Estate Planning for Families Human Development and Family Studies 484 Spring 2015 GILMAN 1810 Mondays, Wednesdays, and Fridays 2:10-3:00pm Prerequisite: HDFS 283 3 credits Instructor: Prof. Amelia Karraker Office: 1331 Palmer Office Hours: Wednesdays 11:00am-1:00pm and by appointment Phone: 515-294-7392 Email: karraker@iastate.edu Required Course Materials: Textbook: Estate Planning, 8 th edition. Michael A. Dalton and Thomas P. Langdon. Money Education. 2014. (Available at ISU bookstore). Calculator: Texas Instruments BA II Plus Financial Calculator. Computer: Your computer must support Blackboard, which is where homework assignments, lecture notes, virtual class activities and discussion boards, and other important information and announcements will be located. Course Description: Study of estate planning focusing on efficient conservation and transfer of wealth, consistent with client s goals. Legal, tax, financial and non-financial aspects of estate planning process; trusts, wills, probate, advanced directives, charitable giving, wealth transfers and related taxes. Learning Objectives: After completing HDFS 484, students will be able to: 1). Explain the importance of estate planning. 2). Describe important estate planning documents. 3). Describe the tax considerations of estate planning. 4). Calculate gift and estate taxes based on various factors. 5). Present an estate planning topic as part of a group presentation. 6). Design an estate plan for a case study integrating major course topics. Class Schedule, Assignments and Grading: In general, we will meet in person on Mondays and Wednesdays and meet virtually on Fridays. Homework due dates, quiz dates, exam dates, and in-person and virtual meetings are listed in the course calendar below. We will cover the entire textbook in this class. Your grade is based on a midterm (20%), final exam (20%), homework (22%), quizzes (22%), an in-class presentation (6%), and participation in virtual class activities and discussions (10%). There are 1,000 points possible in this class. The following are the MAXIMUM standards for grades: A=93-100%; A- =90-92.9%; B+=87-89.9%; B=83-86.9%; B-=80-82.9%; C+=77-79.9%; C=73-76.9%; C-=70-72.9%; D+=67-69.9%; D=60-66.9%; F<60%. Final grades may be curved to obtain an
appropriate distribution. A curve will only be used if grades are disproportionately concentrated among lower grades and can only help you (i.e. no grades will ever be weighted down). Grade Break-Down Points Midterm 200 Final Exam 200 Homework (11 assignments @ 20 points each) 220 Quizzes (11 quizzes @ 20 points each) 220 Class Presentation 60 Virtual Activity Participation (4 random checks @ 25 points each) 100 Total 1,000 Midterm and Final Exam There will be a midterm and a final exam in this class. The midterm covers material from Chapters 1-7 (including lectures, homeworks, quizzes, and virtual activities) and will be in class on Wednesday, February 25. The final covers material from Chapters 8-14 and will be during the final exam period on Thursday, May 7 from 12-2pm in our usual meeting room. Exams are closed-book. Exams will consist of multiple choice, true/false, and short answer (including calculations). On exams, the only acceptable calculator is your financial calculator. Homework There are 13 homework assignments total. You may work in groups to complete homework, but you must submit your own assignment in your own words. If you work with others, please note this on the assignment. Homework problems will be based on problems found at the end of each chapter, virtual activities, and additional assigned problems. Homeworks are due in class on the date listed in the syllabus. Late homeworks are not accepted. The lowest two homework scores will be dropped. Quizzes There will be a weekly in-class quiz (13 quizzes in total) on the previous week s material. Questions will consist of multiple choice and true/false and will be based primarily on the vocabulary covered in each chapter and material in the shaded boxes. Quizzes are closed-book, but you may bring notes on one 3x5 inch notecard (both sides). There are no make-up quizzes. The lowest two quiz scores will be dropped. Class Presentation One time during the semester you will give one 20-30 minute group presentation and discussion on a course topic. Additional guidelines and course topics will follow. Class Attendance and Participation Class participation will be assessed based on your participation in Blackboard discussions that coincide with virtual classes (see below) as well as your completion of in-class quizzes and turning in assignments in class. Quizzes cannot be taken outside of class or made-up. Homework will not be accepted late or outside of class.
Virtual Classes and Discussion Boards We will regularly have virtual class via Blackboard. A typical virtual class constitutes doing an activity such as watching a movie or doing additional readings and then making a meaningful contribution to the discussion board. I will randomly check that you have made a meaningful contribution to the discussion four times over the course of the semester. A meaningful contribution consists of 1). Writing a personal response AND 2). Responding to at least one other student s personal responses. More detail can be found in the directions for specific activities. Discussion Boards close at the date and time of the next class meeting. (For example, if we have a virtual class on Friday, the Discussion Board closes at 2:10pm the following Monday). Course Policies Academic Dishonesty This class follows Iowa State University s policy on academic dishonesty. Anyone suspected of academic dishonesty (e.g., putting your name on someone else s work, plagiarism, etc.) will be reported to the Dean of Students Office. For more information, please see: http://www.dso.iastate.edu/ja/academic/misconduct.html. If you are found to have cheated, you will receive a zero on that assignment/exam/etc. Disability Accommodation Iowa State University is committed to assuring that all educational activities are free from discrimination and harassment based on disability status. All students requesting accommodations are required to meet with staff in Student Disability Resources (SDR) to establish eligibility. A Student Academic Accommodation Request (SAAR) form will be provided to eligible students. The provision of reasonable accommodations in this course will be arranged after timely delivery of the SAAR form to the instructor. Students are encouraged to deliver completed SAAR forms as early in the semester as possible. SDR, a unit in the Dean of Students Office, is located in room 1076, Student Services Building or online at www.dso.iastate.edu/dr/. Contact SDR by e-mail at disabilityresources@iastate.edu or by phone at 515-294-7220 for additional information. Dead Week This class follows the Iowa State University Dead Week policy as noted in section 10.6.4 of the Faculty Handbook: http://www.provost.iastate.edu/resources/faculty-handbook. Harassment and Discrimination Iowa State University strives to maintain our campus as a place of work and study for faculty, staff, and students that is free of all forms of prohibited discrimination and harassment based upon race, ethnicity, sex (including sexual assault), pregnancy, color, religion, national origin, physical or mental disability, age, marital status, sexual orientation, gender identity, genetic information, or status as a U.S. veteran. Any student who has concerns about such behavior should contact his/her instructor, Student Assistance at 515-294-1020 or email dsosas@iastate.edu, or the Office of Equal Opportunity and Compliance at 515-294-7612.
Religious Accommodation If an academic requirement conflicts with your religious practices and/or observances, you may request reasonable accommodations. Your request must be in writing, and I will review the request. Please let me know as soon as possible if you will miss class due to religious practice or observance. Contact Information If you are experiencing, or have experienced, a problem with any of the above issues, email academicissues@iastate.edu.
Week Class Date COURSE CALENDAR Format Topic ME Chapter Assignment (due 2:10pm in class on the date listed) 1 M 1/12 LECTURE/DISCUSSION Syllabus overview, Introduction to 1 Estate Planning 1 W 1/14 LECTURE/DISCUSSION Basic Estate Planning Documents 2 Read Chapters 1 and 2 1 F 1/16 VIRTUAL CLASS Read Chapter 3 2 M 1/19 MLK DAY NO CLASS 2 W 1/21 LECTURE/DISCUSSION Types of Property Interests 3 Quiz 1, Homework 1 2 F 1/23 VIRTUAL CLASS Read Chapter 4 3 M 1/26 LECTURE/DISCUSSION The Probate Process 4 Quiz 2 3 W 1/28 LECTURE/DISCUSSION The Probate Process 4 Homework 2 3 F 1/30 VIRTUAL CLASS Read Chapter 5 4 M 2/2 LECTURE/DISCUSSION Gift Tax 5 Quiz 3 4 W 2/4 LECTURE/DISCUSSION Gift Tax 5 Homework 3 4 F 2/6 VIRTUAL CLASS Read Chapter 6 5 M 2/9 LECTURE/DISCUSSION Estate Tax 6 Quiz 4 5 W 2/11 LECTURE/DISCUSSION Estate Tax 6 Homework 4 5 F 2/13 VIRTUAL CLASS Read Chapter 7 6 M 2/16 LECTURE/DISCUSSION Transfers During Life and At Death 7 Quiz 5 6 W 2/18 LECTURE/DISCUSSION Transfers During Life and At Death 7 Homework 5 6 F 2/20 VIRTUAL CLASS 7 M 2/23 LECTURE/DISCUSSION Review for Midterm 7 W 2/25 MIDTERM IN-CLASS Covers Chapters 1-7 7 F 2/27 VIRTUAL CLASS Read Chapter 8 *COURSE CALENDAR CONTINUED ON NEXT PAGE*
Week Class Date Format Topic ME Chapter Assignment (due 2:10pm in class on date listed) 8 M 3/2 LECTURE/DISCUSSION Trusts 8 Quiz 6 8 W 3/4 LECTURE/DISCUSSION Trusts 8 Homework 6 8 F 3/6 VIRTUAL CLASS Read Chapter 9 9 M 3/9 LECTURE/DISCUSSION Charitable Giving 9 Quiz 7 9 W 3/11 LECTURE/DISCUSSION GUEST SPEAKER Rob Kinsey from ISU Foundation 9 Homework 7 9 F 3/13 VIRTUAL CLASS Read Chapter 10 x 3/16-3/20 SPRING BREAK NO CLASS 10 M 3/23 LECTURE/DISCUSSION The Unlimited Marital Deduction 10 Quiz 8 10 W 3/25 LECTURE/DISCUSSION The Unlimited Marital Deduction 10 Homework 8 10 F 3/27 VIRTUAL CLASS Read Chapter 11 11 M 3/30 LECTURE/DISCUSSION Life Insurance in Estate Planning 11 Quiz 9 11 W 4/1 LECTURE/DISCUSSION Life Insurance in Estate Planning 11 Homework 9 11 F 4/3 VIRTUAL CLASS Read Chapter 12 12 M 4/6 LECTURE/DISCUSSION Special Elections & Post-Mortem Planning 12 Quiz 10 12 W 4/8 LECTURE/DISCUSSION Special Elections & Post-Mortem Planning 12 Homework 10 12 F 4/10 VIRTUAL CLASS 13 M 4/13 VIRTUAL CLASS Read Chapter 13 13 W 4/15 LECTURE/DISCUSSION Generation-Skipping Transfers 13 Quiz 11 13 F 4/17 LECTURE/DISCUSSION Generation-Skipping Transfers 13 Homework 11 14 M 4/20 LECTURE/DISCUSSION Basic Estate Plan 14 Read Ch. 14, Quiz 12 14 W 4/22 LECTURE/DISCUSSION Basic Estate Plan 14 Homework 12 14 F 4/24 VIRTUAL CLASS 15 M 4/27 LECTURE/DISCUSSION Basic Estate Plan 14 Quiz 13 15 W 4/29 LECTURE/DISCUSSION Review for Final Homework 13 15 F 5/1 VIRTUAL CLASS *****FINAL EXAM (Covers Chapters 8-14) THURSDAY, MAY 7 th, 12-2pm in Gilman 1810*****