PFP Boot Camp: Estate and Charitable Planning (111W421A15)
Description
This session addresses gift, estate, and generation skipping transfer
taxes at both the state and federal levels. Charitable planning is also
explored, with a review of various vehicles and trusts which have been
created: lead trusts, remainder trusts, pooled income funds, private
foundations and charitable gift annuities. Non-tax aspects of estate
planning, including the estate planning process, wills, trusts, durable
powers of attorney, powers of appointment, and probate procedure are
also studied.
Learning Objectives
Describe the unification of the estate tax and gift tax systems Identify the applicable credit for estate tax, and gift tax purposes Explain the requirements for use of the annual exclusion for gift tax purposes Describe the purpose of the Crummey Power and how it can qualify a gift for the gift tax annual exclusion Explain the purpose and use of the annual gift tax exclusion Distinguish between present and future interest gifts, with specific reference to gift, estate, and generation skipping transfer tax consequences Identify the purposes, uses, and planning implications of Section 2503(b) & (c) trusts, and how the annual exclusion is applied to these structures Compare the income tax rules of cash gifts and tangible personal property Evaluate the financial planning uses of charitable gifts of remainder interests in personal residences and farms, and conservation easements Explain the uses of life insurance in charitable giving and in replacing wealth for family members
Major Topics
Gift, estate, and generation skipping transfer taxes Charitable planning Estate planning process
