Provide Guidance to Your Clients in Estate Planning Matters

Final Returns on Death of a Taxpayer

Succession & Estate Planning

By: Walter Harder, John Poyser, LL.B., TEP

PROGRAM: Tax Services Specialist, Succession and Estate Planning Specialist

Death is never timely. In tough economic times, advisors have to find new ways to build and sustain secure, value-added client relationships. Estate planning is a source of angst for clients. The advisor who helps clients tackle that angst and implement an effective estate plan will build client loyalty. In addition, the advisor requires technical expertise in filing the final return of a deceased in order to ensure proper tax planning is arranged at time of death and for the ongoing planning activities of the survivors.

CONTENT DESCRIPTION AND KEY CONCEPTS:

This course features a two-pronged approach to instruction on the subject: Part 1 brings advanced technical expertise to the discussion of taxation at death and facilitates the setting of investment product objectives around the ultimate tax saving opportunity: the tax efficiency of one's financial legacy. Part 2 instructs the student on technical knowledge required to prepare a final return for the deceased.

CERTIFIED SKILLSETS

• Understand death as a financial event and discuss its ramifications with clients
• Spot potential income tax problems waiting in the wings for your client alongside the grim reaper
• Ask better questions and bring value to the client relationship by identifying possible solutions to those problems
• Identify and discuss creative tax strategies that take advantage of the opportunities presented by death, both in terms of personal and business finances
• Identify opportunities for probate avoidance (applicable only in high probate jurisdictions)

Practice Management Thesis

Knowledge Net Tools: Students also have access to The Professional Approach Referral Kit, which includes:

• Checklist of Key Death Planning Questions,
• Tip Sheet on Nationwide Probate Fees,
• Taxes at Death Calculator (Income Tax Estimator)

In preparing their multiple choice and case study questions in preparation for their exam. In addition students will have access to EverGreen Explanatory Notes, the Knowledge Bureau's Gateway to publications from CRA and the Department of Finance, including the Income Tax Act, Interpretation Bulletins and Information Circulars and Pamphlets/Publications.

KNOWLEDGE BUREAU TOOLS INCLUDED:

• EverGreen Explanatory Notes
• Knowledge Bureau Calculators
  • Income Tax Estimator

MARKS ALLOCATION: