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With the gift and estate tax exemption at historic highs, many clients question whether complex estate planning is still necessary. However, estate tax is just one of many factors to consider when crafting a comprehensive plan.
This course explores critical non-tax estate planning concerns, including blended families, special needs beneficiaries, and asset protection from creditors or ex-spouses. Participants will also examine basis adjustment opportunities, which can yield significant tax savings.
By the end of this course, practitioners will have a thorough understanding of modern estate planning strategies that go beyond tax considerations, ensuring clients’ assets are protected against future uncertainty.
Who Should Attend
Attorneys, CPAs, and Enrolled Agents.
Topics Covered
- What Happens if I Die Without a Will?
- Guardianships & Conservatorships vs. Medical & Financial Powers of Attorney
- Why Wealthy Clients Need Sophisticated Estate Planning
- Estate Planning for Protection in Second Marriages
- Planning for Minor, Irresponsible, or Disabled Beneficiaries
- Creditor Protection During Life, At Death, and for Beneficiaries
- Transfers During Life and Capturing Basis Adjustment Opportunities
- Free Estate Planning Ideas
Learning Objectives
- Describe the importance of estate planning for clients without taxable estates
- Identify the difference between default inheritance laws and estate planning provisions
- Identify situations when default inheritance laws are detrimental to a client
- Recognize how to analyze the tax savings that can be achieved by adjusting the tax basis at death
- Identify how to recommend estate planning techniques to protect clients and beneficiaries
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Klaralee R. Charlton
Klaralee Charlton is a Partner at 3i Law in Denver, Colorado. She practices fiduciary tax, estate administration, and business transactional law. As part of her practice, she guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. Klaralee also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.
Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She is an active member of the Colorado Bar Association, Tax Section and Adjunct Profession at the University of Denver, Graduate Tax Program.
She earned her J.D. in 2011 from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver in 2013, and her B.A. in political science in 2009 from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.