Sep 20, 2020  
2018-2019 Undergraduate Catalog 
    
2018-2019 Undergraduate Catalog [ARCHIVED CATALOG]

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PFP 440 - Estate Planning


Description:
Applies gift, estate, and generation skipping transfer taxation rules to personal financial planning scenarios. Studies financial regulations and taxation policy. Course will not have an established scheduling pattern.

Prerequisites:
Prerequisites: A grade of C or higher in PFP 310 and admission to a College of Business major OR (a grade of C or higher in PFP 310 and declaration of a Personal Financial Planning Certificate).

Credits: (5)

Learner Outcomes:
Upon successful completion of this course, the student will be able to:

  • Compare and contrast the most common types of tilting property
  • Describe the probate process, its advantages, disadvantages, and costs.
  • Explain the alternative methods of transferring property at death
  • Propose the most appropriate property transfer mechanism for a client’s situation
  • Diagram the components and relationships among estate planning documents used to facilitate the transfer of one’s assets.
  • Describe the roles of the parties used in estate planning including executor, trustee, power of attorney, beneficiary(ies), heirs, and guardians
  • Select the appropriate estate planning tools to meet a specific case client’s coals and objectives
  • Prepare a cash flow plan for maintaining a client’s estate from date of death to final distribution including payment of tax liabilities.
  • Compare the application of the different types of trusts including revocable, irrevocable, living, and testamentary trusts
  • Compare and contrast the components of charitable and non-charitable trusts
  • Diagnose the income tax consequences of a cast trust including deductions, exemptions, credits, tax rates, and penalties for non-compliance
  • Evaluate the income tax implications of trust income and distributions to beneficiaries
  • Distinguish the relationship between the marital deduction and the qualified interest trust
  • Choose the appropriate business transfer techniques based on specific scenarios
  • Compare the forms of postmortem financial planning.
  • Assess the impact of divorce and/or remarriage on an estate plan.
Learner Outcomes Approval Date:
4/5/18



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