Taxation of estates, gifts and trusts from point of view of the law practice. Problems frequently encountered in a law office in these areas are stressed, as is tax planning, maintenance of proper records and preparation of forms and returns which are required. Both federal and New York State law are covered, as are the new unified transfer tax and the new generation shipping transfer. Pre requisites: BL40 and BL41 or approval of instructor. A-G/ 3 credit hrs.
III. GOALS OF THE COURSE:
This is a specialty course that explores the significant aspects of estates and gift tax law essential to paralegals in the workplace.
IV. STUDENT LEARNING OUTCOMES:
Upon successful completion of BL78 (Domestic Relations) students will:
A. complete New York Estate Tax Return for estate not required to file Federal return including all schedules.
B. complete New York Estate Tax Return for estate required to file Federal Estate Tax Return.
C. complete Federal Estate Tax Return.
D. prepare motion to fix or exempt from Estate Tax.
E. secure Estate Tax Waivers and Release Estate Tax Lien.
F. secure Closing Letters for estate tax liability.
G. file State and Federal Gift tax returns.
H. file State and Federal Fiduciary Income Tax Returns.
I. develop plan to comply with estate and gift tax laws to pay proper tax
and avoid unnecessary payment of taxes.
V. SPECIAL INSTRUCTIONS/INFORMATION FOR THE TEACHER:
A. Prerequisite to this course: BL40 and BL41 or approval of instructor.
B. Programs requiring this course: None
C. External Jurisdiction: This course has been structured to meet the
requirements of the American Bar Association for courses in
Paralegal Studies.
VI. MAJOR TOPICS REQUIRED (37 ½ Hours)
A. UNIT ONE ( 6 HOURS approx.)
History and development of the Transfer Taxes
Structure and form of the Estate Tax before 1977
Gross estate inclusions and exclusions
Deductions
Taxable estate
Credits
Rates
B. UNIT TWO ( 2 HOURS approx.)
Structure of the Gift Tax prior to 1977
Annual exclusion
Specific lifetime exemptions
Rates and payment of tax
C. UNIT THREE: ( 3 HOURS approx.)
Unified Transfer Taxes since 1977
Structure
Rates
Returns and payment of tax
Tax planning Considerations-the generation skipping transfer tax
D. UNIT FOUR: ( 5 HOURS approx.)
Special Problems- Valuation of property:
Life Insurance,
Annuities
Employee death benefits
Marital deduction
Orphan’s deduction
E. UNIT FIVE: ( 8 HOURS approx.)
Preparation of the Estate Tax and the Gift Tax
Record keeping for estates and trusts
Income taxes – estates and trusts
Structure and Preparation
F. STUDENT LEARNING ASSESSMENT (4 HOURS)
VII. SUPPORTING INFORMATION:
McKinney’s Consolidated Laws of New York
Annotated Internal Revenue Code and Regulations
Treasury Department Publications
Research Institute of America – Estate Tax and Planning Service
VIII. EVALUATION OF STUDENT PERFORMANCE (4 HOURS)
A. It is strongly suggested that there be at least two (2) full period
evaluation using short answers, completion, and essay question. Further assessment shall include preparation of Estate & Gift Tax Returns in connection with Surrogate Court proceedings.
B. The Business Administration and Accounting Department endorses the
college’s “Writing to Learn” initiative and strongly recommends that a
writing component be included in all business and accounting courses.
