Mar 27, 2023
PFP 440 - Estate Planning
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: 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).
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:
Anticipated Course Offering Terms and Locations:
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