Financial Planning Certification Exam Lessons Part 6: Estate Planning
Financial Planning Certification Exam Lessons Part 6: Estate Planning
Over 4 Hours and 23 Minutes of Audio Instruction
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Part 1: Professional Conduct, Regulation, and Planning Principles
Part 2: Insurance, Benefits, and Risk Management
Part 3: Investment Planning
Part 4: Tax Planning
Part 5: Planning for Retirement
Part 6: Estate Planning
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Table of Contents Financial Planning Certification Exam Part 6 Estate Planning
Opening Credits
Lesson 1
Community Property & Common Law States: (14:00 )
● Community & Non-Community Property interest
● Common Law Titling:
○ Sole Ownership
○ Joint Tenancy with Right of Survivorship (JTWROS)
■ Non-spouse Joint Tenant Estate Tax
■ Spousal Estate Tax
Lesson 2
Titling, Continued & Probate Property Transfers: (19:21)
● Tenancy by the Entirety (TBE)
● Tenancy in Common (TIC)
● Property Transfer Strategies at Death
● Pros & Cons of Probate
● Election Against the Will
Lesson 3
Estate Tax Calculation: (17:54)
● Overview of Calculation
● Estate Tax Filing Requirements
○ Form 706 & Exemption
● Gross Estate
○ Inclusions
○ Exclusions
○ 3 year Rule
■ Insurance & Gift Taxes Paid
● Incidents of Ownership
● Survivorship Annuities
● Retained Life Estates
Lesson 4
Estate Tax Calculation, Continued & Gifting Strategies: (20:21)
● Adjusted Gross Estate
○ Deductions
● Taxable Estate
● Tax Calculation
○ Form 8971
● Inter-vivos Gifting
○ Property to Gift
● For Closely Held Business Owners
● Gift of Present & Future Interest
● Net Gift Technique
Lesson 5
Gifting: (18:09)
● Gift Valuation
● Gifting Life Insurance Policies
● Crummey Trusts
● Gift Tax filing requirements
○ Gift Splitting
○ Exempt Gifts
● Overview of Gifting to Minors
Lesson 6
Gifting to Minors: (20:32)
● UTMA & UGMA
● Section 2503(b) & (c) Trusts
● 529 College Savings Plans
○ 529 ABLE
Lesson 7
Incapacity Planning: (17:43)
● Incapacity & Incompetency
● Powers of Attorney
○ Durable
○ Non-Durable
○ Durable POA for Health Care (DPOAHC)
○ Springing Power
● Living Wills (Advanced Medical Directives)
● Guardianship/Conservatorship
● Revocable Trust
● Medicaid Planning
● Special Needs Trust (SNT)
Lesson 8
Basics of Trusts: (18:39)
● Elements of a Trust
● Simple Trust
○ DNI (Distributable Net Income)
● Complex Trust
● Revocable Trust
○ Inter-vivos
● Testamentary Trusts
● Irrevocable Trusts
● Spendthrift Trusts
Lesson 9
Trusts, Continued: (25:56)
● Bypass Trusts
● Marital Trusts
● Qualified Terminal Interest Property (QTIP)
● Dynasty Trusts
● Qualified Domestic Trust (QDOT/QDT)
● Powers of Appointment
○ General
○ Special
● 5 or 5
● Distributions for an Ascertainable Standard (HEMS)
Lesson 10
Charitable Trusts: (25:56)
● Charitable Remainder Trusts
○ Annuity Trusts (CRATs)
○ Unitrusts (CRUTs)
● Charitable Gift Annuities
● Pooled Income Fund
● Charitable Lead Trusts
○ Annuity Trusts (CLATs)
○ Unitrusts (CLUTs)
● Wealth Replacement Trusts
● Private Foundations
● Donor Advised Funds (DAFs)
● Bargain Sales
Lesson 12
Business Planning Techniques: (21:17)
● Installment Sale
● Self-Canceling Installment Note (SCIN)
● Private Annuity
● S-Corporation
● Family Limited Partnership (FLP)
○ Control
○ Contribution of Property
○ Limited Asset Protection
● Gift Leaseback
Lesson 13
Business Planning Techniques, Cont’d & GSTT & Fiduciaries: (20:17)
● Grantor Retained Annuity Trust (GRAT)
● Grantor Required Unitrust (GRUT)
● Grantor Retained Income Trust (GRIT)
● Qualified Personal Residence Trust (QPRT)
● Generation Skipping Transfer Tax (GSTT)
○ Exemptions & Exclusions
○ Direct Skips, Terminations, Distributions
● Fiduciaries
○ Executor
○ Trustee
○ Guardian
Lesson 14
Trusts & Postmortem Planning Techniques: (22:45)
● Income Tax Treatment of Distributions to Beneficiaries
● Grantor Trusts (Defective/Tainted Trusts)
● Non-Grantor Trusts
● Alternative Valuation Date (AVD)
● Disclaimer
● Disclaimer Trust
● Estate Liquidity Reductions
○ Corporate Stock Redemption (303)
○ Deferral of Estate Taxes (6166)
○ Special Use Valuation (2032A)