Welcome to "2023 Estate Taxes Part 1", a comprehensive course designed to demystify the complexities of transferring property at death and the related taxes under the IRS Unified Transfer Tax System. Proper estate planning is crucial for preserving wealth and ensuring assets pass according to wishes, potentially saving a substantial amount in taxes.

This course delves into the essential tools available for effective estate planning, defining their benefits and applications. You will learn how to identify what is included in a decedent's gross estate and understand the fundamental principles behind calculating estate amounts, as well as available deductions and credits.

Key learning outcomes include the ability to:

• Describe the purpose and nature of estate taxes according to the Internal Revenue Code.
• Identify and differentiate various types of trusts used for estate planning, including revocable, irrevocable, testamentary, and specialized trusts like AB, ABC/QTIP, Charitable Remainder, and Crummey trusts.
• Recognize assets included in the gross estate and understand key non-probate transfers.
• Outline the roles of parties involved in estate administration (IRS, probate court, trustee, executor).
• Recognize common estate planning goals and strategies.

Updated to reflect current tax laws for 2023, this course provides the foundational knowledge necessary for navigating the initial stages of estate planning and understanding its tax implications.