WIS186 ESTATE PLANNING 02/26/1990 07:47 AM D1 231 Lines Agriculture Marketing/Distribution and Retail Services Estate Planning (10-15 days) This unit deals with estate planning. Topics include career opportunities, tax laws and reform, estate transfers, and timetables and vehicles of estate planning. Objectives To acquaint students with employment information and career opportunities in the estate planning industry To develop student appreciation for estate planning To develop student awareness of relevant tax laws at the state and federal level To help students explore ways to make effective use of professional advisors on estate planning matters To provide students with guidelines for establishing meaningful timetables for planned events To increase student understanding of how to analyze for potential liquidity problems in estate transfers To acquaint student with ways to assess possible federal and state tax consequences upon death of estate owners To prepare students to make more effective use of wills and trusts To provide students with practice in developing estate plans To develop student appreciation for regularly reviewing estate plans Competencies At the conclusion of this unit, students will be able to explain current employment information such as job descriptions, job availability, personal and educational requirements, working conditions, opportunity for advancement, and other factors relative to potential employment in the estate planning industry and relate it to their personal needs and aspirations; appreciate the importance of estate planning; demonstrate an awareness of relevant tax laws at the state and federal level; make effective use of professional advisors on estate planning matters; establish meaningful timetables for planned events; identify potential liquidity problems in estate transfers; determine possible federal and state tax consequences upon death of estate owners; make effective decisions concerning the use of wills and trusts; develop an appropriate estate plan; and appreciate the need for continually reviewing the estate plans. Subject Matter (Basic skills integration areas are shown in brackets following title.) Careers - Current and future employment needs - Job descriptions - Training requirements - Working conditions - Opportunities for advancement - Other factors Estate planning process [Social Studies] - Establishing objectives - Estate inventory - Timely reviews and updates Estate planning team [Careers, Social Studies] - Attorney - Life underwriter - Trust officer - Certified public accountant - Self Timetable for planning - First generation - Second generation Estate taxation - Wisconsin inheritance taxes - Federal estate tax reform - Gift taxation - Capital gains tax Cash or liquidity analysis upon death [Mathematics] - Establishing the gross estate - Establishing the adjusted gross estate - Establishing the net taxable estate Determine the possible tax factors upon death [Mathematics, Social Studies] - Marital deductions - Jointly held properties - Federal tax credits - Federal estate taxes - State inheritance taxes Property values [Careers, Mathematics] - Real estate and building - Personal property - Other valued holding - Fair market value Purpose of wills and trusts - Types - Living trusts - Drafting wills and trusts - Testamentary trusts Estate planning decisions - Land contract - Capital gifts - Capital gains sales Motivational Activities Take field trips to county courthouse and local financial institutions. Invite resource people to give class presentations. Learning Activities Complete an estate liquidity analysis on a farm or business. Visit a Farm Bureau Service Center. Instructional Materials Textbooks and References The Appraisal of Farm Real Estate by Robert C. Suter. 2nd ed. Danville, IL: Interstate, 1980. Available from National Farm Book Company. Estate Planning - The Book for Farmers by Robert C. Suter. Danville, IL: Interstate, 1983. Estate Planning for Farmers by J.W. Looney. St. Louis, MO: Doane Information Services, 1979. Available from National Farm Book Company. Farm Estate and Business Planning by Neil E. Harl. 9th ed. Niles, IL: Century Communications, 1984. Farm Journal's Estate Planning Idea Book. Edited by Laura Lane. Philadelphia, PA: Farm Journal, 1978. How to Plan Your Estates by Robert Dunaway. 3rd ed. Des Moines, IA: Wallace-Homestead, 1982 Bulletins and Pamphlets The following are available from the Cooperative Extension Service. Family Estate Planning in Wisconsin. B1442. Farm Business Arrangements: Which One for You NCR50. Farm Estate and Transfer Planning: A Management Perspective. NCR193. Farmstead Planning - Zoning and Regulations Checklist. A2725. How Does Inflation Affect Farm Structure A9N7T143. How Do Income, Estate and Gift Taxes Affect Structure A9N6T143. Income Tax Management for Farmers. NCR2. Retirement Planning for Farm Families. NCR49. The following is available from the Wisconsin Women's Council. Wisconsin Marital Property Act Fact Sheet Periodicals Agri-View The Country Today Farm Journal The Farmer Hoard's Dairyman Wisconsin Agriculturist On-line Computer Networks The following are available from Ag Ed Network, AgriData Resources, Inc. Tax Plan as Equity Increases. HS125. Taxing Hedges. EE4210. Tips on Tax Considerations. EE510. Transfer Authorization/Sample. EF4498. Types of Farm Ownership. HS9. Films, Videotapes, and Slides The following are available from the Bureau of Audio Visual Instruction. Anatomy of an Inflation. 04268 (16mm film, color, 27 minutes). CRM/McGraw-Hill, 1970. Farron Records: The Net Worth Statement. 11342 (VHS videotape, color, 35 minutes). University of Wisconsin, Department of Agricultural Journalism Video Unit, 1984. Insurance Needs for a Small Business. 07280 (16mm film, color, 35 minutes). Beacon Films, 1982. The following are available from Modern Talking Picture Service. Estate Planning: A Family Affair. 16613 (16mm film, color, seven minutes). Your Estate: Planning With Beneficiaries. 15643 (16mm film, color, 30 minutes).