death option.
• Recall the best circumstances for purchasing life insurance.
• Identify the different types of life insurance policies.
• Recall the characteristics of the different types of IRA.
• Recall how an estate is valued for estate tax purposes.
• Specify the types of transactions that can trigger a gift tax.
• Identify the rules relating to the gift tax exclusion.
• Recall the nature of a present interest.
• Specify the uses to which the different types of trusts can be put.
• Identify the circumstances under which you might disclaim an inheritance.
• Recall the IRS rules for including a family member in a family partnership.
• Specify what triggers a springing power of attorney.
• Identify the nature of any reports that a trustee might need to send to beneficiaries.