• Skip to navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

American Academy of Estate Planning Attorneys

AAEPA, Inc

Find a Member Member's Login
Call Today (800) 846-1555
  • Membership
    • Membership Membership
    • submenu
      • Why Join?
      • Member Requirements
      • Become A Member
      • Meet the Team
  • Estate planning software
  • Education
  • Practice management
    • Practice management Practice Management
    • submenu
      • 11 Essential Systems
      • Coaching
      • Law Firm Marketing
  • Resources
    • Resources Resources
    • submenu
      • Live Training
      • Blog
  • Contact Us

How to Practice in Estate Planning, Part 2

Home » Estate Planning » How to Practice in Estate Planning, Part 2

This is the second in a series of blogs on How to Practice in Estate Planning. I’ll sprinkle this series in among my typical timely blogs. This series is designed for attorneys who are currently practicing in another field and wish to transition to Estate Planning and Elder Law. However, many of the suggestions in this series will be equally applicable to a new attorney who is not transitioning from another area.
Step Two
Step One was learning how to approach the practice of law as a business. Step Two is learning the basic substantive knowledge you need to practice in the estate planning area. As I mentioned in the first blog in this series, there is a near-infinite amount of knowledge which comes to play in estate planning. Let’s look at some methods to start you on your learning quest.
Go online. Read your state trust / probate code. Reading the trust and probate code is an essential part of your estate planning practice. You do not need to memorize the entire probate code, but you should be aware of the probate process in your state, what would happen if someone died intestate, and other similar items. You can get read the relevant federal tax provisions online, as well. The federal tax code is Title 26 of the US Code. Here is a link to Cornell University’s online law library’s Internal Revenue Code. The most important income tax provisions from an estate planning perspective are sections 1014 and 1015, which are rules for carryover basis on gifting and step-up basis upon death, and 671-678, which are the grantor trust rules (rules telling when a trust is taxed as a trust and must file a 1041 and when it may be taxed to an individual). The estate tax provisions are in the 20** range, taxation of non-resident aliens is in the 21** range, the gift tax is in the 25** range, generation-skipping taxes are in the 26** range, and special valuation rules are in the 27** range. Unless you are planning on doing significant advanced planning, I would defer the 26** and 27** range until that becomes relevant. Similarly, I would defer the 21** range if you do not have a substantial international community in your area. CCH has a convenient single book on Federal Estate & Gift Taxes which includes both the code and regulations. In addition, it includes relevant income tax provisions. I would read through the income tax provisions noted, but then just browse through the other provisions. Then I would read through the Maxfield treatise mentioned below. Again, I would not feel the need to learn every detail, but learn the purpose of each of the main provisions.
A classic treatise which is useful for a beginning in depth look at the tax perspective is Maxfield, et al., Federal Estate and Gift Taxation, WG&L. This does not presuppose knowledge, but it is rather technical. This treatise may be available in your local law library or you can purchase a copy at the hyperlink in this blog. It may be useful to have this as a desk reference.
A more accessible book is J.A. Manning, Manning on Estate Planning (7th ed.), Practicing Law Institute. This book presupposes a basic knowledge but is written in a less technical manner than the prior treatise.
If you are more interested in elder law, the National Academy of Elder Law Attorneys (“NAELA”) has some good basic resources on Medicaid and Special Needs Trusts.
Your state bar may have very useful desk books on estate planning. Such books tend to be very practically oriented. Typically, you can find them in your local law library. I suggest you visit your local law library and peruse their resources on estate planning.
While you are at the law library, you will want to browse through periodicals, as well. You will want to look at the Journal of Practical Estate Planning and Trusts & Estates. These publications are not the place to begin the learning process, but they may be useful to learn about newer ideas in the future. So, you’ll just want to familiarize yourself with them for your future potential use.
There are other premium resources. For example, The American Academy of Estate Planning Attorneys has several substantive educational courses for its Members to help them transition into a successful estate planning practice, as well as more advanced sessions to keep them current on the latest techniques. These courses distill the most important aspects of what you need to know into a few days of intensive study. Of course, without such direction and interactive learning environment, you would expect your study to take longer.
As you begin your learning process, remember that you could spend a near-infinite amount of time learning this area. Read through the materials listed above and study them. You want to look through these materials through intensive, diligent, undistracted effort. But, you do not want to fall victim to “analysis paralysis,” which I will mention again later. You will want to give yourself a reasonable deadline for your initial learning. Your goal is to set the foundation, not build the entire house.
In the next blog in the series, I will discuss the importance of having forms upon which you can rely and a person who can counsel you.
Stephen C. Hartnett, J.D., LL.M.
Associate Director of Education
American Academy of Estate Planning Attorneys, Inc.
9444 Balboa Avenue, Suite 300
San Diego, California 92123
Phone: (800) 846-1555
www.aaepa.com

  • Author
  • Recent Posts
Steve Hartnett
Steve Hartnett
Director of Education, American Academy of Estate Planning Attorneys
Steve Hartnett
Latest posts by Steve Hartnett (see all)
  • Double Your Gifting with Spousal Gift-Splitting - January 11, 2022
  • Tax Planning for 2022 - December 28, 2021
  • Donor Advised Funds: Too Good to Be True? - August 10, 2021
SHARE

About Steve Hartnett

Director of Education, American Academy of Estate Planning Attorneys

Primary Sidebar

Subscribe to our blog

Recent Posts

  • Avoid Unnecessary Family Disputes with a Letter of Instruction
  • Understanding Undue Influence – Part I
  • The Top 3 Estate Planning Must-Haves
  • How Do I Trust Thee… Part III
  • Time for a Mid-Year Check-In?

Categories

  • Academy Girl Friday (33)
  • Client Services (239)
  • Coaching (33)
  • Consumer Advantage (3)
  • Counseling (21)
  • Elder Law (5)
  • Estate Planning (930)
  • Estate Planning Documents (5)
  • Estate Planning Education (201)
  • Financial Analysis (3)
  • Financial Services (1)
  • General (20)
  • Law Firm Marketing (282)
  • Law Firm Net Revenue (7)
  • Law Firm Staffing (99)
  • Law Firm Technology (45)
  • Law Firm Web Tips (186)
  • Leadership (191)
  • Legal Education (651)
  • Marketing Tools (2)
  • Medicaid (1)
  • Member Services (1)
  • Owners Compensation (1)
  • Peak Performer Focus (1)
  • Practice Building Calls (1)
  • Practice Management (497)
  • SEO/Social Media Support (3)
  • Software (6)
  • Strategic Planning (10)
  • Uncategorized (15)

Footer

logo of American Academy of Estate Planning Attorneys

About Us

  • Meet the Team
  • Site Map
  • Legal Notice
  • Privacy Policy

Explore Our Services

  • Coaching
  • Estate planning software
  • Events
  • Legal education
  • Marketing
  • Web and SEO

Keep in Touch

Mon-Fri

9444 Balboa Ave. Suite 300

San Diego

(800) 846-1555

info@aaepa.com

Take Back Control of Your Business and Your Life

+

footer section | American Academy of Estate Planning Attorneys

© 2022 American Academy of Estate Planning Attorneys, Inc All rights reserved.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent. Don't sell my personal information.
Cookie Settings Accept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
Save & Accept