Course Description –
This course focuses on basic estate planning consistent with the family’s goals. It is a study of the legal, tax, financial and non-financial aspects of this process, covering topics such as trusts, wills, probate, advance directives, charitable giving, wealth transfers and related taxes.
Required Course Resources –
- Fontaine, Constance J. Fundamentals of Estate Planning (2014) 14th Edition. Bryn Mawr, PA: The American College Press
Course Learning Outcomes –
- Determine client estate planning needs and objectives, taking into account financial and non-financial (behavioral/ social/ emotional) aspects of estate planning.
- Describe demographics related to estate taxation, planning, inheritances and the effects of lack of estate planning.
- Estimate taxation and liquidity needs in various situations.
- Propose appropriate and efficient methods of wealth transfer.
- Recognize, analyze and evaluate family need for various estate documents, including, without limitation, wills trusts, powers of appointment and medical directives.
- Recommend appropriate life insurance arrangements, including, without limitaton, life insurance trust planning.
- Discuss the advantages and disadvantages of the probate system.
- Recommend appropriate titling of assets to meet estate planning and other objectives.
- Identify appropriate techniques for charitables giving during life and as part of an estate plan.
- Recommend estate planning techniques for various family types, multi-genrations, owners of closely-held businges and farm/ranchers.
- Recommend the most efficient plan for meeting the client’s objectives based on the family’s situation.
- Evaluate possible future changes in the client’s situation and legal/tax situation to provide forward-looking estate planning advice.