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Estate Planning (2 hrs.) — req. PP
Trusts and Estates > Advanced Courses
An advanced course that attempts to integrate in a meaningful way the principles of property law and tax law as they apply to the accumulation and disposition of wealth. Revocable and irrevocable trusts, wills, interspousal lifetime and death transfers, life insurance, charitable planning, and estate planning for owners of incorporated and unincorporated businesses are examined in detail. Special attention is given to practical problems that arise in the estate planning process, such as efficient use of the unlimited marital deduction, planning for generation-skipping transfers, and structuring a beneficiary’s inheritance. An examination of various methods of transmitting wealth is undertaken with an emphasis on planning for the most efficient and economical disposition of property in view of the tax and property consequences of the various alternatives. This course requires a qualifying portfolio paper that fulfills a portion of the upper level writing requirement. Refer to Academic Rule X — Writing Requirement and Directed Research. Drafting skills are developed; the major project for each student is to draft a will and revocable trust agreement. No examination is given. Enrollment limited to 15 students. Prerequisites: Trusts and Estates and Federal Taxation of Wealth Transfers, or permission of the instructor. Mr. Chisholm, Mr. Harrison.