Estate Tax Planning

Explore the fundamental concepts and strategies involved in estate tax planning, from the administration of estates to calculating federal estate tax liability. Topics include federal gift and estate taxes, common trusts such as credit shelter and QTIP trusts, and the role of deductions, credits, and state inheritance taxes. Gain insight into minimizing estate tax exposure and understanding how estate taxes are assessed and paid.

• Explain the differences between an estate for tax purposes and a probate estate
• Identify the assets that comprise the federal gross estate
• Compare state inheritance taxes and estate taxes and the typical beneficiary classifications for state inheritance tax purposes
• Explain how gifts are taxed under the federal gift tax system
• List the deductions and credits allowed under the federal system of estate taxation
• Describe the common trusts employed in estate tax planning
• Perform an estate tax calculation; and Identify the methods of estate tax payment and their cost consequences