Have knowledge of the following topics:
• Wills – what purpose do they serve, what could lead to a will contest, what’s the risk of not having one?
• Gift tax properties
• Testamentary trust
• Qualified disclaimer
• Estate liquidity needs
• Why it makes sense to donate appreciating property
• Current possessory enjoyment rights
• “Gifts” of property vs services – when they count as a gift
• Completed gift
• Method to approach estate planning
• Separate property in community property state
• Ownership types and probate
• Moving between community property and common law states
• Calculate value of gross estate on date of death and alternate valuation date
• Taxable gain on inheritance
• Know what is/is not included in probate estate