Estate Planning for the 99%: Portability and More  (EPP4)

4.00 CPE Credit Hours

With a lifetime exemption of over $5,000,000, much of the traditional estate planning CPAs did for clients no longer makes sense as these clients do not face a federal estate tax liability or it can be easily avoided. But that does not mean there are not tax issues, or that a failure to plan will not cost the family money. This session will look at advising those "poor" estates. We will discuss the use of portability planning in lieu of bypass trusts, how to plan to maximize basis for heirs rather than minimize inclusion in an estate and not getting blind-sided by state level estate and inheritance taxes.

Designed For
CPAs who advise clients with net worths between $1,000,000 and $5,000,000 or married couples with a combined net worth of under $10,000,000.

Objective

• Advise clients on the advisability of making a portability election
• Assisting the client's attorney in revising or designing the client's estate plan
• List those states with an estate and/or inheritance tax

Highlights

• How "old-style" estate plans actually increase the heirs taxes under the current law
• The uses and limitations of the portability election
• Using a QTIP election to combine portability with a trust to hold the decedent's assets

Prerequisites
Experience advising clients on tax and financial matters

Advanced Preparation
None

Developer
Kaplan Loscalzo

Presenters
Ed Zollars,

Level of Knowledge
Intermediate