PFP 440 - Estate Planning

• 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.