10 Things That Should Be in Every Estate Plan
Estate planning involves more than taxes. This program will discuss the “musts” that will make every accountant a more effective and trusted advisor. Included will be the dangers of not having a will; basics of the estate tax structure; the roles of, and choosing, executors and trustees and how trusts function; how to choose a guardian, provide payments to them and allow for their extraordinary costs; how to leave funds to a minor; estate liquidity; the importance of how IRAs, 401k, 403b and pension plans should be treated in an estate plan and how they are taxed and what can, and does, go drastically wrong; forms of ownership and the other “wills” clients have; what assets and liabilities are included in an estate, and what three insurance policy coverage (that cost under $1,000 a year) that clients need to protect their assets and estate; ethical and value considerations for heirs; the four documents that clients need to execute, and dealing with incapacity and how assets can be “stolen” by loved ones; essential check lists; and the bare minimum that must be done
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- Explore the purpose and importance of estate planning
- Identify the "must haves" of estate planning
- Recognize the dangers of not having a will
- Explore the estate tax structure and the roles of major parties
Who Should Attend:
Tax, audit, and accounting services practitioners, business advisors, people dealing with estate planning issues, and those interested in understanding the practical dynamics of estate planning.
Instructor: Edward Mendlowitz, CPA, ABV, CFF, PFS - Partner, WithumSmith+Brown
Instructional Method: Group-Internet
NASBA Field of Study: Taxes
Program Prerequisites: A basic understanding of estate planning.
Advance Preparation: None