My CFP Study Notes

[S1E16] Annual Gift Tax Exclusions

The annual exclusion allows tax-free gifting of present interests up to a set limit per recipient.

[S1E15] Splitting Gifts Between Spouses

Spouses can double their annual gift exclusions by electing to split gifts, subject to specific rules.

[S1E14] Taxable Gift Calculations

Deductions like annual exclusions and marital or charitable deductions determine the taxable portion of gifts.

[S1E13] Gifting Basics

Gifts are subject to tax based on fair market value and can shift wealth out of the taxable estate.

[S1E12] Forms of Property Ownership

Ownership types like joint tenancy, tenancy in common, and community property affect estate inclusion and probate requirements.

[S1E11] Avoiding Probate

Titling assets and using trusts can help bypass probate, offering privacy and efficiency.

[S1E10] The Probate Process

Probate establishes clear legal ownership of assets but involves costs, delays, and public disclosure.

[S1E9] Methods of Property Transfer

Property can transfer through probate, trusts, operation of law, or contracts, each with distinct benefits and limitations.

[S1E8] Rules for Disclaiming Inheritance

Beneficiaries can disclaim assets within strict guidelines to redirect property and optimize tax outcomes.

[S1E7] Important Will Provisions

Clauses like survivorship and disclaimers help guide inheritance and estate tax implications.