©2013, College for Financial Planning, all rights reserved. Module 3 The Federal Estate Tax CERTIFIED FINANCIAL PLANNER CERTIFICATION PROFESSIONAL EDUCATION.

Learning Objectives 3–1 Describe the basic features of the federal estate tax. 3–2 Analyze a situation to identify factors that would be relevant in determining the value of estate assets. 3–3 Analyze a situation to identify property interests included in and items deductible from the gross estate, and credits available to an estate. 3–4 Analyze a situation to determine the impact of lifetime transfers on estate tax liability. 3–5 Analyze a situation to calculate the federal estate tax. 3–6 Identify the nontax characteristics of testamentary transfer techniques. 3–7 Analyze a situation to identify estate tax implications and savings achieved by testamentary transfer techniques. 3–8 Evaluate a situation to select the most appropriate testamentary estate transfer technique. 3-2

Questions to Get Us Warmed Up 3-3

Estate Tax Nature & Incidence Tax on transfer of wealth by a person at death Imposed on probate assets as well as other assets Transfers to spouses and charities are generally wholly deductible Total taxable lifetime and death transfers up to estate tax exclusion amount paid by estate tax credit amount Decedent’s estate responsible for payment; PR and estate beneficiaries can be responsible in certain circumstances 3-5

Unified Transfer Tax System Characteristics Common to Lifetime Gifts & Testamentary Transfers A credit amount that offsets the tax on the exclusion amount of taxable transfers; exclusion and resulting credit amounts are unified in 2013. A shared progressive rate table An unlimited deduction for qualifying transfers between spouses An unlimited charitable deduction for qualifying transfers of cash or property to qualifying charities Calculation is cumulative 3-6

Unified Federal Estate & Gift Tax Rates for 2013 If the amount is: Over Col. (A)But not over Col. (B)Tax on Col. (A) Rate on excess over Col. (A) 0 $10,000 20,000 40,000 60,000 80,000 100,000 150,000 250,000 500,000 750,000 1,000,000 $10,000 20,000 40,000 60,000 80,000 100,000 150,000 250,000 500,000 750,000 1,000,00 …. 0 $1,800 3,800 8,200 13,000 18,200 23,800 38,800 70,800 155,800 248,300 345,800 18% 20% 22% 24% 26% 28% 30% 32% 34% 37% 39% 40% 3-7

Federal Transfer Tax Exemptions & Credits, 1987-2013 Gift TaxEstate Tax Exclusion Amount* Credit Amount* Exclusion Amount*Credit Amount*GSTT Exemption 1987-1997$600,000 $192,800$600,000$192,800$1,000,000 1998$625,000 $202,050$625,000$202,050$1,000,000 1999$650,000 $211,300$650,000$211,300$1,010,000 2000$675,000$220,550$675,000$220,550$1,030,000 2001$1,060,000 2002$1,000,000$345,800$1,000,000$345,800$1,100,000 2003$1,120,000 2004-2005$1,500,000$555,800$1,500,000 2006-2007$2,000,000$780,800$2,000,000 2008-2009$3,500,000$1,455,800$3,500,000 2010$1,000,000$330,800$5,000,000$1,730,800$5,000,000 2011$5,000,000$1,730,800$5,000,000$1,730,800$5,000,000 2012$5,120,000$1,772,800$5,120,000$1,772,800$5,120,000 2013$5,250,000$2,045,800$5,250,000$2,045,800$5,250,000 *Formerly known as the *“exemption equivalent” and **“unified credit” 3-8

Unified Transfer Tax System Unique Characteristics of Testamentary Transfers Stepped-up income tax basis for person receiving an asset that is included in the decedent’s gross estate (except for IRD assets and reverse gifts of one year or less) Alternate valuation date Special use valuation Deduction for debts, theft & casualty losses State death tax deduction Prior transfer credit Taxation on a tax-inclusive basis 3-9

Valuation of Gross Estate Assets normal rule of valuation for assets in the gross estate Fair market value on date of death if elected, must be used for all eligible property; used when fair market value of gross estate decreases from date of death Fair market value on alternate valuation date elective valuation method for qualified real estate used in a closely held business or for farming purposes Special use valuation 3-10

Valuation of Gross Estate Assets: Discounts valuation method used for large block of publicly traded stock that cannot be marketed without adversely affecting the price Blockage discount discount resulting from inability of closely held business interest to control business decisions Minority interest discount value added when percentage of business transferred represents control Control premium applied to real estate that has impaired marketability because estate cannot sell its partial interest or purchase co-owner’s partial interest Co-ownership (fractional interest) discount discount to reflect loss of person who is vital to business operations Key person discount discount for restrictions on marketability and costs of taking public a closely held business Lack of marketability discount 3-11

Valuation of Gross Estate Assets: Life Insurance valued at replacement cost life insurance owned by decedent on the life of another valued at death benefit life insurance owned by decedent on his or her own life Unused premium replacement cost for term policy interpolated terminal reserve plus unused premium replacement cost for cash value policy 3-12

Valuation of Gross Estate Assets: Publicly Traded Stocks & Bonds If other purchases of the stock or bond were made on the valuation date (or, if the valuation date is a Saturday or Sunday with purchases on the preceding Friday and following Monday): The stock or bond is valued at the mean between the high and the low selling price on the valuation date (or on the preceding Friday and following Monday). Example: If the high selling price for the stock on the valuation date was $15 per share, and the low was $13, the price of $14 per share represents the stock’s FMV on the valuation date. The stock’s FMV would also be $14 if the valuation date was on a Saturday or Sunday that was not a trading day, the mean selling price on the preceding Friday was $15 per share, and the mean selling price on the following Monday was $13 per share. 3-13

Valuation of Gross Estate Assets: Publicly Traded Stocks & Bonds If there were no sales on the valuation date (or, if the valuation date is a Saturday or Sunday, and there were no sales on the preceding Friday and following Monday): The stock or bond’s value is a weighted average of the means of sales of the stock or bond on the nearest trading dates before and after that date. Example: Assume that the valuation date is June 15 and that there were no sales of the stock or bond in question on this date. Assume further that there were sales of the stock or bond two trading days before the valuation date at a mean selling price of $10 per share, and sales of the stock or bond three trading days after the valuation date at a mean selling price of $15 per share. The FMV of the stock or bond as of the valuation date is $12 per share computed with this formula: 3-14

Valuation of Gross Estate Assets Special Use: Section 2032A Used for estate tax purposes only Applies only to a farm or other real estate used in a closely held business Real estate valued at current use for farm or closely held business value, rather than fair market value Must be elected by decedent’s executor Fair market value of real estate cannot be reduced by more than a base amount of $750,000 (indexed) 3-15

Valuation of Gross Estate Assets Special Use: Section 2032A Conditions for Election The decedent was a U.S. citizen or resident at death. The real property is located in the United States. The real property: o is passed to a qualified heir. o was being used for a qualified use by the decedent or a family member at the time of death, and for a total of 5 of the 8 years prior to death. o was owned by the decedent or family members for a total of 5 of the 8 years prior to death. 3-16

Valuation of Gross Estate Assets Special Use: Section 2032A Conditions for Election There was material participation by the decedent or a family member in the operation of the farm or business for a total of 5 of the 8 years prior to the decedent’s death. The 50% and 25% tests are met. The required agreement is signed and submitted by all heirs with interests in the property. 3-17

Valuation of Gross Estate Assets: Date of Valuation Date of Death Alternate Valuation Date six months after date of death applies to all estate assets, but decrease in value due to mere passage of time is not recognized (e.g., annuities and survivorship rights in qualified plan benefits) exception for assets sold after date of death but prior to six months after date of death; valued at the date of sale PR must make an election must reduce value of gross estate and net estate tax due 3-18

Estate Tax Return Filing Requirements Use IRS Form 706. Return is due nine months after date of death; automatic six months extension available. The personal representative or, if none, the persons in possession of estate property are required to file. Property is valued as of the date of death or six months after the date of death (alternate valuation date). Return must be filed if o gross estate exceeds exclusion amount for year of death; or o gross estate plus adjusted taxable gifts exceed exclusion amount for year of death. 3-19

Estate Tax Calculation Worksheet 3-20

Gross Estate: Transfer Sections Property gifted by a decedent is included in the gross estate if the decedent retained the right to use, possess, or receive income from the property (§2036). the right to designate persons who can possess or enjoy the property or receive its income (§2036). the right to vote stock in a controlled corporation (§2036). a right of reversion in the property (§2037). the right to alter, amend, terminate, or revoke the transfer (§2038). the right to affect the time or manner of enjoyment of the property or its income (§2038). 3-21

Question 1 Which one of the following is not an example of a retained interest that will cause the assets in question to be included in the transferor’s gross estate? a.The transferor places assets in an irrevocable trust and retains the right to replace the bank that is named as trustee with another bank if he is dissatisfied. b.The transferor places assets in an irrevocable trust and retains the right to receive the income from trust assets for the rest of his life. c.The transferor places assets in a revocable trust and names himself as trustee and sole income beneficiary. d.The transferor gives his child a remainder interest in his house, but retains a life estate for himself. 3-22

Gross Estate: Three-Year Inclusionary Rule There are only three situations in which property must be included in the gross estate of a decedent because he or she did something within three years of death: paid gift taxes out of pocket on gifts made within three years of death (the “gross up” rule); transferred incidents of ownership on a life insurance policy on his or her own life; and released a retained right mentioned in the transfer sections of the Code (2036–2038). 3-23

Question 2 Which one of the following statements regarding the three-year inclusionary rule (IRC Section 2035) is not correct? a.It requires the decedent to take certain actions within three years of death. b.The gross-up rule is part of this rule. c.Any insurance policy that a decedent transfers within three years of death is subject to this rule. d.A decedent who gives up the right to receive income from a trust he established within three years of his death will be affected by this rule. 3-24

Question 3 The gross-up rule would apply to a taxable gift made within two years of a donor’s death if the transferor used his or her applicable credit amount to pay the gift tax due. True False 3-25

Question 4 A decedent’s gross estate does not include income earned but not yet received prior to death. True False 3-26

Question 5 If a decedent owned property with only his or her spouse as joint tenants with right of survivorship since 1977, the amount of such property included in the decedent’s gross estate is determined by the amount each spouse contributed to the property’s initial purchase. True False 3-27

Question 6 If a decedent held a general power of appointment at death, his or her gross estate must include the value of any property subject to the power at death. True False 3-28

Question 7 Some percentage of property in which a decedent had an ownership interest at death is included in that decedent’s gross estate, whether the decedent owned the property solely or as tenants in common with someone else. True False 3-29

Question 8 Property placed in a revocable trust during the lifetime of the grantor will be included in his or her gross estate. True False 3-30

Question 9 An annuity that ceases any payment at the annuitant’s death is included in the annuitant’s gross estate. True False 3-31

Question 10 All of the following are ways that a person can reduce his or her gross estate except a.giving property away outright prior to death. b.transferring property to a revocable trust. c.qualifying property for valuation discounts. d.qualifying property for special-use valuation. 3-32

Estate Tax Deductions Funeral and Administrative Expenses Amounts must be reasonable for the situation and the locality. Administrative expenses of a revocable trust used to dispose of a decedent’s assets can be deducted. Administrative expenses include: court costs, attorney, appraiser, accountant and PR fees. Debts of the Decedent secured unsecured; can include any type of tax due but unpaid prior to death Theft and Casualty Losses Theft or casualty must occur after death but before distribution to estate beneficiaries. Theft or casualty cannot be reimbursed by insurance or otherwise. 3-34

Estate Tax Deductions: The Marital Deduction Characteristics of a Terminable Interest The transferor has: transferred an interest in the same property for less than adequate consideration to someone other than his or her surviving spouse (either while the transferor was alive or at death); and surviving spouse has no ability to prevent such other person from possessing or using any part of the property after the surviving spouse’s interest ends or fails. 3-35

Estate Tax Deductions: The Marital Deduction Terminable Interest Exceptions Life estate with a general power of appointment Naming spouse as the sole income beneficiary of a CRAT or CRUT Condition the transfer on the survival of the spouse by a period not to exceed six months Qualified terminable interest property (QTIP) with an election 3-36

Estate Tax Deductions: State Death Taxes Deductible amounts include estate, inheritance, legacy or succession taxes actually paid to any State or the District of Columbia. In respect of any property is included in the gross estate of a decedent. 3-37

Estate Tax Charitable Deduction Prerequisites Bequest must be made of cash or property. Deduction is only for excess of value of what is given over value of what is received. Transfer cannot be of a partial interest unless it is in a form authorized by the Code. Property must be included in decedent’s gross estate. 3-38

Question 11 To deduct theft or casualty losses, the theft or casualty must not be reimbursed by insurance or otherwise, and must have occurred after the decedent’s death and before the property is distributed to beneficiaries. True False 3-39

Question 12 For property in the gross estate to qualify for the estate tax marital deduction, it must go to the decedent’s surviving spouse by a bequest in the decedent’s will. True False 3-40

Question 13 The estate tax charitable deduction is allowed only when the decedent bequests cash or property to a qualified charity. True False 3-41

Question 14 Which one of the following statements regarding the estate tax marital deduction is not correct? a.It is unlimited in amount. b.Only the amount that actually passes to the spouse from the decedent will qualify for the deduction. c.Use of the deduction is elective for all property that qualifies for the deduction. 3-42

Adjusted Taxable Gifts Added to the taxable estate to form the tax base Only the taxable portion of gifts made by the decedent since 1976 that are not required to be included in the decedent’s gross estate by the Transfer Sections, the Three-Year Rule, or owning property in JTWROS with a non-spouse Addition of these gifts is where the cumulative feature of the federal estate tax is accomplished 3-43

Question 15 The applicable estate tax rate is based in part on a person’s cumulative lifetime taxable transfers. True False 3-44

Question 16 Which one of the following is not a correct statement regarding adjusted taxable gifts as used in the estate tax calculation? a.This term includes any taxable gift made by a decedent within three years of death except those gifts that are required to be included in the gross estate. b.This term can include taxable gifts made by the decedent since 1932. c.It is by addition of a decedent’s adjusted taxable gifts to his or her taxable estate that the taxable estate is taxed at the highest possible marginal rate. d.This term would include part of a $15,000 present- interest cash gift made by the decedent one year prior to death. 3-45

Estate Tax Credits gift taxes payable on post-1976 gifts applicable credit amount credit for taxes on pre-1977 gifts included in gross estate foreign death tax credit credit for tax on prior transfers 3-47

Estate Tax Credits Gift Taxes Payable Only gift tax that would have been paid out of pocket by the decedent on taxable gifts made since 1976 using rates in effect in the year of death can be taken as a credit. Applicable Credit Amount Maximum credit allowed in year of death is used with a few exceptions; amount is not reduced by any gift tax credit used by the decedent as those gifts are being taxed again either by including gifted property in the gross estate or by adding adjusted taxable gifts. 3-48

The Prior Transfer Credit 3-49 Current decedent must have received property from another decedent who died less than 10 years prior to, or within two years after, the current decedent. The property must have been taxable in the estate of the other decedent. Both estates must owe tax after application of credit amount Eligibility Requirements Lesser of the estate tax on the common property in each estate multiplied by: a percentage that starts at 100% and decreases by 20% for each two years between the two deaths. Amount of Credit

DSUE Amount Deceased Spousal Unused Exclusion Amount Unused exclusion amount of first spouse to die can be transferred to surviving spouse if (1) an estate tax return is timely filed, and (2) the box on the return for denying the DSUE amount is not checked DSUE amount can be used for both gifts and at death DSUE amount not indexed for inflation Only the DSUE amount of the last deceased spouse can be used; if surviving spouse remarries, and second spouse predeceases, surviving spouse can no longer use DSUE amount of first deceased spouse 3-50

Question 17 Which one of the following statements regarding the prior transfer credit (PTC) is not correct? a.This credit can be claimed even if the second decedent does not own the property at the time of death. b.This credit is available for property received from the estate of a decedent who died twelve years prior to the current decedent. c.The PTC is available only if the common property was taxable in the estate of the first decedent. d.The credit is available even if the second decedent sold the common property prior to death. 3-51

Question 18 H1 dies and leaves W a DSUE amount of $3 million. W makes her first taxable gift of $1 million. W marries H2. H2 dies and leaves W a DSUE amount of $1 million. What is W’s available exclusion amount in 2013 after H2’s death? a.$1,000,000 b.$2,000,000 c.$4,250,000 d.$6,250,000 3-52

Marital Planning Techniques Trusts Qualifying Income Interest Recipient spouse must have a usufruct (life estate) interest for life (non-income producing property), or Recipient spouse must have a right to income that meets the following requirements: o a right to the income for his or her Lifetime; o income must be payable at least Annually; o income must be payable on a Mandatory basis; and o recipient spouse must be the Exclusive income beneficiary. Control of Remainder Recipient spouse has a general power of appointment. 3-54

Marital Planning Techniques Trusts Power of Appointment “A” Trust Recipient spouse is given qualifying income interest. Recipient spouse is given general power of appointment over trust assets; must be exercisable by recipient spouse alone and in all events. Remainder interest “takers in default” are named by grantor. Grantor spouse will be entitled to marital deduction for total value of all assets placed in trust. Recipient spouse must include all assets in trust at death in his or her gross estate. 3-55

Marital Planning Techniques Estate Trust Income can be distributed to recipient spouse solely at trustee’s discretion. At recipient spouse’s death, all trust assets are paid to recipient spouse’s estate. Recipient spouse must include all assets in trust at death in his or her gross estate. Grantor spouse will be entitled to marital deduction for total value of all assets placed in trust. 3-56

Marital Planning Techniques Qualified Terminable Interest Property (QTIP) “C” Trust Recipient spouse is given a qualifying income interest. Remainder interest beneficiaries are named by grantor. Grantor spouse (or estate) will be entitled to marital deduction for percentage of trust asset value for which QTIP election is made. Recipient spouse must include in his or her gross estate a like percentage of assets in trust at death for which the QTIP election was made by grantor spouse (or estate). 3-57

QTIP Election Election is made by personal representative. Election can be made for some or all of the assets in a QTIP Trust. Making the election determines o the amount of trust assets that will receive the marital deduction. o the amount of trust assets the surviving spouse must include in his or her gross estate at death. Making the election does not alter distribution of income or principal from trust. If no election is made, grantor’s estate cannot take a marital deduction for trust assets, and spouse does not have to include trust assets in gross estate at death. 3-58 Marital Planning Techniques

Life Estate to Spouse Can qualify for marital deduction in two ways: If recipient spouse is also given a general power of appointment exercisable by him or her, or his or her estate, alone and in all events, or if “life estate” gives recipient spouse a qualifying usufruct or income interest that qualifies for the QTIP election, and election is made. 3-59

Marital Planning Techniques Bypass “B” Trusts Recipient spouse is usually not given a qualifying income interest; he or she is usually one of several income beneficiaries, and/or income is distributed at the discretion of the trustee. Recipient spouse must not be given a general power of appointment over trust assets; however, he or she (usually as trustee) may be given a special power of appointment and a 5 and 5 power over principal. Grantor spouse names remainder interest holders. 3-60

Question 19 The three most powerful tools in reducing estate taxes are the marital deduction, the charitable deduction, and the applicable credit amount. True False 3-61

Question 20 The marital deduction prevents the property to which it is applied from being subject to transfer taxation when the recipient spouse disposes of the property to a non-spouse. True False 3-62

Question 21 All of the following trusts qualify automatically for the marital deduction except a.a QTIP trust. b.a power of appointment trust. c.an estate trust. 3-63

Question 22 The term bypass trust means that the assets of such a trust will bypass the gross estate of the grantor’s spouse. True False 3-64

Question 23 The surviving spouse is given power to name the remainder beneficiaries of a power of appointment trust. True False 3-65

Question 24 The surviving spouse must be one of several income beneficiaries of a QTIP trust. True False 3-66

Question 25 If one spouse has a gross estate of $10.5 million and the other spouse has a gross estate of $50,000, transfers from the richer spouse to the poorer spouse that qualify for the marital deduction can be used to reduce the overall estate tax on both estates. True False 3-67

Charitable Planning Techniques Remainder Interest in a Farm or Personal Residence Decedent leaves qualified charity a remainder interest in a farm or personal residence. Decedent names noncharitable beneficiary to hold life estate. If sole noncharitable beneficiary is decedent’s spouse, QTIP election can be made, and entire value of property will receive marital deduction. If noncharitable beneficiary is not decedent’s spouse, estate will receive a charitable deduction for present value of remainder interest left to charity. 3-69

Charitable Planning Techniques Charitable Lead Trusts Decedent gives qualified charity an income interest in trust for a period of years or for life or lives in being. Income interest must be either an annuity or unitrust amount and must be paid annually. Decedent’s estate receives an estate tax charitable deduction for present value of the income interest. Decedent names noncharitable beneficiary to receive remainder; if this beneficiary is decedent’s spouse, estate will receive marital deduction for present value of remainder interest. 3-70

Charitable Planning Techniques Charitable Remainder Trusts Decedent gives qualified charity a vested remainder interest. Decedent names noncharitable beneficiary to receive income interest; if decedent’s spouse is sole beneficiary, estate will receive marital deduction for present value of income interest; if decedent’s spouse is not sole beneficiary, tax will be due on present value of the income interest; present value of the remainder interest gets an estate tax charitable deduction. Income interest must be either an annuity or unitrust amount [5% of initial FMV (CRAT) or net FMV of trust assets valued annually (CRUT)]. Term lasts for a period of years (20 years) or for life or lives in being. 3-71

Question 26 Which of the following statements are correct regarding a charitable remainder annuity trust (CRAT)? I.The trust can last for one or more persons’ lifetimes or for a term certain not to exceed 20 years. II.A qualified charity must receive the remainder interest. III.The income interest is paid to a noncharitable beneficiary named by the grantor. a.I only b.I and III only c.II and III only d.I, II, and III 3-72

Question 27 Which one of the following transfers would not allow the transferor to receive either a marital or a charitable deduction? a.a trust in which the transferor’s spouse is given an annuity interest as the sole income beneficiary, with the remainder interest to a qualified charity b.a trust in which the transferor’s spouse is the exclusive lifetime income beneficiary at the discretion of the trustee and the estate of the transferor’s spouse is named as the remainder beneficiary c.a trust in which the transferor’s spouse and children are beneficiaries of all trust income and a qualified charity is named as the remainder beneficiary 3-73

Question 28 Which one of the following statements regarding the estate tax marital deduction is not correct? a.The property receiving the deduction must be included in the deceased spouse’s gross estate. b.If property receives a marital deduction in the estate of the first spouse to die, it will be subject to transfer taxation when the surviving spouse disposes of the property. c.The deduction is elective for property placed in a power of appointment trust. d.If the spouse is given a terminable interest in property as well as a general power of appointment over the same property, the decedent’s estate will be allowed to take a marital deduction. 3-74

Question 29 In order for the spouse of a grantor to have a qualifying income interest in a trust, all of the following are requirements except that a.the spouse must be the sole income beneficiary. b.the income must be paid to the spouse at least annually. c.the spouse must be given the income interest for a period of no less than 20 years. 3-75

Question 30 Which one of the following statements regarding a QTIP trust is not correct? a.The grantor’s spouse must be given a qualifying income interest for life. b.The grantor’s spouse must be given a general power of appointment over trust assets. c.The grantor controls who is to receive trust assets at the termination of the trust. 3-76

Question 31 Which one of the following statements regarding charitable remainder trusts that are qualified to receive the estate tax charitable deduction is not true? a.The charity must be given either an annuity or a unitrust interest. b.The charity must be qualified. c.The charity must be given the remainder interest in trust assets. d.The trust may last for one or more persons’ lifetimes. 3-77

Question 32 Which one of the following statements regarding charitable lead trusts that are qualified for the estate tax charitable deduction is not true? a.Charitable lead trusts are not subject to the same maximum annual payout (MAP) and minimum remainder interest (MRI) requirements as are charitable remainder trusts. b.The charity receives the income interest. c.A noncharitable beneficiary receives the remainder interest. d.The charity receives a right to all of the income from trust assets. 3-78

Question 33 If a decedent leaves a remainder interest in a farm or personal residence to a qualified charity, the bequest will always be entitled to an estate tax charitable deduction. True False 3-79

Question 34 The estate of a decedent who establishes a testamentary charitable lead trust with his spouse as the sole remainder beneficiary would be entitled to both a charitable and a marital estate tax deduction. True False 3-80

©2013, College for Financial Planning, all rights reserved. Module 3 The Federal Estate Tax CERTIFIED FINANCIAL PLANNER CERTIFICATION PROFESSIONAL EDUCATION.

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©2013, College for Financial Planning, all rights reserved. Module 3 The Federal Estate Tax CERTIFIED FINANCIAL PLANNER CERTIFICATION PROFESSIONAL EDUCATION.

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Presentation on theme: "©2013, College for Financial Planning, all rights reserved. Module 3 The Federal Estate Tax CERTIFIED FINANCIAL PLANNER CERTIFICATION PROFESSIONAL EDUCATION."— Presentation transcript:

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