HS 330 Audio: Fundamentals of Estate Planning

1-1 Explain what is meant by estate planning and the purpose that itserves.

12-3 Describe the general rule for inclusion of property under sections 2031 and 2033 in the gross estate of a decedent.

2-2 Distinguish between ethics and compliance

18-5 Explain what is meant by a Sec. 303 redemption.

1-3 Describe the impediments to a well-planned estate.

2-3 Understand the American College'sn Professional Pledge

8-1 Explain what a will is.

10-8 Explain how various types of lifetime transfers with retained interests are valued.

15-3 Describe how either an overqualification or an underqualification may affect federal estate tax liability, and explain how formulas can be used to minimize the tax.

9-2 Describe the appointment of an executor or an administrator.

18-1 Explain how the tentative tax base is determined.

7-5 Explain the requirements for reporting gifts and paying the tax.

18-2 Describe how the estate tax payable before credits is computed.

6-1 Identify the nontax advantages of lifetime gifts.

8-6 Explain the spouse's right of election against a will.

5-4 Explain how a fiduciary is selected.

5-2 Identify the duties of a fiduciary.

22-1 Describe the advantages, disadvantages, and tax treatment of installment sales.

4-1 Identify the community-property states and the historical origins ofthe community-property system.

5-7 Explain the elements of trusts and the various purposes that trusts serve.