Estate Tax Planning

Estate Tax Planning

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 included in the course include the estate and its administration, federal gift and estate taxes, common estate planning trusts, calculating federal estate taxes, state death taxes and 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 roles of the executor and administrator are also explained.  The student is taken through the steps of a federal estate tax calculation, beginning with a discussion of the components of the federal gross estate and continuing with an explanation of adjusted gross estate, taxable estate, tentative tax base, tentative tax and tax payable before credits.

Upon completion of the course, a student should be able to:

  • Explain the differences between an estate for tax purposes and a probate estate
  • Identify those assets that comprise the federal gross estate
  • Recognize the duties of an executor
  • Describe the difference between inheritance taxes and estate taxes
  • Explain how gifts are taxed under the federal gift tax system
  • Identify the deductions and credits allowed under the federal system of estate taxation
  • Discuss the common trusts employed in estate tax planning
  • Identify the methods of estate tax payment and their cost consequences

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