This module discusses many different forms of gifting, such as trusts, custodial accounts, and nontrust transfers. The purpose, nontax characteristics, and tax consequences of each form are discussed. Once the foundation is laid, the student is shown how to use these characteristics to select the appropriate forms to meet client objectives. The same process is used to discuss sales techniques and methods of transferring closely held business interests. The module also includes a discussion on how life insurance is used in estate planning and as an employee benefit.

3-1: Identify the purpose (uses), characteristics, and factors to be considered in using a given inter vivos intrafamily planning technique
3-2: Analyze a situation to determine the tax implications and/or the advantages and disadvantages of a given inter vivos intrafamily planning technique
3-3: Evaluate a situation to select the most appropriate property and/or technique to accomplish a client's inter vivos intrafamily planning objectives
3-4: Identify the purpose, characteristics, and factors to be considered in using a given inter vivos closely held business transfer technique
3-5: Analyze a situation to determine the tax implications and/or the advantages/disadvantages of a given inter vivos closely held business transfer technique
3-6: Evaluate a situation to select the most appropriate transfer technique to accomplish a client's inter vivos closely held business planning objectives
3-7: Identify the purpose, characteristics, objectives, and factors to be considered in using a given inter vivos life insurance planning technique
3-8: Analyze a situation to identify the tax implications and/or the advantages and disadvantages of a given inter vivos insurance planning technique
3-9: Evaluate a situation to select the most appropriate technique to accomplish a client's inter vivos insurance planning objectives

Author: Kirsten Waldrip, JD, LL.M.

Kirsten Waldrip, JD, LL.M., is an associate professor of estate planning and taxation at the College for Financial Planning. Kirsten worked in private practice as an estate planning and administration attorney prior to joining the College. She graduated from Arizona State University with a bachelor’s degree in interdisciplinary studies of business and communication, she received her JD from Syracuse University College of Law, and she received her LL.M. from University of Denver. You can contact Kirsten at kirsten.waldrip@cffp.edu.

Complexity Level: Advanced