California Community Property: The CPA's Guide To Estate Planning

Description

California’s community property rules have a profound impact on clients’ lives. Identify general rules, from community property to pre- and post-marital agreements, and from spousal gifts to relevant federal tax rules. Includes a review of creditor issues.

Cover some situations unique to CPAs as counselors to closely held businesses, high income taxpayers and others. Also cover transmutation agreements, the importance of the separation date, the categorization of property and debts and the impact on a wide variety of estate planning documents and situations.

Formerly titled: California Community Property: The CPA's Guide

Highlights

• Presumptions, commingling and the date of separation
• Treatment of unmarried couples
• Transmutation agreements
• Pre-marital and post-marital agreements
• Relevant provisions in family trusts and related documents and in QPRTs
• Spousal gifts
• Joint tenancies
• Retirement benefits, QDROs and ERISA
• Insurance and real estate rules
• Business and investment profits
• Divorce rules
• Creditor issues
• Relevant federal tax rules

Objectives

• Determine community and separate property.
• Review the valuation rules relevant to family law.
• Identify rules surrounding spousal gifts, relevant federal tax issues, retirement plans, insurance and real estate.
• Identify the impact of family law on specific documents (living trusts, insurance trusts, family limited partnerships, QPRTs, etc.).
• Recognize the rules regarding transmutation from community to separate property and vice versa.
• Recognize the categorization of property and debts.

Designed For

CPAs, CFPs and attorneys.