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Self-Study — Course Detail

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Taxation & Financial Planning

The Importance of Entities in Estate Planning
Danny Santucci
Copyright© 2011

Course: 8112146   Version 1106

NASBA Category:     Taxes     CPE Credits 2
CTEC Credits: 2 Federal / 2 California
Level: Overview  (52 pages)
Prerequisite: There are no prerequisites.
Advance Preparation: None.
IRS Program Nbr: 0MYXB-T-00028-12-S





Course Description
Before launching into an estate planning program, it is important to fully understand your client’s needs. This requires that methods of holding title must be analyzed, considered, and selected. Sole proprietorships, S corporations, C corporations, partnerships, and limited liability companies are analyzed with regard to formation, operation, and ultimate disposition. Since who or what holds title imposes unique tax and legal consequences on the estate plan, emphasis is given to the maximization of tax benefits in each business format. This course demonstrates that while each has its own separate characteristics, several may be used together in more sophisticated planning.

This course includes an addendum that covers the 2013 fiscal cliff legislation.

Western CPE has been approved by the California Tax Education Council to offer The Importance of Entities in Estate Planning (2071-CE-0055), which provides 2 hours of federal credit and 0 hours of state credit towards the annual “continuing education” requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

 


Table of Contents

Learning Objectives
Upon successful completion of this course, participants will be able to:
  • Distinguish between the various types of corporations, clarify S corporation rules and their tax advantages and disadvantages, contrast the advantages and disadvantages of corporations relative to other types of entities, and explain how leasebacks to corporations work;
  • Differentiate between the types of joint ownership, describe how to use the benefits of partnerships, trusts and limited liability companies to hold property;
  • List the various retirement plans and how they can be used to provide substantial lifetime benefits to a business owner and to employees.
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