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The American Taxpayer Relief Act of 2012 made permanent the exclusion of a transfer tax of over $5 million for every individual, thereby alleviating the concerns of a vast majority of Americans about the federal transfer tax. With these taxes no longer a planning issue, the concern is that people will choose the simplest estate plan possible. For some, that will be the correct choice; for others it will not. This course covers a wide range of planning issues and addresses the need for well-thought out tax and estate plans. Planning under current law is upside down from where it was before. The planner needs to understand the most current concepts and how they do or do not compare with more traditional planning advice.
Upon successful completion of this course, participants will be able to:
• Explain the gift and generation-skipping tax consequences of an estate plan, taking into consideration exemptions provided by law and choices that can be made to minimize the tax ramifications at death
• Determine the income tax consequences of an estate plan, with a view toward minimizing the income tax liabilities of donees and heirs
• Analyze specific planning techniques, including the marital deduction, credit shelter trusts, portability elections, disclaimers, powers of appointment, and the role of charities in estate planning
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