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A. Planning Process & Transfer Documents –
steps in estate planning, types of wills, testator, executor, devisee,
residence vs. domicile, will invalidity, survivorship clause, simultaneous
death clause, living will, power of attorney, durable vs. nondurable
power of attorney, springing power of attorney, health care power
of attorney, power of appointment, general vs. limited vs special,
tax implications of power of appointment, ascertainable standard,
5 and 5 limit.
B. Estates, Trusts and Gifts – simple trust,
complex trust, grantor trust, gross income, deductions, credits,
distributable net income, taxation of beneficiaries, estate tax,
gift tax, GSTT, requirements for gifts, gift tax exclusion limit,
present vs. future interest, unlimited marital deduction, qualified
terminable interest property, basis of gift property, federal estate
tax, valuation of estate assets, reconciliation of gross estate
to taxable estate, tenancy in common, joint tenancy, life insurance
proceeds, calculation of GSTT.
C. Marital & Charitable Deductions –
requirements for marital deduction, terminable interest, exceptions
to terminable interest, QTIP, requirements for qualified income
interest, QDOT, non-US citizen estate taxation, charitable gifting
requirements, charitable remainder trust, pooled income fund, invasion
of principal, additional lifetime contributions, investment in tax
exempt securities, sprinkling provisions, term certains, charitable
lead trust, gifting life insurance policies, charitable tock bailouts.
D. Property Transfers & Probate – joint
tenancy with rights of survivorship, tenancy by the entirety, tenancy
in common, community property, effects of divorce on tenancy by
the entirety, advantages and disadvantages of probate, assets which
pass through/outside probate, asset valuation for probate estate,
community property and probate.
E. Custodial Accounts & Post-Mortem –
custodial accounts, transfers to custodial accounts, Section 2503
(b) mandatory income trusts, Section 2503 (c) minors trusts, crummy
trusts, parties to guardianship, alternate valuation date, exceptions
to alternate valuation date, disclaimers, disclaimer trusts, special
use valuations, Section 6166 installment payments, Section 303 stock
redemption, qualified family business exclusion.
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