Estate and Charitable Planning

Overview

This CPE course can be purchased individually, or as a part of the Fundamentals of Fundamentals of Personal Financial Planning program.

Understand estate and charitable planning as part of developing a comprehensive and practical financial plan for your clients. By learning the essentials of both estate planning and charitable planning, you can help your clients create such plans and understand all of the necessary considerations therein.

Learn first the historical context of estate taxation in the United States, so that you can understand how the current environment has evolved.

Then, through real-life scenarios and practical guidance, explore the following topics:

• The fundamentals of estate planning, including probate and typical deductions and exclusions
• Estate planning documents, including wills, revocable trusts, power ofattorney, living wills, and advanced health care directives
• Estate tax calculation, starting with the gross estate and covering deductions and adjustments
• The flow of funds in estates, including general power in an irrevocable trust; Crummey powers; health, education, maintenance, and support standards; and 5 or 5 power

Learn how charitable planning is an integral part of estate planning as well as a major consideration in tax planning by exploring the following topics:

• IRC Section 501(c)(3) organizations and tax deductible contributions
• Charitable gifts, including cash, real estate, personal property, ordinary income property, and life insurance
• Charitable trusts, including split-interest trusts, lead trusts, remainder trusts, private foundations, and donor-advised funds
• Taxation and income tax planning, including the application of limitations, ordering rules, carryover rules, and qualified charitable distributions

Highlights

Key Topics

• Historical context
• Fundamentals of estate planning
• Estate planning documents
• Estate tax calculation
• Estate flow of funds

Prerequisites

None

Objectives

Learning Outcomes

• Recall the history of estate tax in the United States.
• Identify planning considerations for probate.
• Recall the two unlimited deductions from the adjusted gross estate.
• Recognize basic planning concepts for a charitable remainder trust.
• Identify various types of wills commonly encountered in estate planning.
• Recognize the elements of an advanced health care directive.
• Recognize concepts applied to charitable gifts of real estate.
• Recall the rules for a charitable split-interest trust.