Description
There is a widespread misconception that “estate planning” is of importance only to the wealthy. This is due, in part, to the emphasis of the financial service industry on planning for estate taxes, which only concern larger estate owners. The truth of the matter is, every person, young or old, who has a family or owns property, needs an estate plan. A good estate plan will allow a person to reach desired economic, legal, and personal objectives. Estate Planning is an educational tool to help financial advisors through the maze of programs, rules and regulations that affect many if not all of their clients, their spouses and dependents. The last section of this book focuses on the new specifics of NY Insurance Law, Ethics, Diversity, Inclusion, Equality and the Elimination of Bias.
Learning Objectives
At the completion of this course the student will be able to:
• Illustrate the need, objectives, and steps necessary for effective Estate Planning
• Distinguish real and personal property
• Apply the rules of ownership and transfer of property
• Assist with types of will preparation
• Introduce the need for power of attorney and living will
• Recognize the history of and changes effecting the Federal Estate Tax
• Calculate estate and gift taxes on the Federal and State levels
• Implement Generation-Skipping Transfer Tax
• Select and apply appropriate Trust strategies
• Assist in creation of Family Limited Partnerships
• Utilize techniques in asset sales and protection
• Determine appropriate action for non-U.S. citizens
• Define and apply use of charitable giving
• Describe the importance of insurance regulation.
• Demonstrate an understanding of the New York State Insurance Regulations
• Portray the standards of conduct that insurance producers must display in a competent and trustworthy manner.
• Define ethics and its importance to the industry
• Navigate ethical dilemmas
• Recognize the concepts of diversity, inclusion, equity and equality and the benefits of these in the workplace
• Identify evidence of bias, microagression and ways to eliminate these in the workplace