Reading 12. Estate Planning In A Global Context
　　The candidate should be able to:
　　a. discuss the purpose of estate planning and explain the basic concepts of domes-tic estate planning, including estates, wills, and probate;
　　b. explain the two principal forms of wealth transfer taxes and discuss the effects of important non- tax issues, such as legal system, forced heirship, and marital property regime;
　　c. determine a family’s core capital and excess capital, based on mortality probabilities and Monte Carlo analysis;
　　d .*uate the relative after- tax value of lifetime gifts and testamentary bequests;
　　e. explain the estate planning benefit of making lifetime gifts when gift taxes are paid by the donor, rather than the recipient;
　　f. *uate the after- tax benefits of basic estate planning strategies, including generation skipping, spousal exemptions, valuation discounts, and charitable gifts;
　　g. explain the basic structure of a trust and discuss the differences between revocable and irrevocable trusts;
　　h. explain how life insurance can be a tax- efficient means of wealth transfer
　　i. discuss the two principal systems (source jurisdiction and residence jurisdiction) for establishing a country’s tax jurisdiction
　　j. discuss the possible income and estate tax consequences of foreign situated assets and foreign-sourced income;
　　k. *uate a client’s tax liability under each of three basic methods (credit, exemption, and deduction) that a country may use to provide relief from double taxation;
　　l. discuss how increasing international transparency and information exchange among tax authorities affect international estate planning.
　　　
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