Transcript Chartered Retirement Planning CounselorSM Professional

CERTIFIED FINANCIAL PLANNER CERTIFICATION
PROFESSIONAL EDUCATION PROGRAM
Estate Planning
Module 7
Estate Liquidity &
Postmortem Actions
©2013, College for Financial Planning, all rights reserved.
Learning Objectives
7–1 Analyze a situation to identify existing or potential estate cash
requirements and/or sources of estate liquidity.
7–2 Identify the characteristics and purpose of a given premortem
liquidity planning technique.
7–3 Analyze a situation to identify premortem planning techniques
that could be used to meet estate liquidity needs.
7–4 Evaluate a situation to select a premortem planning technique
that can be used to meet estate liquidity needs and that is
consistent with a client’s stated objectives or situation.
7–5 Identify the characteristics and purpose of a given postmortem
planning technique.
7–6 Analyze a situation to determine the eligibility of an estate or its
beneficiaries to use a given postmortem planning technique.
7–7 Evaluate a situation to select the postmortem planning techniques
that are available and advisable for an estate or its beneficiaries.
7-2
Questions to Get Us Warmed Up
7-3
Learning Objectives
7–1 Analyze a situation to identify existing or potential estate cash
requirements and/or sources of estate liquidity.
7–2 Identify the characteristics and purpose of a given premortem
liquidity planning technique.
7–3 Analyze a situation to identify premortem planning techniques
that could be used to meet estate liquidity needs.
7–4 Evaluate a situation to select a premortem planning technique
that can be used to meet estate liquidity needs and that is
consistent with a client’s stated objectives or situation.
7–5 Identify the characteristics and purpose of a given postmortem
planning technique.
7–6 Analyze a situation to determine the eligibility of an estate or its
beneficiaries to use a given postmortem planning technique.
7–7 Evaluate a situation to select the postmortem planning techniques
that are available and advisable for an estate or its beneficiaries.
7-4
Estate Liquidity: Cash Needs
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estate administration expenses
estate debts and claims
death taxes
miscellaneous cash needs
cash bequests
To avoid forced liquidation of estate assets and
further shrinkage of the estate, these cash needs
should be reduced in a manner consistent with
other client goals.
7-5
Estate Liquidity: Cash Resources
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•
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cash and cash equivalent assets
life insurance
employee benefits
pre-death conversion of
illiquid assets by sale or
exchange for liquid assets
closely held business interests
postmortem elections
To avoid forced liquidation of estate assets and
further shrinkage of the estate, these cash
resources should be increased in a manner
consistent with other client goals.
7-6
Estate Liquidity: Reducing Cash Needs (premortem)
Technique
Suggestions
Cash Expenditure Targeted: Administrative expenses
Use of will substitutes
• Inter vivos trusts
• P.O.D. & T.O.D.
• JTWROS and TBE
Reduce or eliminate
property that is
difficult to appraise or
administer
• Closely held business interests
• Collectibles
• Rental property
Avoid ancillary
probate
• Place real property located in state other than client’s domicile in will
substitute form
• Gift or sell such property prior to death
Reduce or eliminate
possible sources of
litigation for the
estate
• Check for proper execution of will and inclusion of self-proving
clause
• Check for clauses that disinherit family members without explanation
• Accounts receivable: avoid if possible; check credit of potential
obligor prior to transaction; keep collection of income current
• Accounts payable: get agreement in writing signed
by both parties; keep record of payments
Reduce client’s gross
estate
• May lower attorney’s fees
• May reduce appraisal fees
7-7
Estate Liquidity: Reducing Cash Needs (premortem)
Technique
Suggestions
Cash Expenditure Targeted: Taxes payable by the estate
Ways to reduce the
gross estate
• Give property away or sell it during life and spend the proceeds.
• Qualify property remaining in the estate for valuation discounts such
as minority and marketability discounts for closely held business
interests, and special use valuation for real estate used in a closely
held business or farming operation.
Ways to reduce the
taxable estate
• Qualify property for the estate tax charitable deduction: Property
must be given by will or will substitute to a qualified charity either
outright or in an approved form, such as a charitable remainder or
lead trust, or in a pooled income fund.
• Qualify for the estate tax marital deduction: Interest in property
given to the decedent’s surviving spouse must not be a nondeductible terminable interest; if not given outright, it must be
given in a trust that qualifies for the marital deduction, such as an
estate trust, a power of appointment trust, or a QTIP trust with an
election.
Cash Expenditure Targeted: Cash bequests
Eiminate if possible
• Review client’s will.
• Eliminate bequest or substitute in-kind bequest
of illiquid asset.
7-8
Estate Liquidity: Reducing Cash Needs (premortem)
General
Technique
Specific Suggestions
Cash Expenditure Targeted: Debts payable by the estate
Reduce debt as much as
possible prior to death.
• Do not enter into debt transactions that are unlikely to be paid
off prior to death.
Incorporate will provision
denying right of
exoneration for
specifically devised
property subject to a
mortgage.
• Cannot be accomplished without a will.
Cash Expenditure Targeted: Miscellaneous cash needs
Provide cash for a
closely held business
after a key person’s
death.
• Obtain key person life insurance policy on the owner.
Avoid need to pay
family allowance.
• Have adequate life insurance that can be
used in lieu of the family allowance.
• Provide survivors with other sources of
income such as annuity or pension benefits.
7-9
Estate Liquidity: Increasing Cash Resources (premortem)
General Technique
Specific Suggestions
Area Targeted: Cash/cash equivalent assets
Increase assets in
this category as
client ages.
• Switch client to less risky and more liquid investments as he or she
ages.
• Beware of transactions with a long payout or front-end loads.
Area Targeted: Illiquid assets
Gift or sell prior to
death.
• Sale during life not only increases liquid assets (accounts receivable,
notes and mortgages receivable, etc.) but also may prevent forced
liquidation after death, since one has more time to realize fair market
value.
• Check credit of potential buyers before transaction is finalized.
• Keep current on collection of accounts, notes, and mortgages
receivable.
Area targeted: life insurance
Increase availability
of this asset for use
by the estate at
death.
• Amount may have to be increased depending on amount of other cash
assets available.
• May need to change beneficiary designation to person or entity (ILIT)
that has an interest in estate being correctly administered.
Avoid inclusion of
death benefit in
gross estate to the
extent possible.
• ILIT can give trustee discretionary authority to make loans
to estate or purchase estate assets (illiquid) at fair market
value; death benefit will avoid inclusion in gross estate of
insured/grantor unless three-year rule applies.
7-10
Learning Objectives
7–1 Analyze a situation to identify existing or potential estate cash
requirements and/or sources of estate liquidity.
7–2 Identify the characteristics and purpose of a given premortem
liquidity planning technique.
7–3 Analyze a situation to identify premortem planning techniques
that could be used to meet estate liquidity needs.
7–4 Evaluate a situation to select a premortem planning technique
that can be used to meet estate liquidity needs and that is
consistent with a client’s stated objectives or situation.
7–5 Identify the characteristics and purpose of a given postmortem
planning technique.
7–6 Analyze a situation to determine the eligibility of an estate or its
beneficiaries to use a given postmortem planning technique.
7–7 Evaluate a situation to select the postmortem planning techniques
that are available and advisable for an estate or its beneficiaries.
7-11
Postmortem Actions Affecting Estate Tax
Prerequisites
Considerations
Action: Alternate Valuation Date
Alternative: Valuation of estate assets at date of death
• Value of gross estate (GE) must
be reduced.
• Estate tax liability must be
reduced.
• Use only when majority (in value) of estate assets have
declined in value.
• If used, must apply to all assets. However, any decline
in value of an asset that is attributable solely to the
passage of time may not be used to reduce the value
of that asset.
• There is an exception for asset sold at arm’s-length
transaction within six months of death.
7-12
Postmortem Actions Affecting Estate Tax
Prerequisites
Considerations
Action: Valuation Discounts
Alternative: Assets will be valued at more than fair market value (FMV)
• minority—owner of closely held
business interest must not be
able to control business
decisions
• blockage—amount of publicly
traded stock is large in relation
to daily trading volume
• key person—decedent was vital
to operation of business
• marketability—no established
market for business interest
• likelihood of dispute by IRS
• cost of potential litigation including attorney’s and
appraiser’s fees
• whether discounts are necessary to make estate
nontaxable
• effect of discounts on other postmortem
elections such as special use,
deferred payment of estate taxes, etc.
7-13
Postmortem Actions Affecting Estate Tax
Prerequisites
Considerations
Action: Special Use Valuation
Alternative: Valuation at highest and best use (fair market value)
• estate must contain real estate used in a closely held
business or farm (qualified use)
• real estate must have been in qualified use at decedent’s
death
• decedent or member of family must have owned and so
used such property for five out of last eight years
• property must be located in U.S. and decedent must
have been a U.S. citizen or resident alien
• decedent or member of family must have materially
participated in the qualified use for five out of last eight
years
• value of qualified real estate must  25% of GE as
adjusted
• value of qualified real and personal property must  50%
of GE as adjusted
• qualified real estate must pass to a qualified heir
• maximum benefit of $750,000
( inflation indexed)
• recapture of benefit if qualified
real estate ceases to be
employed in qualified use or is
gifted or sold to other than a
qualified heir during 10 years
after decedent’s death
• effect upon other postmortem
elections such as §6166
election
7-14
Postmortem Actions Affecting Estate Tax
Prerequisites
Considerations
Action: Allocation of medical expenses of the decedent not reimbursed by
insurance on Form 706 estate tax return
Alternative: Debts may be deducted on decedent’s final income tax return (Form 1040)
• If deducted on Form 1040, only
those expenses in excess of 10% of
AGI (7.5% if 65 or older) can be
deducted, and expenses must be
paid prior to death or within one
year of death.
• Do not deduct on estate tax return (Form 706) if estate
does not need the deduction.
• Deduction on Form 706 does not waste part of deduction
meeting 10% or 7.5% floor
• Deduction on form 1040 is irrevocable.
• Deduction on one form precludes deduction on other.
Action: Deduction of Administrative Expenses & Losses on Estate Tax Return (Form 706)
Alternative: may also be deducted on fiduciary income tax return (Form 1041)
• In final year of estate, excess
deductions can be transferred to
beneficiaries but are not deductible
unless they exceed 2% of AGI.
• Deduction on form 1041 is
irrevocable.
• Total deduction may be spread over both returns.
• Use on Form 706 only if necessary to prevent or reduce
payment of tax out of pocket.
• Expense or loss can be deducted on form 1041
only in year paid or incurred; if deducted on f
orm 706, future administrative expenses may be
estimated .
• Taxes, interest, business expenses, and other
items accrued at the time of death can be
deducted on both estate and income tax return.
7-15
Postmortem Actions Affecting Estate Tax
Prerequisites
Considerations
Action: The PR Fee
Alternative: If waived, cannot be taken as a deduction on either Form 706 or Form 1041
If not waived, can be deducted but is ordinary income to PR
• To waive the fee without gift
or income tax consequences,
PR must evidence intent to
perform a gratuitous service.
• where money will go if waived—e.g., if to a skip party, it will be
subject to GSTT.
• if deduction is necessary to prevent estate tax, deduct on Form
706
Action: Qualified Terminable Interest Property (QTIP) Election
Alternative: If election not made, assets will not receive marital deduction (MD) in
decedent’s estate & assets at death of surviving spouse won’t be included in his/her GE
• Spouse of grantor must be
given usufruct or qualifying
income interest for life.
• Spouse cannot have general
power of appointment.
• No one, including spouse, can
have right to appoint property
to anyone other than the
surviving spouse prior to
surviving spouse’s death.
• time value of money and surviving spouse’s life expectancy,
since MD only delays tax
• effect on estate of decedent to fully utilize applicable credit
amount
• partial elections are allowed
• effect on spouse’s estate—whether election is
necessary to allow full use of applicable credit
amount
• effect of election upon other available postmortem
elections and credits such as the prior transfer
credit, and deferment of taxes under §6166
7-16
Postmortem Actions Affecting Estate Tax
Prerequisites
Considerations
Action: Qualified Domestic Trust (QDOT) Election
Alternative: Transfers to noncitizen spouse will not receive MD
• Non-U.S. Citizen spouse must receive
property from decedent.
• Property must be put in a trust that meets
QDOT requirements.
• Election to treat as QDOT must be made.
• No partial elections allowed.
• Once made, election is irrevocable.
Action: Extension of time to pay estate tax—§6166
Alternative: Estate tax must be paid by original due date of return
• Decedent’s GE must include closely held
business interest.
• The value of such interest must exceed
35% of the decedent’s adjusted gross
estate.
• Several such interests may be aggregated
to meet 35% requirement under certain
circumstances.
• The 35% requirement must be met both
with and without including all gifts required
to be included in the gross estate by
section 2035(a), (the three year rule).
• Can be used to defer GSTT also if business
interest is given to a skip party.
• Taxes may be paid over approximately 15year period following death; allows
business to generate income needed to
pay the tax.
• After election, prepayment may be
made without penalty.
• Be aware of recapture potential.
7-17
Postmortem Actions Affecting GSTT
Prerequisites
Considerations
Action: Reverse QTIP Election
Alternative: If election is not made, spouse of grantor is considered transferor for
GSTT purposes
• Spouse of transferor must be given life estate
or qualifying income interest in assets.
• Regular QTIP election must have been made.
• No person, including spouse of transferor, can
have power to appoint property to anyone
other than spouse during his/her lifetime.
• GSTT exemption status of both spouses
• Contemplated future generation-skipping
transfers by transferor’s spouse.
• The reverse election must be made for
all property for which the QTIP election
was made.
• Election is irrevocable once made.
7-18
Postmortem Actions Affecting Income Tax
Prerequisites
Considerations
Action: Reporting accumulated interest on U.S. savings bonds
Alternative: Can be reported either on decedent’s final Form 1040 (pre-death
interest only), or on estate’s Form 1041 (pre-death and post-death interest)
• interest must not have been previously
reported by decedent
• if decedent made election to report
interest prior to death, PR is bound by this
election
• election must be made on a timely filed
income tax return
• when pre-death interest is recognized,
taxpayer gets a deduction for estate taxes
paid on this amount as IRD
• if pre-death interest is recognized on Form
1040, estate gets deduction for income taxes
paid as debt of decedent
• if decedent dies early in year, may be good
to recognize pre-death interest on Form 1040
7-19
Postmortem Actions Affecting Income Tax
Prerequisites
Considerations
Action: Select a fiscal year for the estate
Alternative: If PR has not elected prior fiscal year end, estate’s first fiscal year will end on the
last day of the calendar month preceding the month containing the first anniversary date of
the decedent’s death
• Estate’s fiscal year must end on the last day of a calendar
month.
• Estate’s first fiscal year must end not later than the last day of
the calendar month preceding the month containing the first
anniversary date of the decedent’s death.
• Generally best to spread income
over multiple reporting periods.
• Avoid bunching of income, especially
without offsetting deductions.
Action: §303 stock redemption
Alternative: Partial redemption of stock without election under this section will be taxed as
dividend (ordinary income)
• Decedent’s GE must include closely held stock.
• Value of such stock >35% of decedent’s adjusted
GE after including all gifts within three years of
death and gift tax paid out of pocket on such gifts.
• Stock of several closely held corporations may be
aggregated to meet 35% requirement under
certain circumstances.
• Amount redeemed under this section cannot
exceed death taxes of estate plus funeral and
administrative expenses.
• Can use only if corporation has the cash to
redeem—therefore requires premortem
planning.
• Election applies only to distributions made after
death and not later than 90 days after expiration
of three-year limitation for estate tax
assessment under §6501(a).
• If more than one redemption, distributions are
applied against total limitation in order in which
they were made.
7-20
Miscellaneous Postmortem Actions
Qualified Disclaimers
Prerequisites
Considerations
Alternative: If no disclaimer, property will go to beneficiaries who had the right to
disclaim
• Must be irrevocable and in writing.
• Must be made within nine months of transfer
creating the interest (except for minors).
• Benefits of property must not be accepted
prior to disclaimer.
• Disclaimed interest must pass without
direction by disclaimant.
• Disclaimed interest must pass to someone
other than disclaimant (except for spouses).
• Disclaimant will be treated for tax
purposes as if he or she never received
the property—i.e., no gift or income tax
assessed.
• Disclaiming spouse can be income
beneficiary of disclaimer (bypass) trust
established by decedent.
• Survivorship interest in property held in
joint tenancy or tenancy by the entirety
can be disclaimed within nine months of
death.
7-21
Miscellaneous Postmortem Actions
Spousal Elective Share
Prerequisites
Considerations
Alternative: Spouse of decedent receives only what is given in the will
• State must have a spousal elective share
statute (aka an election against the will).
• Written notice of election must be given to PR
within time prescribed by statute.
• Property passing by election will qualify
for MD and may prevent estate from
being able to fully use applicable credit
amount.
• If unconsumed prior to death, property
received by election will be included in
spouse’s GE.
• How it effects other beneficiaries of the
estate.
7-22
Miscellaneous Postmortem Actions
Homestead, Exempt Property & Family
Allowance
Prerequisites
Considerations
Alternative: If these allowances are not made, assets will be subject to payment of
claims against the estate, but estate will need fewer liquid assets
• For homestead and exempt property
• Other estate assets may have to be sold
allowances, estate must contain property that
to meet liquidity needs.
qualifies for these under state statute.
• Proper premortem planning can prevent
• Written notice of claim or election must be
need to pay these allowances.
delivered by entitled party to PR as required by
statute.
• Some proof of need may be required for family
allowance.
7-23
Miscellaneous Postmortem Actions
Will Contests & Family Settlement
Agreements
Prerequisites
Considerations
Alternative: Provisions of decedent’s will must be enforced
• Decedent must have left a will.
• Decedent must have been incompetent to
make will or the will must be defective in its
execution for will contest to succeed.
• Will must be ambiguous for a successful family
settlement agreement.
• Probate court must be involved in either
situation.
• Cost of prosecuting probate court action
versus benefit to be gained if successful.
• Ill will of other family members who will
get less whether or not action is
successful.
• If will contest is successful, property will
be distributed by laws of intestacy.
• Family settlement agreement must be
adopted by probate court
7-24
Miscellaneous Postmortem Actions
Gift Tax
Prerequisites
Considerations
Alternative: If gifts are not split, decedent’s estate may have more adjusted taxable
gifts and less applicable credit available for estate assets; decedent’s spouse may
have fewer adjusted taxable gifts and more estate tax applicable credit available
• Requires mutual consent of PR and surviving
spouse.
• Both spouses must not have filed a return for
the appropriate period.
• All eligible gifts by either spouse during the
period must be split.
• Spouses assume joint and several
liability for the entire tax.
• Gifts between spouses and gifts by the
surviving spouse after decedent’s death
are not eligible to be split.
• Each spouse’s applicable tax credit
status; gift splitting may deny decedent
full use of his or her estate tax applicable
credit amount.
• Failure to split may allow decedent’s
estate to more fully use
applicable credit amount.
7-25
Miscellaneous Postmortem Actions
Joint Final Income Tax Return
Prerequisites
Considerations
Alternative: If PR and spouse do not file joint return, each taxpayer would file at
higher rate as married filing separately
• Decedent must be married at death.
• Taxable year of decedent and spouse must
begin on same day.
• Neither decedent nor spouse can be a
nonresident alien.
• Spouse cannot remarry before end of spouse’s
taxable year.
• Did decedent have excess deductions or
capital losses that would be lost without
a joint return?
• Each taxpayer assumes joint and several
liability for entire tax.
• Comparison of tax rates if
joint versus separate
returns are filed.
7-26
Question 1
Which of the following correctly explains why a beneficiary
who received non-probate assets by will substitute may
agree to the use of all, or part, of the assets to meet estate
liquidity needs?
I. to avoid liquidation of probate assets to meet cash needs
II. to avoid a lawsuit by the personal representative (PR) for
a prorated portion of the taxes
III. to avoid an IRS lien against the nonprobate property that
the beneficiary received from the decedent
a. II only
b. III only
c. I and III only
d. I, II, and III
7-27
Question 2
Which one of the following is not a way to
improve the liquidity position of an estate?
a. placing a non-exoneration clause in a client’s
will
b. selling a client’s art collection prior to death
c. eliminating specific cash bequests from a
client’s will
d. assuring that any real estate purchased in
another state is titled solely in the client’s
name
7-28
Question 3
Which one of the following is a postmortem
action that the surviving spouse who is not the
PR can take in a common law state without the
mutual consent of any other party?
a. qualified terminal interest property (QTIP)
election
b. election to take against the will
c. split gifts made by the decedent in the year
preceding death for which a gift tax return
has not been filed
7-29
Question 4
Which one of the following is a required
characteristic of a qualified disclaimer?
a. The disclaimant must select another person
to receive the disclaimed property.
b. The disclaimer must be irrevocable, stated in
writing, and received by the estate’s
personal representative.
c. The disclaimant may benefit from the
property as long as the property is held no
longer than nine months before it is
disclaimed.
7-30
Question 5
Carol owns 80% of IGU Corporation (one-half of the value of the
stock is attributable to real estate owned by IGU). Currently, the
value of Carol’s stock in IGU is 64% of her projected adjusted
gross estate. Carol is examining the implications of transferring
three-quarters of her IGU shares to her children from her current
marriage. Her will leaves specified property valued at 10% of her
estate to her husband and the remainder of her estate to her
children from her former marriage.
Which one of the following postmortem elections would not be
adversely affected due to the proposed transfer of the IGU shares
from Carol to her children from her current marriage?
a. a partial stock redemption under IRC Section 303
b. special use valuation
c. the alternate valuation date
d. deferral and installment payment of estate tax
under IRC Section 6166
7-31
Question 6
Bob died with a gross estate valued at $11.6 million in 2013. The majority of his
estate consists of personal use assets and publicly traded stock, which has rapidly
declined in value since his death.
Bob appointed his wife, Ann, as the PR for his estate. She also will receive half of
his estate. His estate is the highest marginal estate tax bracket.
During the last year of his life, Bob incurred medical expenses of $40,000, all of
which were reimbursed through health insurance. Two years before his death, he
gifted $20,000 to his nephew and filed a gift tax return without Ann’s consent to
split gifts. Bob and Ann were in the 28% marginal income tax bracket immediately
prior to his death.
Which one of the following is a postmortem election that will minimize tax liability
for Bob’s estate?
a. a claim of medical expenses on his final income tax return
b. a waiver of personal representative commissions from the estate by Ann
c. filing a gift tax return with Ann’s consent to split gifts for Bob’s gifts to his
nephew
d. an election to use the alternate valuation date for valuing Bob’s estate
7-32
Question 7
Which one of the following is a qualifying requirement for
Section 2032A special use valuation of real property used in
a business?
a. The business must be engaged in farming or ranching.
b. The family member-owner of the business must have
been a material participant in the business for at least 10
years prior to his or her death.
c. The value of the decedent’s business interest, minus
secured debts and unpaid mortgages on such property,
must equal 50% or more of the decedent’s gross estate
as adjusted for secured debts and unpaid mortgages on
all property included in the gross estate.
d. The real property used in the business must exceed 35%
of the adjusted gross estate.
7-33
Question 8
When Joe died in 2013, he was a widower with a gross estate of $5.2
million, which included a 50% partnership interest valued at $1.8 million.
The partnership owned real estate valued at $1.4 million. His adjusted
gross estate was $5,050,000. Joe’s will left $100,000 to a qualified charity
and the balance of his estate, including the business interest, to his two
nephews. They currently participate in the business and plan to hold the
business interest indefinitely. Joe made no taxable gifts during his lifetime.
Given the facts stated above, which one of the following correctly states
why Joe’s estate cannot qualify to use the installment method of paying
the estate tax (Section 6166)?
a. His nephews are not considered qualified heirs.
b. His estate does not contain any closely held shares of stock.
c. The value of the business interests included in Joe’s gross estate is
not more than 35% of his adjusted gross estate.
d. His estate will not owe any estate taxes.
e. The closely held business does not have the prerequisite real estate
ownership.
7-34
Question 9
Rodger, a U.S. citizen, has died in the current year. His gross estate
is $6 million. His estate has a severe liquidity shortage. He was a
widower and his will makes no charitable bequests. Rodger has
operated a farm in Kansas as a sole proprietor for the last six
years.
The farm real estate has a date of death FMV of $1.3 million, and
the farm related personal property has a FMV of $800,000. There
are secured debts of $150,000 against the farm real estate, and
$100,000 against the farm related personal property. Rodger had
unsecured debts of $80,000 and administrative and funeral
expenses of $70,000.
The farm is left to Rodger’s son in his will, and the son wishes to
continue working on the farm. Rodger made no lifetime gifts.
Which one of the following postmortem elections can Rodger’s
estate qualify for to help ease its liquidity shortage?
a. Special use valuation
b. Section 303 stock redemption
c. Section 6166 installment payment of estate taxes
7-35
CERTIFIED FINANCIAL PLANNER CERTIFICATION
PROFESSIONAL EDUCATION PROGRAM
Estate Planning
Module 7
End of Slides
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