Estate planning and taxation

1、metropolitan community collegecourse outline formcourse title: estate planningcourse prefix and no. fina 2330 lec 4.5 lab 0 credit hours 4.5 course description:this course provides a comprehensive review of estate planning topics such as estate and gift taxes, various issues related to trusts planni

2、ng and administration, property ownership issues, life insurance, private annuities, postmortem tax planning and charitable giving.course prerequisites: fina 2200 and fina 2210 or approval of instructorrationale:given the complicated issues surrounding pre- and postmortem needs, the importance of pr

3、oper estate and insurance planning is a significant part of the financial planning process. regardless of age, race, gender, or financial well-being, every member of a society must choose to either address or neglect the issues associated with our eventual demise. this course provides the individual

4、 with a basic understanding of estate and insurance tools and techniques used to achieve established goals regarding future financial expectations.required textbooks:title:estate planning and taxationedition:current annual editionauthor: john c. bostpublisher:kendall/hunt publishing companyisbn:0-75

5、75-2606-3required materials:texas instruments baii financial calculator attached course outline written by: lori lothringerdate: 3/11reviewed/revised by: lori lothringer date: 3/11effective quarter of course outline: 11/fadean date: daryl hansencourse objectives, topical unit outlines, and unit obje

6、ctives must be attached to this form.course objectives/topicalunit outline/unit objectivestitle: estate planning prefix/no. fina 2330 course objectives:i.describe the estate planning process and identify the goals of this process.ii.identify the various methods of estate transfer at death.iii.review

7、 the basic features of the federal estate tax, the federal gift tax, the generation-skipping transfer tax, and the federal income tax system. iv.identify the various methods of estate transfer during life.v.discuss estate liquidity, premortem and postmortem actions, and estate planning for special s

8、ituations.vi.describe the insurance planning process and identify the goals of this process.topical unit outline/unit objectives:unit i.estate planning process and goalsa. identify the nature of estate planning and define basic terms associated with the estate planning process.b. describe the advant

9、ages and/or and disadvantages of various forms of property interest or ownership.c. analyze estate planning goals and methods commonly used to achieve them.d. identify the tasks in the estate planning process.e. define the roles of the members of the estate planning team.unit ii.methods of estate tr

10、ansfer at deatha.explain the objectives and characteristics of the probate process (advantages, disadvantages, etc.)b.identify the requirements for a valid will, characteristics and types of wills.c.explain the characteristics and purpose of intestate succession statutes.d.identify the characteristi

11、cs of a given will substitute.e.analyze the role of will substitutes in the estate planning process.unit iii.the federal estate tax, the federal gift tax, the generation-skipping transfer tax, and federal income tax a.analyze the basic characteristics of the federal estate tax.b.determine the applic

12、ation of the federal estate tax (how assets are valued, credits available to estate, etc.) and calculate the federal estate tax for a given estate.c.analyze the basic characteristics of the federal gift tax.d.determine the correct application of the federal gift tax (how assets are valued, deduction

13、s that are available to the estate, etc.) and calculate the federal gift tax for a given situation. e.describe the purpose and basic features of the federal generation-skipping transfer tax (gstt) and calculate the federal generation-skipping tax for a given scenario.f.determine the impact of the fe

14、deral income tax on a given estate transfer technique.unit iv.methods of estate transfer during lifea.identify the role and purpose of various inter vivos intrafamily planning techniques.b.analyze situations to determine the tax implications of various inter vivos intrafamily planning techniques.c.i

15、dentify the role and purpose of various inter vivos closely held business transfer techniques.d.analyze situations to determine the tax implications of various inter vivos closely held business transfer techniques.unit v.estate liquidity, premortem and postmortem actions, and estate planning for spe

16、cial situationsa. explain the concept of estate liquidity and analyze a situation to determine estate liquidity needs and sources of estate liquidity.b. describe the characteristics and purpose of premortem and postmortem planning techniques.c. identify the basic characteristics (advantages and disa

17、dvantages) of estate planning techniques for managing an incompetent persons financial and personal needs.d. identify the basic characteristics (advantages and disadvantages) of estate planning techniques for managing an incompetent persons medical and end-of-life needs.e. describe estate planning i

18、ssues associated with planning for variations in traditional family arrangements (divorce).f. explain the role and purpose of various fiduciary arrangements such as trustees, guardians, conservators, and personal representatives.unit vi.insurance planning process and goalsa. identify the nature of i

19、nsurance planning and define basic terms associated with the insurance planning process.b. explain how insurance needs are estimated and how to select the right insurance company and insurance policy.c. describe the advantages and/or disadvantages of various insurance products (whole life, term life

20、, universal life, group life etc.)d. explain the role of various insurance techniques in the planning process (irrevocable life insurance trusts, accelerated death benefits, viatical settlements, buy-sell agreements, etc.)e. describe the advantages and disadvantages of various inter vivos life insur

21、ance planning techniques.f. analyze a situation to determine the most appropriate inter vivos insurance planning technique and determine the tax implications of the application of the selected technique. course objectives/assessment measurescourse objectivesassessment measuresdescribe the estate pla

22、nning process and identify the goals of this process.team project, oral report, test, team testing, portfolio, and class discussion. identify the various methods of estate transfer at deathteam project, oral report, test, team testing, portfolio, and class discussion. review the basic features of th

23、e federal estate tax, the federal gift tax, the generation-skipping transfer tax, and the federal income tax team project, oral report, test, team testing, portfolio, and class discussion. identify the various methods of estate transfer during lifeteam project, oral report, test, team testing, portfolio, and class discussion. discuss estate liquidity, premortem and postmortem action