knowledge topics
United States Estate Tax
KNOWLEDGE EXPECTED OF: CFP® Professionals Only
- Define U.S. Situs Property.
- Identify that U.S estate tax may apply to any individual with U.S. Situs Property.
- Identify property that may be included in the valuation of worldwide estate for U.S. estate tax purposes.
- Identify property that may not be included in the valuation of worldwide estate for U.S. estate tax purposes.
- Estimate the value of an individual’s worldwide estate.
- Define the unified credit.
- Identify the current limit of the unified credit at which United States estate taxes are not payable.
- Identify the current limit of an individual’s worldwide estate at which United States estate taxes are not payable.
- Identify when United States Estate Tax may be payable.
- Value of United States estate
- Value of worldwide estate
- Explain when a non-resident may need to file an Estate Return in the United States.
Glossary of Verbs (mouse over to see definition)
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a judgement through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
Read more about the Taxonomy used in the FP-BoK
