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Estate Planning Fundamentals #360425

Course Overview

Credit

Amount

CPA

CFP^®

4.5

CDFA^®

CIMA^®/CPWA^®/RMA^®

Course Author: Steven M. Bragg, CPA Field of Study (CPA): Specialized Knowledge Field of Study (CFP): Estate Planning Field of Study (CDFA): Financial Planning

Course Description

Course publication/revision date: This course was updated on 9/24/2025.

There are many options for estate planning that can minimize taxes, while ensuring that assets are distributed in accordance with your specific wishes. These options are covered in detail in the Estate Planning Fundamentals course. It covers the essentials of wills, probate, living trusts, the pay-on-death option, gift taxes and estate taxes, as well as planning for personal incapacity and much more.

Table of Contents

Chapter 1 - Your Estate Planning Goals1

Introduction	1
Issues Impacting Estate Planning	1
Property Ownership Rules	2
Community Property Law Issues	3
Common Property Law Issues	4
Itemizing Your Property	5
Liquid Assets	6
Digital Assets	6
Other Personal Property	7
Real Estate	7
Business Property	7
Liabilities	7
Net Worth	7
Summary	8
Review Questions	9

Chapter 2 - Beneficiary Issues10

Introduction	10
Types of Beneficiaries	10
The Survivorship Period Clause	11
The No-Contest Clause	12
The Simultaneous Death Clause	12
Explanations for Beneficiaries	12
Disinheritance	12
Summary	13
Review Questions	14

Chapter 3 - Children Issues15

Introduction	15
Assigning Responsibility for Raising Your Child	15
Property Management Options	16
Custodianship	16
Child's Trust	16
Family Pot Trust	17
Property Guardian	17
Educational Investment Plans	18
Children as Life Insurance Beneficiaries	18
Children Conceived After Your Death	19
Leaving Property to Other Children	19
Summary	19
Review Questions	20

Chapter 4 - Essentials of Wills21

Introduction	21
The Need for a Will	21
Requirements for a Will	22
Types of Wills	22
Explanatory Documentation	23
Property Not Transferred Through a Will	23
Special Considerations	23
The Success of Challenges to Your Will	23
Summary	24
Review Questions	25

Chapter 5 - Probate Issues26

Introduction	26
What is Probate?	26
When to Use Probate	26
The Cost of Probate	27
Avoiding Probate	27
Summary	28
Review Questions	29

Chapter 6 - Essentials of Living Trusts30

Introduction	30
Advantages of a Living Trust	30
When to Use a Living Trust (or Not)	31
How Does a Living Trust Work?	31
Living Trust Decisions	31
Creating the Trust Document	33
Updating the Trust Document	34
Summary	34
Review Questions	35

Chapter 7 - Types of Tenancy36

Introduction	36
Essentials of Joint Tenancy	36
Joint Tenancy Bank Accounts	37
Joint Tenancy Safe Deposit Boxes	38
Essentials of Tenancy by the Entirety	38
Advantages of Joint Tenancies	38
Disadvantages of Joint Tenancies	38
Tenancy Tax Issues	39
Summary	40
Review Questions	41

Chapter 8 - The Pay-on-Death Option42

Introduction	42
The Pay-on-Death Option	42
Summary	43
Review Questions	44

Chapter 9 - Life Insurance Options45

Introduction	45
When to Use Life Insurance	45
Varieties of Life Insurance	46
Transferring Policy Ownership	47
Summary	48
Review Questions	49

Chapter 10 - Retirement Plans50

Introduction	50
Social Security Benefits	50
Individual Retirement Accounts	50
Roth IRA	51
IRA and Roth IRA Comparison	51
Rollover IRA	51
Savings Incentive Match Plan for Employees (SIMPLE)	52
Simplified Employee Pension (SEP) IRA	52
Rollover Options	52
Required Minimum Distributions	53
Qualified Charitable Distributions	55
Defined Contribution Plan	56
Summary	57
Review Questions	58

Chapter 11 - Estate Taxes59

Introduction	59
Estate Tax Exemptions	59
Estate Valuation	60
Paying the Estate Tax	60
Related State Taxes	60
Summary	61
Review Questions	62

Chapter 12 - Gift Taxes63

Introduction	63
The Gift Tax	63
Who Pays Gift Tax	64
The Gift Tax Exclusion	64
The Annual Exclusion	64
The Lifetime Exclusion	65
The Value of a Gift	65
The Present Interest Concept	66
Gift Tax Minimization Strategies	66
Gift Splitting	67
Gift in Trust – General	67
Gift in Trust – Crummey Trust	67
Gifts to Minors	67
Gifts that Appreciate in Value	68
IRS Form 709	69
Summary	69
Review Questions	70

Chapter 13 - Trust Concepts71

Introduction	71
Continuing Trusts	71
AB Disclaimer Trusts	72
QTIP Trusts	73
Charitable Trusts	74
Generation-Skipping Trusts	77
Irrevocable Life Insurance Trust	77
Spendthrift Trust	78
The Power of Appointment	78
Summary	78
Review Questions	79

Chapter 14 - Disclaimer Options80

Introduction	80
Disclaimer Rules	80
Summary	81
Review Questions	82

Chapter 15 - Estate Planning for a Business83

Introduction	83
Planning for Management of the Business	83
Estate Tax Reduction Tactics	84
Probate Avoidance	84
Family Partnerships	85
Summary	85
Review Questions	86

Chapter 16 - Planning for Personal Incapacity87

Introduction	87
Planning for Personal Incapacity	87
Health Care Directives	87
Your Health Care Agent	89
Summary	89
Review Questions	90

Chapter 17 - Actions to Take Following a Death91

Introduction	91
When the Decedent Had a Will	91
When the Decedent Had a Living Trust	91
When the Decedent Had an Ongoing Trust	92
Multiple Trustee Situations	92
Tax Return Obligations	92
Reports to Beneficiaries	92
Obtaining Joint Tenancy Title	93
Collecting on Life Insurance Policies	93
Review Questions	94

Answers to Chapter Questions95

Glossary102

Index105

Course Details

Author: Steven M. Bragg, CPA

Steven Bragg, CPA, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young. He received a master’s degree in finance from Bentley College, an MBA from Babson College, and a Bachelor’s degree in Economics from the University of Maine. He has been a two-time president of the Colorado Mountain Club, and is an avid alpine skier, mountain biker, and certified master diver. Mr. Bragg resides in Centennial, Colorado. He has written more than 300 books and courses, including New Controller Guidebook, GAAP Guidebook, and Payroll Management.

Publication/Revision Date: 9/24/2025

Course Exam Questions (online): 30 (multiple-choice)

Program Delivery Method: NASBA QAS Self-Study

Available Formats of Course Text: PDF or PDF plus printed copy sent in the mail

Course Level, Prerequisites, and Advance Preparation Requirements

License	Course Level	Prerequisites	Advance Preparation Requirements
CPA	Overview	None	None
CFP®	Overview	None	None
CDFA®	Overview	None	None
CIMA®/CPWA®/RMA®	Overview	None	None

* This program is appropriate for professionals at all organizational levels.

Sponsor ID Numbers

National Registry of CPE Sponsors I.D.: 107615

CFP Board Sponsor I.D.: 1008 — Course I.D.: 320300

Registered with the Institute for Divorce Financial Analysts

IWI CE Sponsor I.D.: 222740 — Course ID: 24BCNHF006

State CPA Board Sponsor ID Numbers (where applicable)

Florida Division of Certified Public Accounting: 0004761

Hawaii Board of Public Accountancy: 14003

New York State Board for Public Accountancy: 002146

Ohio Accountancy Board: CPE .51 PSR

Pennsylvania State Board of Accountancy: PX178025

Texas State Board of Public Accountancy: 009349

Learning Objectives

As a result of studying the course material, you should be able to meet the objectives listed below:

Identify the issues that can impact your estate planning goals.
Specify the types of liquid assets.
Describe the clauses that can be included in a will.
Identify how the disinheritance concept is used.
Specify the rules associated with a 529 plan.
Identify the requirements for the creation of a will.
Recall the steps involved in the probate process.
Specify when the probate process can be useful.
Describe the structure and contents of a living trust.
Specify how a joint tenancy arrangement works.
Specify the problems with a joint tenancy arrangement.
Recall the advantages of the pay-on-death option.
Recall the best circumstances for purchasing life insurance.
Identify the different types of life insurance policies.
Recall the characteristics of the different types of IRA.
Recall how an estate is valued for estate tax purposes.
Specify the types of transactions that can trigger a gift tax.
Identify the rules relating to the gift tax exclusion.
Recall the nature of a present interest.
Specify the uses to which the different types of trusts can be put.
Identify the circumstances under which you might disclaim an inheritance.
Recall the IRS rules for including a family member in a family partnership.
Specify what triggers a springing power of attorney.
Identify the nature of any reports that a trustee might need to send to beneficiaries.

Online Book, Online Exam

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Hardcopy Book, Online Exam

$69.00