This course introduces tax planning techniques within the context of the family. Topics covered include intrafamily and charitable transfers as important tax planning techniques, and various education incentives built into the Code, such as the American Opportunity tax credit, Lifetime Learning Credit, and Section 529 plans. The course also explores the rules related to charitable contributions, and examines tax rules related to divorce .

7-1 Identify characteristics of an intrafamily transfer or education incentive.
7-2 Analyze a situation to identify income tax implications of an intrafamily transfer.
7-3 Evaluate a situation to select the most appropriate form of intrafamily transfer.
7-4 Analyze a situation involving a trust to determine whether its income is taxed to the grantor, the trust entity, or some other person.
7-5 Analyze a situation involving a charitable contribution to calculate the maximum allowable income tax deduction for the current year.
7-6 Identify characteristics of a common provision included in a divorce decree after 1984 tax rules.
7-7 Analyze a situation to determine income tax implications of a divorce decree.
7-8 Identify characteristics of a valid and enforceable premarital agreement.

Author: Michael B. Cates, MS, CRPS®, CFP®

Michael B. Cates, MS, CRPS®, CFP® joined the College in 1986, and is the professor for the Income Tax Planning course of the CFP Certification Professional Education Program. He received his CFP® certification in 1995, and completed the College’s Master of Science degree program in 1997. Mike is also the lead professor for the introductory Income Tax Planning course in the College’s master’s program. In addition to his responsibilities at the College, Mike also maintains a tax planning and preparation firm in Aurora, Colorado. You can reach Mike at

Complexity Level: Intermediate