PFP 440 - Estate Planning

Description:
Overview of gift, estate, and generation skipping transfer taxation, including financial and estate planning applications. Applies gift, estate, and generation skipping transfer taxation rules to personal financial planning scenarios. Studies financial regulations and taxation policy.

Prerequisites:
Prerequisites: (a grade of C or higher in FIN 370 and PFP 310 and ACCT 303 and admission to a College of Business major) AND completion of the College of Business Foundation courses (ACCT 251 and ACCT 252 and BUS 221 and BUS 241 and MATH 153 or MATH 154 or MATH 170 or MATH 172 or MATH 173 and ECON 201) with a minimum C- grade in each course and a minimum collegiate GPA of 2.25.

Credits: (4)

Learner Outcomes, Activities and Assessments

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