Using the Internet in Estate Planning 2016 - 24 CPE Credit Hours
While many tax professionals are aware of the general tax resources available on the Internet, this course focuses on the expanding electronic resources for estate planning. Whether it is historical stock quotes, cusip numbers or just access to the Code, the Internet now offers a wealth of information, research tools, and calculators specifically designed for the estate planning practitioner. These resources permit the tax professional to not only better serve their clients but to network with fellow practitioners, market their services and become more cost-efficient. Be there or be square!
Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provided.
Course Level: Overview. This program is appropriate for professionals at all organizational levels.
Field of Study: Taxes
Prerequisite: General understanding of federal income taxation.
Recommended Credits: 24 CPE Hours
Advanced Preparation: None
Learning Assignments & Objectives
As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.
ASSIGNMENT SUBJECT
Chapter 1 Estate Planning & the Internet
At the start of Chapter 1, participants should identify the following topics for study:
* Internet tax research
* Strengths & weaknesses of Web research
* Law libraries & site lists
* Existing law
* Proposed law
* Articles, commentaries & treatises
* Developments & newsletters
* Tax forms
* Administrative agencies
* Search sites
Learning Objectives
After reading Chapter 1, participants will able to:
1. Identify ways that the Internet is changing the tax and legal professions so that adaptations can be made efficiently, recognize the evolution of the Internet naming contributing organizations and define the Internet and the World Wide Web.
2. Locate Internet resources safely and state how to use them by:
a. Listing five basic parts of an Internet connection and show how to optimize the connection noting the various ways to connect to the Internet discerning their various speeds; and
b. Identifying what browser software allows users to do noting how the browser retrieves Web documents or pages.
3. Show how to “Surf the net” by typing a URL into an address bar identifying the function each part of the address, state how to securely and politely send and receive e-mail with attachments, locate mailing lists and newsgroups, and list ways to improve Internet performance including starting with a blank page or by using multiple windows.
4. Name the strengths and weaknesses of researching on the Web, identify the best way to research tax issues, and locate legal and tax resources on the Web using various online law libraries and site lists.
5. Identify several tax-planning resources for current federal and state law, locate Web articles, commentaries and treatises on tax and estate law, show how to stay up to date with current developments in tax and estate planning by finding related Web newsletters, and state the connection between Usenet newsgroups and how they can be used for tax planning purposes.
6. Show how to prepare and file federal tax forms using the IRS’s helpful Web sites, refine searches on search sites using specialize tools, and use an all-in-one site for a case, legislation and regulation search.
After studying the materials in this chapter, answer the exam questions 1 to 40.
ASSIGNMENT SUBJECT
Chapter 2 Building an Estate
At the start of Chapter 2, participants should identify the following topics for study:
* Types of income
* Rules of budgeting
* Cash
* Savings
* Acquisition
* Assets
* Rules of management
* Managing risk
* Taxes
* Leverage
Learning Objectives
After reading Chapter 2, participants will able to:
1. Name three goals of money management listing four types of income, identify three causes of increased taxable income for itemizing taxpayers, and state at least eight types of taxable income and their proper reporting.
2. Show the distinctions between tax-free municipal bonds from fringe benefits in generating tax-free income, name two benefits of tax deferral, and identify at least one tax-deferred investment permitting taxpayers to better invest for retirement.
3. List several ways to shelter income noting how income sheltering amplifies investment return.
4. Recognize the budgeting of income into cash by containing expenditures with the author's six step process and developing discretionary income using four important variables, identify a client’s negative outlook on budgeting and counter with five strategies, show how to convert income into assets by purchasing investments, and list six important asset acquisition rules for improved investment return.
5. Name at least eight major tax-advantage investments using six basic management rules, and state the economic impact of accelerating deductions, postponing tax liability, and leveraging.
After studying the materials in this chapter, answer the exam questions 41 to 62.
ASSIGNMENT SUBJECT
Chapter 3 Preserving the Estate
At the start of Chapter 3, participants should identify the following topics for study:
* Obstacles to preservation
* Tracking spending
* Building savings
* Designing a budget
* Determining worth
* Analyzing net worth
* Ignorance
* Inflation
* Taxes
* Tax planning tactics
Learning Objectives
After reading Chapter 3, participants will able to:
1. Recognize spending habits and show how to design a budget to increase discretionary income, define net worth using a balance sheet, identify an asset inventory listing liabilities, and state where changes could be made to meet financial goals.
2. State why individuals should take primary responsibility for the investment planning including necessary self-education, show the allocation of financial resources among investments to maximize return, and recognize the impact of inflation, risk versus return, and basic income tax planning tactics that can be used by clients to minimize taxes.
After studying the materials in this chapter, answer the exam questions 63 to 78.
ASSIGNMENT SUBJECT
Chapter 4 Distribution of the Estate
At the start of Chapter 3, participants should identify the following topics for study:
* Unlimited marital deduction
* Applicable exclusion amount
* Stepped-up basis
* Basic estate planning goals
* Simple will
* Types of trusts
* Charitable trusts
* Insurance trusts
* Family documents
* Private annuities
Learning Objectives
After reading Chapter 4, participants will able to:
1. Identify estate planning issues for business clients by:
a. Naming at least three elements of estate tax planning that have remained unchanged by recent legislation;
b. Recognizing the unlimited marital deduction and its effect on the gross estate of the value of property; and
c. Stating the applicable exclusion amounts for various years of death.
2. Define “stepped-up basis” and repealed “modified carryover basis” for estate tax purposes.
3. Name five basic estate-planning goals, and outline the benefits and drawbacks of the three primary dispositive plans.
4. List the various types of trusts noting their estate planning uses.
5. Identify six family documents that every taxpayer should consider.
6. Recognize advantages and disadvantages of the former private annuity format.
After studying the materials in this chapter, answer the exam questions 79 to 100.
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