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Self-StudySELECT STARTING AT $125

Downloadable PDF

Credits: 8

Qualifies For: IRS

$125

Textbook

Credits: 8

Qualifies For: IRS

$140
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  • It was an awesome course. I have recommended it to a couple of CPA friends.

    - A Surgent Customer

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Multigenerational Financial and Tax Planning for Clients (MGEN)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    8
  • Qualifies for

    IRS CPE

Overview

Many clients overlook planning that takes into account not only their own issues but also the needs of other generations – above and below – of the extended family unit. Advisors can help achieve tax and financial planning objectives for multiple ties within the family. This course will explore various techniques for different net worth/income levels of generations.

Major Topics:

  • Using the trans-generational IRA to benefit lower-income parents
  • How to take advantage of the Roth IRA
  • Income-splitting and the creation of earned income for lower and higher generations
  • Qualifying higher-generation members as dependents
  • Medical expense: how younger generations can help higher-generation members
  • Elder care planning: reverse mortgages, Medicaid eligibility
  • Checklist of documents each generation needs
  • Loans and gifts that may reduce or eliminate the net investment income tax
  • Role of trusts in multi-generational planning
  • Ownership of real estate: does the QPRT make sense?
  • Succession planning: transferring a business interest; use of voting and nonvoting stock; planning for redemptions; special problems of LPs, LLCs, and partnerships; buy-sell and other restriction agreements
  • Minors: using trusts, kiddie tax issues, avoiding net investment income tax; funding education and retirement through CESAs and 529 plans
  • Life insurance: who needs it, and how much; use of annuities and private annuities

Learning Objectives

  • Identify transactions that may benefit multiple generations in a family
  • Understand how the net investment income tax impacts various tax and financial planning strategies
  • Understand structuring of a business and the transfer of interests in a family-owned business

Who should take this course:

Designed for:

CPAs who provide tax and financial advice to clients within multiple-generation family structures

Prerequisite:

Prior experience in advising clients on individual and financial planning issues

Advanced Preparation:

None

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