CPA CPE - Estate Planning Course Description

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Estate Planning

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The Estate Planning course is designed for CPA CPE. General information about this course is listed below.

Prerequisite - None

Program Level - Basic

Advance Preparation - None

Instructional Delivery Method - This course includes a minimum of 5 review questions with correct and incorrect responses and 5 exam questions for each cpe hour. For the best results we recommend the following steps to complete this course:

(1) Complete the reading assignments. We recommend you read and study all of the required materials prior to beginning the review or final exam.

(2) Complete the related review questions. Each review question offers interactive feedback for all questions. We recommend that you view all feedback, correct and incorrect, to each question. These responses focus on key areas related to the questions and will assist in preparing for the exam.

(3) Complete the exam. Review any incorrect answers

Recommended CPE Credit - 13 hours. These hours are based on pilot testing results and a 100 minute study hour.

Course Registration Requirements - CPAs should check the Sponsor Information page to determine if this course is available in their state of registration. Not suitable for EAs.

Lesson and Objectives	Reading Assignment
Plan Your Estate
1. Selecting Your Estate Planning Goals	Chapter 1
The learning objectives for this lesson are to gain an understanding of: Setting your goals Laying the groundwork Children Wills Probate and how to avoid it Understanding estate and gift taxes Reducing or eliminating estate taxes Imposing controls over property Taking care of personal issues Family business estate planning Going further Sample estate plans
2. Personal Concerns and Estate Planning	Chapter 2
The learning objectives for this lesson are to gain an understanding of: Avoiding conflict Leaving unequal amounts of property to children Providing care for minor children Subsequent marriages Long-term care for a child with special needs Concerns of unmarried couples Worries about the effect of inheriting money Disinheriting people, including children Communicating your decisions to family and friends
3. Special Property Ownership Rules for Married People	Chapter 3
The learning objectives for this lesson are to gain an understanding of: What you need to know Martial property in community property states Martial property in common law states Moving to a different state
4. Inventorying Your Property	Chapter 4
The learning objectives for this lesson are to gain an understanding of: Instructions for the property inventory worksheet Your property worksheet
5. Your Beneficiaries	Chapter 5
The learning objectives for this lesson are to gain an understanding of: Types of beneficiaries Primary beneficiaries Life estate beneficiaries and final beneficiaries Alternate beneficiaries Residuary beneficiaries Gifts shared by more than one beneficiary Establishing a survivorship period Explanations and commentary accompanying gifts Disinheritance Simuiltaneous death Property you give away by will or trust that you no longer own at your death
6. Children	Chapter 6
The learning objectives for this lesson are to gain an understanding of: Naming someone to take custody of your minor children Naming an adulet to manage your childs property How your children's property should be managed Tax saving educational investment plans Naming children as beneficiaries of life insurance Leaving property to children who are not your own Disinheritance Children conceived after a parent dies
7. Wills	Chapter 7
The learning objectives for this lesson are to gain an understanding of: A will as the centerpiece of your estate plan A backup will with a comprehensive estate plan What makes a will legal Types of wills What property cannot be transferred by will? Explanatory letter accompanying your will Can my will be successfully challenged? Keeping your will up to date
8. Probate and Why You Want to Avoid It	Chapter 8
The learning objectives for this lesson are to gain an understanding of: What is probate? Probate fees Avoiding probate When you may want probate Debts, taxes, and probate avoidance Probate reform
9. Living Trusts	Chapter 9
The learning objectives for this lesson are to gain an understanding of: Does everyone need a living trust? Living trusts Major decisions in creating a living trust Creating a valid living trust Keeping your living trust up to date
10. Joint Tenancy and Tenancy by the Entirety	Chapter 10
The learning objectives for this lesson are to gain an understanding of: What is joint tenancy? Joint tenancy bank accounts Joint tenancy save deposit boxes Tenancy by the entirety Joint tenancy in community property states Tax concerns affecting joint tenancy Drawbacks of joint tenancy When joint tenancy makes sense Creating a joint tenancy for property with documents of title Creating joint tenancy for personal property without documents of title.
11. Pay-On-Death Designations	Chapter 11
The learning objectives for this lesson are to gain an understanding of: Choosing beneficiaries Pay-on-death bank accounts Naming a pay-on-death beneficiary for government securities Naming a beneficiary for stocks and bonds Vehicle registration Transfer-on-death deeds for real estate
12. Life Insurance	Chapter 12
The learning objectives for this lesson are to gain an understanding of: Do you need live insurance? Types of life insurance Life insurance and probate Choosing life insurance beneficiaries Reducing estate tax by transferring ownership of life insurance policies
13. Retirement Benefits	Chapter 13
The learning objectives for this lesson are to gain an understanding of: Social security Individual retirement plans Pensions When you retire Choosing beneficiaries for your retirment plans Using disclaimers for retirement accounts Probate and taxes
14. State Law Exemptions From Normal Probate	Chapter 14
The learning objectives for this lesson are to gain an understanding of: Will your estate qualify? Using theses rules to plan Summary of state law exceptions to normal probate California exemptions from normal probate New York exemptions from normal probate Texas exemptions from normal probate Florida exemptions from normal probate
15.Estate Taxes	Chapter 15
The learning objectives for this lesson are to gain an understanding of: Federal estate tax exemptions Estate and gift taxes Will your estate have to pay taxes? Calculating and paying estate taxes Reducing federal estate taxes The federal income tax basis of inherited property State inheritance and estate taxes
16.Gifts and Gift Taxes	Chapter 16
The learning objectives for this lesson are to gain an understanding of: The federal gift tax What is a gift? How federal gift tax works Using gifts to reduce estate taxes When not to give property away Using gifts to reduce income taxes
17.Ongoing Trusts	Chapter 17
The learning objectives for this lesson are to gain an understanding of: Trusts to reduce estate taxes Ongoing trusts used to control property Ongoing trusts and avoiding probate What ongoing trusts can't do When ongoing trusts begin and end The trustee Taxation of ongoing trusts
18.Estate Tax-Saving Bypass Trusts	Chapter 18
The learning objectives for this lesson are to gain an understanding of: Bypass trusts IRS restrictions on bypass trusts AB trusts Bypass tursts for unmarried people
19.Other Estate Tax-Saving Marital Trusts	Chapter 19
The learning objectives for this lesson are to gain an understanding of: QTIP trusts Trusts for noncitizen spouses: QDOTS Marital deduction trusts
20. Charitable Trusts	Chapter 20
The learning objectives for this lesson are to gain an understanding of: Charitable trusts The income tax deduction Charitable remainder trusts Charitable lead trusts Types of charitable trusts
21. Other Estate Tax-Saving Trusts	Chapter 21
The learning objectives for this lesson are to gain an understanding of: Generation-skipping trusts Irrevocable life insurance trusts Grantor-retained interest trusts
22. Disclaimers: After-Death Tax Planning	Chapter 22
The learning objectives for this lesson are to gain an understanding of: Advantages of disclaimers Couples and disclaimers IRS rules and disclaimers Disclaimers and living trusts
23. Combining Estate Tax-Saving Trusts	Chapter 23
The learning objectives for this lesson are to gain an understanding of: Combining two estate tax-saving trusts Cobining a charitable trust with other estate tax-saving trusts Combining three different estate tax-saving trusts Using ongoing trusts and gift-giving to reduce estate tax
24. Property Control Trusts for Second or Subsequent Marriages	Chapter 24
The learning objectives for this lesson are to gain an understanding of: Evaluating your situation How a marital property control trust works Restricting the surviving spouse's rights over trust property
25. Trusts and Other Devices for Imposing Controls Over Property	Chapter 25
The learning objectives for this lesson are to gain an understanding of: Educational trusts Trusts for people with special needs Spendthrift trusts Sprinkling Trusts Trusts to manage your own property Powers of appointment Combining a property control trust with estate tax-saving trusts
26. Incapacity: Making Medical and Financial Decisions	Chapter 26
The learning objectives for this lesson are to gain an understanding of: Medical decisions Financial decisions Guardianships and Conservatorships
27. Body and Organ Donation, Funerals, and Burials	Chapter 27
The learning objectives for this lesson are to gain an understanding of: Making your own choices Leaving written instructions Donating your body or organs death notices Services and cermonies following a death Funerals Cremation Burials
28. Family Business Estate Plannning	Chapter 28
The learning objectives for this lesson are to gain an understanding of: Operation of the business Reducing estate taxes Avoiding probate of a family business
29. Using Lawyers	Chapter 29
The learning objectives for this lesson are to gain an understanding of: Hiring a lawyer Doing your own research
30. After You Complete Your Estate Plan	Chapter 30
The learning objectives for this lesson are to gain an understanding of: Storing your estate planning documents Revising you estate plan
31. After a Death Occurs	Chapter 31
The learning objectives for this lesson are to gain an understanding of: Wills Probate-avoidance living trusts Ongoing trusts for estate tax savings or property management Preparing and filing tax returns Trustee's reports to beneficiaries Collecting the proceeds of a life insurance policy
32. Some Estate Plans	Chapter 32
The learning objectives for this lesson are to gain an understanding of the plans of: A prosperous couple in their 60s and 70s A wealthy couple in their 70s A single man in his 60s A younger couple A single woman in her 30s A widow in her 80s A couple in their 60s, in a second marriage An unmarried couple in their 40s

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