Overview
This course uses the lives of the rich and famous as a template to better understand the realm of estate planning. In discussing familiar names such as Jackie Kennedy, Joan Rivers, Jimi Hendrix, James Gandolfini and Leona Helmsley, the course examines the pitfalls and best practices surrounding famous estates. Even Abraham Lincoln, it turns out, did not have a will. We may not have their fame or fortune, but we can certainly walk the red carpet when it comes to estate planning.
Major Topics:
- Overview of estate planning
- The dangers of a Power of Attorney
- The most important aspect of a will
- Role, scope, rights, and responsibilities of an executor
- Benefits of incorporating a trust
- Bequests
- Caring for a pet
- Claims against the estate
- Insurance
- Consequences of poor estate planning
Learning Objectives
- Understand the differences between a Power of Attorney, guardianship, and a will
- Understand the factors to consider in choosing an executor
- Understand why everyone should have a will
- Understand why a trust can be a powerful tool in administering the estate
- Understand how to care for a pet after death
- Review good practices in regards to estate claims and insurance
Designed for:
CPAs who advise clients on establishing an estate plan
Prerequisite:
None
Advanced Preparation:
None