SYLLABUS & OUTLINE UCLA EXTENSION - Business & Management Course Title: Estate Planning Course Number: X 439.3 Quarter: Instructor: Jonathan S. Forster Phone: (310) 553-8844 Meeting Times: Tuesdays at 6:30 p.m. - 9:30 p.m. E-Mail: jforster@weinstocklaw.com Begin Date: January 6, 2015 End Date: March 24, 2015 Location: 170 Dodd Hall Office Hours: Available by appointment COURSE GOALS AND OBJECTIVES: This course surveys the financial and legal fields of estate planning. It equips accountants, trust officers, attorneys, paralegals, life insurance underwriters and financial planners to solve estate planning problems. The primary focus of this course is on the objectives and needs of the estate planning client. The course will treat various estate planning devices as tools of the entire estate planning process, and you will be expected to learn to use the tools effectively. The student will be required to engage in independent analysis of case studies in order to make first hand use of the estate planning devices to solve the problems. On completion of the course, the student should be able to: 1. Determine the client's objectives relative to conservation, management and distribution of the estate. 2. Match the client's objectives with appropriate arrangements to effectuate those objectives. 3. Describe the arrangements and tools available to the estate planner and explain their use and interrelationship. 4. Apply the tax principles and property law which underlie estate planning to the design of estate plans for various types of clients. 875041.2 1
Page 2 REQUIRED READING: Course text: Michael A. Dalton and Thomas P. Langdon, Estate Planning for Financial Planners, Money Education (8th Edition). The reading assignments are designed to help students gain the technical, legal and tax rules and principles necessary to formulate an effective and appropriate estate plan for the client. It will be helpful for the student to have read the appropriate assignment prior to coming to class for that particular session. GRADING: Letter grades will be assigned to the number of points accumulated from the mid-term exam and the final exam. The exams have historically included true/false questions, short essay, and problem solving/computation type questions. The exams are graded on a "class curve" and have equal weight; however, credit and emphasis will be given to those students showing improvement. 875041.2 2
Page 3 WEEK TOPIC READING ASSIGNMENT CFP TM TOPICS 1 Introduction to Estate Planning Basic Estate Planning Documents Chapter 1 Chapter 2 Topic 1 [Financial planning process] Topic 10 [Client attitudes and behavioral characteristics] Topic 83 [Estate planning documents] Topic 86.A-C [Incapacity planning] Topic 83.A and D [Estate planning documents Wills and Trusts] 2 and 3 Types of Property Interests Probate Process Chapter 3 Chapter 4 Topic 16 [Characteristics of property titling] Topic 16 [Characteristics and consequences of property titling] Topic 18.E and F [Professional and Fiduciary Liability] Topic 63 [Basis] Topic 82 [Methods of property transfer at death] Topic 98 [Disposition of Estate] Topic 100 [Fiduciary Responsibilities] 875041.2 3
Page 4 4, 5 and 6 Estate Tax The Unlimited Marital Deduction Trusts Chapter 6 Chapter 8 Chapter 10 Topic 82 [Methods of property transfer at death] Topic 87 [Estate tax calculation and compliance] Topic 89 [Powers of Appointment] Topic 95 [Marital deduction] Topic 96.A [Deferral and minimization of estate taxes Deductions and credits] Topic 96.D [Deferral and minimization of estate taxes Optimal QTIP planning] Topic 98.A [Disposition of Estate Tax and non-tax consequences of various estate plans (outright distributions, transfers in trust, etc.)] 7 MIDTERM 8 Trusts continued The Gift Tax Chapter 8 Chapter 5 Topic 11.C. [ 529 plans] Topic 59.K [Income tax fundamentals and calculations Kiddie Tax] Topic 84 [Gifting strategies] Topic 90.D [Types, features, and taxation of trusts Taxation of trusts and estates: income, gift, estate] 9 The Gift Tax continued Chapter 5 Chapter 7 Topic 11.C. [ 529 plans] Topic 59.K [Income tax fundamentals and calculations Kiddie Tax] Topic 84 [Gifting strategies] Topic 90.D [Types, features, 875041.2 4
Page 5 10 Life Insurance in Estate Planning Chapter 11 and taxation of trusts Taxation of trusts and estates: income, gift, estate] Topic 96.B [Deferral and minimization of estate taxes Lifetime planning techniques] Topic 29 [Life Insurance] Topic 31 [Insurance needs analysis and rationale] Topic 33 [Insurance policy selection] Topic 88.B [Satisfying liquidity needs Life insurance] Topic 93 [Use of life insurance in estate planning] 11 Business Interests in Estate Planning Special Elections and Post Mortem Planning Chapter 12 Topic 39.A [Employer/Employee insurance arrangements Business continuation (buy/sell) plans] Topic 72.B. [Retirement needs analysis] Topic 83.F [Estate planning documents Business agreements] Topic 96C.3 [Deferral and minimization of estate taxes Postmortem planning techniques: Relief provisions for business owners and farmers/ ranchers estates] Topic 97 [Intra-family and other business transfer techniques] 12 FINAL EXAM 875041.2 5
Page 6 PLEASE NOTE: The following CFP Topics are covered in the Advanced Estate Planning Class and in the text: Topic 91 Qualified interest trusts [Chapter 9] Topic 92 Charitable giving [Chapter 14] Topic 94 Valuation issues [Chapter 12] Topic 99 Generation-skipping transfer tax [Chapter 5] SYLLABUS IS SUBJECT TO CHANGE 875041.2 6