Estate Planning: Principles and Practice

Section 1, Spring 18

Schedule Information

Enrollment: 16/18
Credits: 3

Course Description

This course will examine the principal tax and non-tax aspects of estate planning with an emphasis on the professional skills needed by an estate planner. Topics to be covered include premarital planning; planning for the surviving spouse and descendants including marital trusts, credit shelter trusts, and generation-skipping planning; asset protection planning; charitable planning including the income tax and estate tax charitable deductions and split interest charitable trusts such as charitable remainder trusts and charitable lead trusts; techniques for making gifts including annual exclusion gifts, irrevocable life insurance trusts, grantor retained annuity trusts, sales to defective grantor trusts, and qualified personal residence trusts; fiduciary income tax; planning for closely held businesses; planning for retirement benefits; and ethical considerations in estate planning. There will be a fair amount of emphasis on tax issues.

Course Requirements

Exam Info:
Midterm Type (if any): None
Description: None

Final Type (if any): None

Written Work Product
Written Work Product: Preparation of will that is due by end of second week of class and second will to be due on the last day of classes. To assist students in developing the professional skills needed by an estate planner, students will be expected to draft two wills, a trust for a wealthy client, and a planning memorandum for a wealthy client with a challenging family and financial situation. Students will work in teams of two on drafting one of the wills, the trust for a wealthy client and preparing the planning memorandum. The final product is due by 5:00pm (EST) on the last day of class, Friday April 27th, 2018.

Other Work

Other Course Details
Prerequisites: Helpful to have one or more: Trusts and Estates; Advanced Trusts and Estates; Personal Income Tax or Taxation of Gratuitous Transfers, but not required. Concurrencies: None
Mutually Exclusive With:
Laptops Allowed: Yes
First Day Attendance Required: Yes
Course Notes:

Graduation Requirements

*Satisfies Writing Requirement: No
**Credits For Prof. Skills Requirement: Yes
Satisfies Professional Ethics: No

*Yes means professor requires everyone in the course to submit a substantial research paper (which is the requirement standard in Academic Policies), so no paperwork required to be submitted to SRO. No means student must timely submit paperwork to SRO if intending to use a paper in this course to satisfy the Writing Requirement.

**Yes indicates course credits count towards UVA Law’s Prof. Skills graduation requirement, not necessarily a skills requirements for any particular state bar.

General Information

Schedule No.
Law No.
Modified Type
Cross Listed: No
Cross-Listed Course Mnemonic:
Concentrations: Family Law, Tax Law
Public Syllabus Link: None
Evaluation Portal Via LawWeb Opens:
Evaluation Portal Via LawWeb Closes: