TPCP 103 Death and Special Situations

• Apply step-up rules to identify opportunities for maximizing the step-up available to beneficiaries. • Implement strategies that can preserve the economic value of capital losses when they do not adversely affect the client’s financial goals and objectives. • Analyze a client’s situation to identify any secondary approaches to stepping up basis that may apply. • Explain the basic federal estate tax rules. • Analyze a client situation to determine opportunities for implementing common strategies used to minimize federal estate tax. • Summarize estate planning strategies that can capitalize on low-interest-rate environments. • Outline estate planning strategies that are optimal in high-interest-rate environments. • Compare the different valuation technique used to value small businesses. • Analyze the impact that owning a business has on regular estate planning techniques to determine necessary adjustments and opportunities. • Outline estate planning techniques that apply when a client has ownership in an S corporation. • Summarize estate planning techniques that apply when a client has ownership in a partnership. • Analyze a decedent’s situation to identify potential tax elections applicable on the decedent’s final tax return. • Examine a decedent’s financial situation to uncover available tax elections that apply to the client’s estate tax return. • Analyze the tax situation for a trust or an estate to determine tax elections that may apply to their applicable income tax returns. • Summarize when other federal estate tax planning strategies may be appropriate for a client’s situation. • Compute the applicable required minimum distributions for all of the possible retirement account beneficiaries. • Apply strategies that can minimize income taxes for clients who have inherited a retirement account as a non-eligible designated beneficiary. • Analyze a client’s current situation to identify potential strategies they can apply to their retirement accounts during their lifetime to minimize income taxes for non-eligible designated beneficiaries. • Examine a spousal beneficiary’s situation to determine strategies that can minimize income taxes. • Apply strategies that can minimize income taxes for non-spousal eligible designated beneficiaries. • Examine a client’s current situation to apply potential strategies to their retirement accounts during their lifetime to minimize income taxes for non-designated beneficiaries • Examine a deceased client’s estate tax situation to help ensure any applicable income in respect of a decedent deduction is claimed correctly. • Apply the tax rules for trust accounts to uncover relevant strategies for minimizing income taxes for retirement account beneficiaries. • Implement HSA tax planning strategies to minimize income taxes when the owner dies without negatively impacting the owner’s financial goals. • Apply strategies for 529 plans to minimize taxes that apply at the death of the owner and/or beneficiary. • Analyze a divorcing client’s situation to identify unique planning considerations. • Examine the circumstances of a client with substantial charitable intent to ascertain applicable tax-efficient vehicles and strategies. • Analyze a situation involving an individual with special needs to determine the unique tax planning considerations and strategies. • Summarize important issues related to client situations involving international tax planning. • Outline approaches for handling four common difficult situations encountered when providing tax planning guidance.