Estate Planning Course

Lesson 1 • What Estate Planning Accomplishes

Defines estate planning and its primary objectives for individuals and families. Grounds subsequent chapters by clarifying why planning matters and what problems it solves.

Lesson 2 • Overview of Core Planning Documents

Surveys the primary legal instruments used in estate plans. Provides a framework for deeper document-specific study in later chapters.

Lesson 3 • Key Parties in an Estate Plan

Identifies every role involved in creating and executing an estate plan. Understanding party relationships is essential before studying specific planning instruments.

Lesson 1 • Legal Requirements for a Valid Will

Covers testamentary capacity, intent, and formal execution requirements. These requirements form the baseline against which all will drafting is evaluated.

Lesson 2 • Types of Wills and Their Uses

Distinguishes simple wills, pour-over wills, and joint wills by function and risk. Matching will type to client circumstances is a core drafting competency.

Lesson 3 • Interpreting Will Language

Examines how ambiguous or conflicting will provisions are resolved. Precise drafting language prevents costly litigation and unintended distributions.

Lesson 1 • Irrevocable Trust Strategies

Covers irrevocable trust structures used for asset protection and tax planning. Students learn when irrevocability is strategically advantageous despite loss of control.

Lesson 2 • Trustee Duties and Fiduciary Standards

Details the legal obligations trustees owe to beneficiaries under fiduciary law. Understanding these duties is critical for advising trustees and avoiding liability.

Lesson 3 • Elements of a Valid Trust

Identifies the four essential elements required to create an enforceable trust. Mastery of these elements prevents defective trust formation.

Lesson 4 • Revocable Living Trusts

Explains how revocable trusts avoid probate and provide incapacity planning. This is the most commonly used trust vehicle and anchors the trust chapter.

Lesson 1 • Creditor Claims and Debt Payment

Explains how estate debts are identified, validated, and paid before distribution. Proper creditor management protects executors from personal liability.

Lesson 2 • Probate Avoidance Strategies

Identifies non-probate transfer mechanisms that bypass court administration. Planners use these tools to reduce cost, delay, and public disclosure of estate assets.

Lesson 3 • Distributing Estate Assets

Covers the rules governing asset distribution to beneficiaries after debts are settled. Accurate distribution requires understanding both the will and applicable default rules.

Lesson 1 • Guardianship and Conservatorship

Analyzes court-supervised guardianship as the default when no incapacity documents exist. Understanding guardianship motivates clients to complete advance directive planning.

Lesson 2 • Healthcare Directives and Proxies

Explains living wills, healthcare proxies, and do-not-resuscitate orders as incapacity tools. These documents ensure medical decisions align with the client's documented wishes.

Lesson 3 • Durable Powers of Attorney

Covers the creation and scope of durable financial powers of attorney for incapacity planning. A well-drafted power of attorney prevents costly guardianship proceedings.

Lesson 1 • Income Tax Basis Rules in Estates

Explains stepped-up basis at death and carryover basis rules for gifted assets. Basis planning often determines whether transfer tax savings are offset by income tax costs.

Lesson 2 • Charitable Deductions and Giving

Analyzes how charitable transfers reduce taxable estates and generate income tax benefits. Charitable planning integrates tax efficiency with client philanthropic goals.

Lesson 3 • Marital Deduction and Portability

Examines the unlimited marital deduction and the portability election for unused exemptions. These are the most impactful tax-reduction tools available to married couples.

Lesson 4 • Valuation of Estate Assets

Covers fair market value standards and special valuation methods for different asset classes. Accurate valuation directly determines tax liability and planning opportunities.

Lesson 1 • Grantor Retained Annuity Trusts

Analyzes how a grantor retained annuity trust transfers appreciation to heirs at reduced gift tax cost. Success depends on asset growth exceeding the applicable hurdle rate.

Lesson 2 • Grantor Trust Planning

Explains how grantor trust status creates income tax advantages while removing assets from the taxable estate. Grantor trusts are central to most advanced planning strategies.

Lesson 3 • Generation-Skipping Transfer Planning

Develops strategies to allocate the generation-skipping transfer exemption efficiently. Maximizing dynasty trust potential requires precise exemption allocation and trust design.

Lesson 4 • Family Limited Partnerships and Entities

Examines family limited partnerships and similar entities as valuation discount and control tools. Proper formation and operation are essential to withstand regulatory scrutiny.

Lesson 1 • International and Cross-Border Planning

Identifies estate planning complications arising from non-citizen spouses and foreign assets. Cross-border issues require coordination of multiple tax regimes and treaty provisions.

Lesson 2 • Planning for Beneficiaries with Special Needs

Designs estate plans that preserve government benefit eligibility for disabled beneficiaries. Improper inheritance can disqualify a beneficiary from essential public assistance programs.

Lesson 3 • Business Succession Planning

Integrates estate planning with ownership transfer strategies for closely held businesses. Succession planning preserves enterprise value and ensures continuity across generations.

Lesson 4 • Planning for Blended Families

Addresses the competing interests of spouses, stepchildren, and biological children in blended family estates. Careful structure prevents unintended disinheritance and family conflict.