Estate Planning

2022 CFPⓇ Board Principal Knowledge Topics and Learning Objectives

• Compare and contrast the most common types of titling property (sole ownership, joint tenancy with rights of survivorship, tenants in common, tenants by the entirety and community property). (G.54.a)
• Explain the characteristics and consequences of using alternative methods of transferring property at death, including named beneficiary, trusts (revocable and irrevocable), payable on death and transfer on death designations, probate, intestate succession and direct transfer through titling. (G.55.b)
• Identify and describe the components of estate planning documents, such as wills and trusts that are used to facilitate the transfer of one’s assets. (G.56.a)
• Identify the gift tax consequences of lifetime transfers to individuals and charities and recommend when filing a gift tax return is necessary. (G.57.a)
• Develop a cash flow plan for maintaining a client’s estate from date of death to final distribution including the payment of tax liabilities. (G.58.b)
• Define and describe the uses of the four types of trusts including revocable, irrevocable, living and testamentary trusts. (G.59.a)
• Describe the appropriate use of the marital deduction in estate planning including for both domestic and international spouses. (G.60.a)
• Recommend appropriate business transfer techniques such as: Buy/sell agreements; Grantor Trust; Family Limited Partnerships or Family LLCs; and Private Annuity. (G.61.a)
• Describe forms of postmortem planning, including estate tax installment payments, stock redemptions for tax payments, special-use valuations and elections against a will. (G.62.c)
• Identify the impact of divorce and/or remarriage on an estate plan including asset titling and distribution, changes in beneficiary status and selection of heirs. (G.63.a)
• Plan for special needs and circumstances, including to identify and escribe the features of government savings vehicles that provide for qualified disability expenses (G.64.a)

The complete CFPⓇ Certification Learning Objectives, for this and other CFPⓇ courses, may be reviewed [HERE](https://www.cfp.net/-/media/files/cfp-board/cfp-certification/2021-practice-analysis/2021-cfp-certification-learning-objectives.pdf).