Individual Tax Series

Estate Tax Planning (Updated - 3)

Estate Tax Planning examines the various aspects of planning for the estate tax liability. The course begins with a discussion of the genesis of estate taxation in English common law and continues with an examination of the estate and its administration.

The subjects discussed in the course are a) the estate and its administration, b) federal gift and estate taxes, c) common estate planning trusts, d) calculating federal estate taxes, e) state inheritance and estate taxation, and f) estate tax payment. The text serves as an introduction to the issues of estate settlement and includes a discussion of the probate estate and the federal gross estate.

The steps taken to calculate federal estate tax liability are discussed. In that discussion, the federal gross estate, tentative taxable estate, taxable estate and tentative tax are examined. The various estate tax credits and deductions are considered and their place in the federal estate tax calculation is explained.

The role of trusts in estate tax minimization is considered. The common trusts employed in estate tax planning are explained, and the uses of credit shelter trusts, QTIP trusts and irrevocable life insurance trusts are demonstrated. State death taxes are considered, and inheritance taxes are compared to estate taxes with respect to the party liable for payment and the role of decedent/beneficiary relationships in inheritance taxation. Finally, the traditional sources of estate tax payment are examined and compared.

Learning Objectives:

  • Recognize the differences between an estate for tax purposes and a probate estate.
  • Identify the assets that comprise the federal gross estate.
  • Distinguish between state inheritance taxes and estate taxes.
  • Define how gifts are taxed under the federal gift tax system.
  • Identify the deductions and credits allowed under the federal system of estate taxation.
  • Recognize the common trusts employed in estate tax planning; and
  • Identify the methods of estate tax payment and their cost consequences.


Prerequisites/Advanced Preparation:

None


Speaker / Author:

Paul J. Winn CLU ChFC

Education
B.A. (Philosophy), St. John's University (1961 – 1964) Law School, University of Virginia (1964 – 1965) MBA program Binghamton University (1986-1989)
CLU (1985)
ChFC (1987)

Experience
Thirty years in the life insurance and investment industry (1965 – 1995). Nineteen years as a financial writer, editor and trainer (1995 – 2014).

Mutual Life Insurance Company of New York
Product developer
Compensation officer
Agent
Sales manager

Security Mutual Life Insurance Company
General agent
Marketing vice president
Agency vice president
Vice president - strategic planning officer

Principal Financial Group
Agency Manager

Maryland Financial Corporation
President

Freelance Writer & Editor
Published book author.
Writer & editor of major mutual life insurance company’s agent training university. Creator of more than 200 insurance, securities and tax training courses in online, print and scripted classroom formats.

Insurance Industry Involvement
Member, Board of Directors, Baltimore Chapter of CLU & ChFC
Chairman of Continuing Education, Baltimore Chapter of CLU & ChFC
Moderator, GAMA Agency Managers Training Course (AMTC) Baltimore
Member, Board of Directors, Southern Tier (NY) Chapter of CLU & ChFC
President, Southern Tier (NY) Chapter of CLU & ChFC 1987-1989
Member/Secretary, Advisory Board to New York State Insurance Department 1985-1989

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Price (USD)

Standard: $74.85

Details

Course Code : 99WIN03-v4

Release Date : 10/30/2020
Expire Date : 10/31/2022
Credits :
CPE 3.00
QAS 3.00

Length : 2hr 30min
Course Level : Basic
Course Type : Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Taxes

Theme : Individual Tax Series

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