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LearnInsurance.com » Designation Courses » Become a BCE Professional

Become a BCE Professional

Course Outline | FAQs

Board Certified in Estate Planning - (BCE) is the only designation designed and offered to brokers, advisors, and planners who have clients interested in estate accumulation, preservation, and distribution. This is quite surprising when one thinks about who controls most of the wealth: mature individuals and couples who list the protection of loved ones as a top priority.

During the next decade, hundreds of billions of dollars will be transferred from one generation to the next. Parents and grandparents making these bequests need to know which assets should be transferred and when. By positioning yourself now as someone who specializes in estate planning you will be there to reap the rewards when the transfers are made as well as establish a lasting relationship with the new owners.

Estate planning attorneys and planners developed the Board Certified in Estate Planning curriculum. The 60-hours of materials takes legalese and turns it into steps and procedures that can be immediately implemented by even the novice advisor. The ins and outs of living trusts are a central part of the program, but lesser-known estate planning devices are also examined and clarified.

Other courses may cover the steps of estate planning, but only the BCE program shows you what needs to be done after the client's death. Beneficiaries will come to rely on you not only because of your knowledge, but also because you will be able to make their lives easier during a grief-stricken period. Older clients are looking for an integrated approach that will solve their multiple concerns. As a BCE designee, you are able to provide a complete solution.

The BCE program is a 60-hour self-study program. The cost includes everything: registration, shipping, materials, testing, and the first year's certification fee. The three final exams are given at Thomson Prometric Centers and administered by the NASD. Students must also complete two open-book case studies. The BCE program is fully accredited.

The BCE designation shows that you are well versed about the complexities of estate transfers and the effective management of assets. It is only natural for someone to seek out someone who can provide counsel about what has taken a lifetime to accumulate. By becoming Board Certified in Estate Planning you will not only learn what should be done, but you will stand alone - there is no other such designation in the financial services industry.

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Course Cost: $1,165

Course Outline

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Module I - Legal Considerations

Estate planning begins with understanding the various forms of legal ownership and the consequences of death and transfers. The donor's actions may have far-reaching implications that last for generations. Divorce creates its own set of unique challenges.

  • Controls over property, moving to another state, and separate property
  • Primary, alternate, life estate, and residuary beneficiaries
  • Minors, pets, disinheritance, and survivorship periods
  • Gifts, educational plans, community property, and insurance policies
  • Consequences of divorce, separation, remarriage, and step-children

Module II - Trusts and Wills

Considerations need to be discussed before using a will or trust as the centerpiece for succession. Estates unintentionally fall prey to the costs and time delays caused by probate. The educated advisor knows when probate should be embraced or avoided.

  • Wills: elements, types, challenges, and keeping current
  • Probate: fees, exemptions, and avoidance vs. desired
  • Living trusts explained and detailed
  • Separate, joint, and community ownership
  • Pay-on-death accounts and beneficiaries

Module III - Insurance and Retirement Accounts

As the worker becomes the retiree, insurance and the family nest egg move to the forefront of attention. When the transition begins, hastily-made actions can result in unnecessary tax liability. The optimal outcome addresses needs and consequences.

  • Life insurance: need determination, types, and transfers
  • Social Security, IRAs, pensions, payments, and rollovers
  • Federal estate tax deductions
  • Estate and gift taxes, exemptions, and determining liability
  • Income, estate, and gift tax reduction strategies

Module IV - Trust Planning

Unlike wills, trusts allow one to manage a portfolio from beyond the grave. Other trusts benefit their living creators with immediate tax relief coupled with current or deferred income. Still others provide protection by shielding assets from unwanted heirs.

  • What trusts can and cannot do
  • Ongoing, bypass, marital deduction, and QTIP trusts
  • Charitable remainder, lead, and pooled income trusts
  • Right restriction, disclaimers, and the second marriage
  • Tax savings, spendthrift, sprinkling, and control trusts

Module V - Fiduciaries

The estate planner should provide counsel that results in transparency and understanding by all. A number of sensitive issues need to be confronted before death. The planner may be the centerpiece, but other professionals need to be included.

  • Medical and financial decisions
  • Guardianships, conservator ships, trustees, and executors
  • Qualified money, RMDs, penalties, and surviving spouses
  • Creditor protection, plan revision, and transfers
  • Organ donation, funeral choices, services, and ceremonies

Module VI - Post-Death Decisions

Grief-stricken heirs are not in the right state of mind and most lack any post-mortem experience. The advisor who has answers will be remembered by a new and grateful generation. The fiduciary relationship does not stop upon the client's passing.

  • Notices, setting up estate accounts, and debt minimization
  • Probate: the process, disputes, and out-of-state considerations
  • Undue influence, mental competence, and mistakes
  • Estate settlement and the final accounting
  • General practices and special state requirements

BCE Frequently Asked Questions

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Q: What is the cost and what does it include?
A: The $1,165 fee covers everything - registration, materials, shipping, handling, and testing.

Q: How long does it take to complete the certification program?
A: Students are given 12 months to complete the program, but the vast majority of the enrollees complete the materials within a couple of months.

Q: What are the requirements for certification?
A: There are four requirements for certification: (1) pass three multiple-choice exams, (2) complete an open-book case study (see below), (3) fill out a registration form and complete a student questionnaire, and (4) sign a code of ethics.

Q: What are the exams and where do I take them?
A: Each exam has 75 multiple-choice questions. Exams are taken at a Prometric Center. These centers are located throughout the country. If it is inconvenient for you to go to a testing center (e.g., too many miles away, disability, trouble logging onto the system, etc.), a proctored exam can be taken in your office. There is no charge to take an office exam, but the proctor you select must be a branch manager or compliance officer.

Q: What is the passage rate on the exam(s)?
A: Approximately 75%. Students who fail the exam can pay a $75 re-exam fee. If necessary, the final test can be taken multiple times.

Q: What if I do not pass or take the test(s) within the 12-month time frame?
A: You can pay $40 for a three-month extension. Multiple extensions can be purchased for a total of 2years from time of enrollment.

Q: What is the "two open-book case studies" requirement?
A: Each case study is a half to a one page set of facts based on a hypothetical client. The response must be typewritten or word processed and less than two pages in length.

Q: Are there any ongoing or CE requirements?
A: Yes. After being a designee for one year, you must complete 15 hours of continuing education, reported once every two years. Designees have a wide range of topics and methods to choose from (e.g., attending seminars, reading books, completing other courses, teaching, writing articles, etc.).

Q: Do I get anything for my $100 annual registration fee?
A: Yes. Students and existing designees will receive the IBF Desk Reference. This reference guide covers various sectors and investment vehicles such as individual securities, mutual funds, and variable annuities, plus more. The IBF Desk Reference is an expanded version of what IBF used to sell several years ago for $250 annually. Designees will be sent updated replacement pages for all 120+ charts, graphs, and tables each year. The designee does not pay for the binder, the 120+ pages, or the annual updates.

Q: Do I get anything else?
A: Yes. You are entitled to a 50% subscription discount to The Wall Street Journal and/or Barron's. A one-year subscription to the Journal costs a little over $200. Our students pay less than half that amount. The savings are similar for Barron's.

You can also save on PC or Mac software. We have made a deal with the largest distributor of computer hardware and software. Virtually any software you need can be purchased at a substantial discount. As an example, the most current version of Microsoft Office costs $350 at Staples or Office Depot. IBF students and graduates can purchase this software for $150.

Q: Does the program fulfill CE requirements for licenses or other designations?
A: This program fulfills CE requirements for CFP, CLU, ChFC and a number of other designations. Please contact our offices at (800) 848-2029 to find out if this program will meet the Insurance or Securities CE requirements for your state.

Q: Are there group or corporate enrollment discounts?
A: Yes groups receive a discount. Contact our corporate accounts department by sending an email to IBF or calling (800) 848-2029.