There are no prerequisites.

Course Description

Estate Tax Planning: Strategies and Administration examines the various aspects of planning for the estate tax liability, beginning with a discussion of the genesis of estate taxation in English common law. Subjects discussed include a) the estate and its administration; b) federal gift and estate taxes; c) common estate planning trusts; d) calculating federal estate taxes; e) state inheritance and estate taxation; and f) estate tax payment. The steps taken to calculate federal estate tax liability are examined, and the federal estate tax calculation is explained.


Paul Winn

Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

Course Specifics

May 25, 2017
There are no prerequisites.

Compliance Information

IRS Provider #: 0MYXB
IRS Course ID: 0MYXB-T-00936-16-S
IRS Federal Tax Law Credits: 3
CTEC Provider #: 2071
CTEC Course ID: 2071-CE-0906
CTEC Federal Tax Law Credits: 3
Qualifies for CA Fraud: No

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Explain the differences between the probate estate and the federal gross estate;
  • Identify the components of a decedent's probate estate;
  • Describe the assets that comprise a decedent's federal gross estate; and
  • Explain the duties of an executor or administrator of a decedent's estate.

Chapter 2

  • Identify the principal estate tax provisions of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Act) and the American Taxpayer Relief Act of 2012 (2012 Tax Act);
  • Describe how the current annual gift tax exclusion permits the tax-free transfer of property ownership;
  • List the deductions allowed in calculating the federal estate tax liability;
  • Define the estate tax unified credit and its exemption equivalent; and
  • Explain how the portability provision operates to reduce federal estate tax liability.

Chapter 3

  • Describe how a credit shelter trust works to reduce federal estate tax liability in suitable estates;
  • List the client estate planning objectives met through a qualified terminable interest (QTIP) trust; and
  • Explain how an irrevocable life insurance trust (ILIT) facilitates the use of life insurance to pay estate tax and settlement costs without increasing the federal gross estate.

Chapter 4

  • Identify the components of the federal gross estate;
  • List the deductions that may be taken from the federal gross estate to arrive at the tentative taxable estate;
  • Explain how state estate taxes are accounted for in calculating the federal estate tax liability;
  • Calculate the value of adjusted taxable gifts that must be added to a decedent's taxable estate;
  • Describe the use of the estate tax unified credit, the credit on prior transfers and the foreign death tax credit in determining federal estate tax liability; and
  • Calculate the federal estate tax liability under various estate tax fact patterns.

Chapter 5

  • Describe the principal differences between state estate taxes and inheritance taxes;
  • Identify the factors that affect the amount of state inheritance tax liability; and
  • Explain how the familial relationship of a beneficiary to a decedent determines the applicable inheritance tax class.

Chapter 6

  • Describe the four methods generally available for payment of estate settlement costs;
  • Identify the factors that need to be considered when evaluating the relative effectiveness of the various methods of paying estate settlement costs;
  • Determine the parties that should normally own life insurance when designed to be used solely to pay estate settlement costs; and
  • Explain how life insurance death benefit proceeds payable to an irrevocable life insurance trust are used by a decedent's estate to pay estate taxes and settlement costs.

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