FIN 555 Retirement and Estate Planning



Course Catalog Description

Introduction

This course introduces students to the principles of retirement and estate planning as well as current issues in these areas. The course is designed to enable students to understand and be conversant with the basic language of retirement and estate planning, and to understand the pertinent provisions of the US Internal Revenue Code related to these topics. The course focuses on training an individual’s ability to use this information for making both short-term and long- term planning decisions. The course progresses at a rapid pace and requires students to prepare regularly for each class session instead of waiting until the exams. Topics include retirement planning tools, techniques and plans, estate and gift tax calculation and compliance, estate planning tools and techniques (both pre and post death), probate and non-testamentary disposition of assets, the use and purpose of trusts, family gifting strategies, estate liquidity, business succession planning, Social Security, Medicare and Medicaid and retirement plan distributions.


Prerequisites: None


Course Objective

The course is designed to:
• Explain the rules and regulations related to retirement and estate planning
• Demonstrate the tools and techniques used to maximize retirement savings and distributions
• Illustrate the estate planning tools and techniques utilized to maximize the transfer of wealth during life or at death
• Explain the estate planning process, the estate and gift tax system, the process of transferring and titling assets
• Provide examples of estate planning opportunities for individuals and families, the documents used in estate planning.
• Explain in depth the strategies used in estate planning, including the effect of insurance and social programs (like Social Security, Medicare and Medicaid) on retirement and estate planning
• Demonstrate how assets are valued for estate planning purposes



Instructors

Professor Email Office
Joelle Hinds, CFP®
jhinds1@stevens.edu

More Information

Course Outcomes

By the end of this course students will be able to:

    • Understand the rules and regulations related to retirement and estate planning
    • Understand and analyze the tools and techniques used to maximize retirement savings and distributions
    • Understand and analyze the estate planning tools and techniques utilized to maximize the transfer of wealth during life or at death
    • Recognize the estate planning process, the estate and gift tax system, the process of transferring and titling assets
    • Identify estate planning opportunities for individuals and families, the documents used in estate planning. Gain a comprehensive understanding of the strategies used in estate planning
    • Identify the effect of insurance and social programs (like Social Security, Medicare and Medicaid) on retirement and estate planning
    • Understand how assets are valued for estate planning purposes
    • Utilize these financial principles to make better investment decisions
    • Appreciate and understand how insurance, business succession planning and gifting strategies can work for the preservation of wealth
    • Communicate effectively, critically, and analytically in all written and oral assignments and
    • Develop an understanding of how practitioners apply these concepts when working with clients.

Course Resources

Textbook

Title Description ISBN
Retirement Planning and Employee Benefits, 20th Edition https://www.money-education.com/ 978-1-957511-16-0
Estate Planning, 13th Edition https://www.money-education.com/ 978-1-946711-00-7
Optional: Private Wealth Management: The Complete Reference for the Personal Financial Planner, by G. Victor Hallman, and Jerry S. Rosenbloom, 9th Edition 978-0071840163. HR
  • Additional Materials:
    • Financial calculator
        HP 12C
        HP 10bII
  • Case Study Reference Material
    • Personal financial account statements
    • Personal Social Security statement (www.ssa.gov)

Grading

Grading Policies

Exam 1: 20%
Exam 2: 30%
Exam 3: 20%
Exam 4: 30%

Lecture Outline

Class Assignments
Week 1 Chapter 1 – Introduction to Retirement Planning
Chapter 2 – Retirement Planning: The Accumulation Phase
Chapter 3 – Qualified Plan Overview
Week 2 Chapter 4 – Qualified Pension Plans
Chapter 5 – Profit Sharing Plans
Chapter 6 – Stock Bonus Plans & Employee Stock Ownership Plans
Week 3 Exam
Week 4 Chapter 7 – Installation and Administration of Qualified Plans
Chapter 8 – IRAs
Week 5 Chapter 9 – SEPs & SIMPLEs
Chapter 10 – 403(b) & 457 Plans
Chapter 11 – Qualified Plan & IRA Distributions During Lifetime
Week 6 Chapter 12 – Deferred Compensation & Nonqualified Plans
Chapter 13 – Employee Benefits and Retirement Planning
Chapter 14 – Social Security, Medicare, and Medicaid
Chapter 15 - Retirement Income & Distribution Planning
Week 7 Exam
Week 8 Spring Break
Week 9 Chapter 1 – Introduction to Estate Planning
Chapter 2 – Basic Estate Planning Documents
Chapter 3 – Types of Property Interests
Week 10 Chapter 4 – The Probate Process
Chapter 5 – Gift Tax
Chapter 6 – Estate Tax
Week 11 Chapter 7 – Transfers During Life and Death
Chapter 8 - Trusts
Week 12 Exam
Week 13 Chapter 9 – Charitable Giving
Chapter 10 – The Unlimited Marital Deduction
Chapter 11 – Life Insurance in Estate Planning
Week 14 Chapter 12 – Special Elections and Postmortem Planning
Chapter 13 – Generation Skipping Transfer Tax
Chapter 14 – Basic Estate Plan
Week 15 Final Exam