Introduction to Estate Tax Planning

Introduction to Estate Tax Planning

Introduction to Estate Tax Planning examines the various aspects of planning for the estate tax liability and serves as an introduction to the issues of estate settlement. It provides a discussion of the probate estate and federal gross estate as well as the roles of the executor and administrator. It looks at the steps taken to calculate the federal estate tax and the components of the federal gross estate, adjusted gross estate, taxable estate, tentative tax base, tentative tax and the tax payable.  

Upon completion, 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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