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Estate Planning and Taxation, 2001-02 Edition / With 3.5" Disk

Estate Planning and Taxation, 2001-02 Edition / With 3.5" Disk - 01 edition

ISBN13: 978-0787273071

Cover of Estate Planning and Taxation, 2001-02 Edition / With 3.5" Disk 01 (ISBN 978-0787273071)
ISBN13: 978-0787273071
ISBN10: 0787273074
Cover type:
Edition/Copyright: 01
Publisher: Kendall/Hunt Pub. Co.
Published: 2001
International: No

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Estate Planning and Taxation, 2001-02 Edition / With 3.5" Disk - 01 edition

ISBN13: 978-0787273071

John C. Bost

ISBN13: 978-0787273071
ISBN10: 0787273074
Cover type:
Edition/Copyright: 01
Publisher: Kendall/Hunt Pub. Co.

Published: 2001
International: No

Table of Contents

Dedication and Acknowledgments
ETAX 2002 Program Information

Part 1 Overview and Conceptual Background
1 Introduction to Estate Planning

What Is Estate Planning? Developing an Estate Plan. Establishing the Client-Planner Relationship. Acquiring Client Facts and Goals. Analyzing and Evaluating the Client's Financial Status. Developing and Presenting Recommendations and/or Alternatives. Implementing the Plan. Monitoring the Financial Planning Recommendations. The Estate Planning Team. Attorney. Accountant. Life Underwriter. Trust Officer. Financial Planner. The Need to Encourage Planning. Organization of the Book. Appendix lA: Sample Client Fact Finding Questionnaire.

2 Basic Estate Planning Concepts

Overview. Concepts Dealing with Estates. Concepts Dealing with Transfers of Property.Transfers of Legal, Beneficial, or Legal and Beneficial Interests. Complete versus Incomplete Transfers; Property in General versus a Specific Property Interest. Sale versus Gift. Inter Vivos Transfer versus Transfer at Death. Fair Market Value of Transfer. Beneficiaries. Wills, Trusts, and Probate. Disclaimers. Life Insurance. Taxation. Property Interests. Classification of Property by Physical Characteristics. Basic Interests in Property. Concurrent Ownership. Legal versus Beneficial Interests: Introduction to the Trust. Power of Appointment. Present versus Future Interests and Vested versus Contingent Interests. Mathematics of Remainders, Reversions and Income Interests. Overview of Goals of Estate Planning. Important Concepts and Terms Covered in This Chapter.

Part 2 Constraints in Planning
3 Estate Planning Documents

Overview. Joint Tenancy Arrangements. Property Transfer by Contract. Life Insurance. Pension and Profit Sharing Plans. Wills and Trusts. The Will, Who May Execute a Will. Statutory Requirements for Wills. No Contest Clause. The Simple Will. The Trust. Living Trust Instrument. The Testamentary Trust. The Rule Against Perpetuities.

4 The Transfer of Wealth

Overview. Rationale for Probate Distribution. Nonprobate versus Probate Assets. Intestate Succession Laws. Degrees of Consanguinity. Per Stirpes versus Per Capita. Intestacy in UPC States. Intestacy in Non-UPC States. Advancements. Legal Rights of Omitted and Adopted Children. After-born, Omitted Child. An Omitted Child. Adopted Children. Legal Rights of Omitted, Divorced, and Disinherited Spouses. Omitted Spouse. Effect of Divorce. Protection against Disinheritance of Spouse. Principles of Probate Administration. Substantial Formal Supervision: The Non-UPC Model. Estate Administration in UPC States: A Study in Flexibility. Appendix 4A: Summary Probate Proceedings in California: One Non-UPC State's Alternatives to Formal Probate. Affidavit of Right. Summary Distribution to Surviving Spouse. Property Held as Community or Quasi-community Property. Summary Distribution Petition.

5 The Federal Unified Transfer Tax

Overview. Brief History .Unified Transfer Tax Framework. Unified Rate Schedule. Unified Credit. Unlimited Marital Deduction. Unlimited Charitable Deduction. The Annual Exclusion for Lifetime Gifts. Wealth Transfers Are Unified and Taxed Cumulatively. The Credits. Credit for State Death Taxes. Federal Generation-skipping Transfer Tax. Imperfect Unification.

6 The Federal Estate Tax

Overview. One: The Gross Estate. Basic Interests Owned at Death: §2033. Dower and Curtesy Interests: §2034. Survivorship Annuities: §2039. Joint Tenancy and Tenancy by the Entirety: §2040. Power of Appointment: §2041, Insurance on Decedent's Life: §2042. Transfers with Retained Interest or Control. Transfer with Retained Life Estate: §2036. Transfers Taking Effect at Death: §2037. Revocable Transfers: §2038. Gift Taxes on Any Transfer within Three Years of Death: §2035(b). Certain Transfers within Three Years of Death: §2035(a). Part-Sale, Part-Gift Transfers: §2043. Two: Estate Tax Deductions. Marital Deduction: §2056. Charitable Deduction: §2055. Three: Estate Tax Credits. Credit/Offset for Gift Taxes Paid or Payable. The Prior Transfer Credit: § 2013. An Extended PTC Example. Credit for Foreign Death Taxes. Adjustment to the Unified Credit for Certain Pre-1977 Gifts

7 The Federal Gift Tax and Basis Rules

Overview. Federal Gift Tax. Requirements for a Valid Gift: Influence of Local and Federal Law. Who Is Subject to Gift Tax? Aspects of Taxable Gifts. Filing and Payment. Requirements. Deductible Gifts. Gift Tax Annual Exclusion and the Present Interest Requirement. The Kiddie Tax. Gift Splitting. Powers of Appointment. Life Insurance. Gifts into Joint Tenancy. Disclaimers. Miscellaneous Gift Tax Applications. Basis Rules. Basis Afer Estate Tax Repeal. Reporting Requirements After Repeal.

8 Fiduciary Income Taxation

Overview. Fiduciary Accounting. Goals of Fiduciary Accounting. Allocation Between Corpus and Income. Effect of Fiduciary Accounting Income on Taxable Income. Fiduciary Income Taxation. Subchapter J: An Overview of Fiduciary Taxation. Section 641(b). Tax Accounting Method. Selecting a Fiduciary Income Tax Year. An Overview of the Computations. Taxable Income of a Fiduciary Entity. Deductions Allowed in Computing Taxable Income. The Effect of Transfers and Distributions. General Rule for Property Transfers. Transfers Subject to §663(a). Transfers Subject to a §643(e)(3) Election. Transfers to Satisfy a Pecuniary Bequest. Transfers of Passive Activities. Income Distribution Deduction and the Taxation of Beneficiaries. Key Definitions. Computation of DNI and the Income Distribution Deduction. Taxation of Beneficiaries. Tiers, Tiers, Too Many Tiers. Income in Respect of a Decedent. Estate Tax Deduction. Throwback Rules. Conclusion.

Part 3 The Techniques of Planning
9 The Goals of Estate Planning

Overview and Caution. Nonfinancial Goals. Caring for Dependents. Accomplishing Fair and Proper Distribution of Property. Maintaining Privacy in the Property Transfer Process. Prompt Property Transfer. Maintaining Control Over Assets. Financial Goals. Non-tax Financial Goals. Tax-related Financial Goals.

10 The Decision to Avoid Probate

Overview. The Benefits and Drawbacks of Probate. The Benefits of Probate. The Drawbacks of Probate. The Joint Tenancy Alternative. Advantages of Joint Tenancy. Disadvantages of Joint Tenancy. The Living Trust Alternative. Advantages of the Living Trust. Disadvantages of the Living Trust. Quantitative Model for Comparison of Costs of Probate versus Living Trust. Which Alternative Is Best?

11 Common Estate Plans: Using Bypass and Marital Deduction Trusts

Overview. Abbreviations, Simplifications, and Assumptions. The Marital Deduction: Then and Now. A Blip in the Law. The Terminable Interest Rule. The Elements of the Terminable Interest Rule. Why Have a Terminable Interest Rule? Terminable Interest Rule Exceptions. Qualified Terminable Interest Property (QTIP): §2056(b)(7). General Power of Appointment Exception: §2056 (b)(5). Pensionsfor the Benefit of S2: §2056(b)(7)(C). Charitable Remainder Trusts with a Life Estate for S2: §2056(b)(8). The Basic Estate Planning Patterns. Planning Option 1: Simple 100 Percent Marital Deduction. Advantages of the 100 Percent Marital Deduction. Disadvantages of the 100 Percent Marital Deduction. Bypass Planning. Multiple Trusts in Estate Planning: Basic Patterns. Planning Option 2: The AB Trust The Character of Trust A. The Character of Trust B. AB Trust Plan's Benefits. Planning Option 3: The ABC Trust The Character of Trust A. The Character of Trust B. The Character of Trust C. The Appropriate QTIP Election. Step by Step: Determining and Using the QTIP Fraction. Extended Example. Step by Step: Applied to the ABC Trust Plan. Optimal Allocation: The Partial QTIP Election. Partial QTIP Election Examples. Equalizing Estates. Allocating Assets to the Trusts.

12 Advanced Bypass and Marital Deduction Planning

Overview. Variations on a Theme. The AsuperB Trust Plan. The AB with Disclaimer into C Trust Plan. The A With Disclaimer into B Trust Plan. Planning in the Era of Uncertainty. Noncitizen Surviving Spouses: The QDOT Trust. Estate Plans Seldom Seen. Estate Trust. The Traditional AB Trust. The Estate Equalization AB Trust. General Comments on Estate Planning Using Trusts. The PTC and Bypass Trusts. The PTC and the QTIP Election. The Generation-Skipping Transfer Tax. Purpose of the GST tax. Overview of the GST Tax. Calculating the GST Tax. Applicable Rate. Timing the Exemption Allocation. Special Rules Pertaining to Generations and the GST Tax. Planning Considerations: Efficient Utilization of the Exemption. Credit for Certain State Taxes. Certain Transfers Excluded from the GST Tax. Grandfathering in Some Grand Old Trusts. The Need for GST Tax Planning.

13 Gift Planning Fundamentals

Overview. Impact of EGTRRA-2001. Non-tax Motives For Making Gifts. Tax Considerations in Making Gifts. Tax Advantages of Gifting. Tax Disadvantages of Gifting. Types of Assets to Give. Basis Considerations. Post-gift Appreciation. Administration Problems. Other Asset Choice Considerations. Gifts to the Spouse: Techniques and Considerations. Inter-spousal Gifts to Save Death Taxes. Inter-spousalGifts to Save Income Taxes. Gifts to Minors: Techniques and Considerations. Custodial Gifts. Gifts to Trusts That Benefit Minors. Paying for College.

14 Planning Lifetime Transfers

Overview. Intrafamily Transfers for Consideration. Intrafamily Loan. Ordinary Sale. Bargain Sale. Installment Sale. Private Annuity. Incomplete Intra-family Transfers. Intentionally Defective Irrevocable Trust. Gift-Leaseback. Trusts and the Anti-Freeze Rules: IRC §2701-§2704. The Impact of EGTRRA on Transfers with a Retained Interest. Retained Interests Before the Ice Age. Grantor Retained Interest Trust. GRIT Planning. Planning for Charitable Transfers. Tax Consequences of Charitable Transfers. Outright Gifts to Charity. Gifts of Split Interests. Conclusion. Appendix 14A: Defective Incomplete Transfers. Overview. Interest-Free Loans. Gift Tax Consequences. Income Tax Consequences. Estate Tax Consequences. Short- Term Trust. Gift Tax Consequences. Income Tax Consequences. Estate Tax Consequences to the Grantor. Spousal Remainder Trust. Sale of a Remainder Interest and Joint Purchase. The Family Estate Trust: A Trap for the Unwary.

15 Liquidity Planning

Overview. Summary of Cash Needs at Death. Sale of Assets During Lifetime. Life Insurance. Types of Insurance. Taxation of Life Insurance. Life Insurance Planning. Flower Bonds. Liquidity Planning Devices Unique to Business Owners. Sale of the Business. Estate Tax Extension and Deferral: §§6161 and 6163. Installment Payment of the Estate Tax:§6166. Stock Redemption: IRC §303. Special Use Valuation: §2032A. Family-owned Business Interest Deduction: §2057. Qualified Consen,.ation Easement: §2031(c). Valuation Discounts and Control Premiums. Minority Interest Discountfor Business Interests. Lack of Marketability Discount for Business Interests. Fractional Interest Discount for Real Property. Other Valuation Discounts. Family Limited Partnerships. The Limited Liability Company.

16 Planning for Closely Held Business Interests

Overview. Valuing The Business. Planning in General for Closely Held Business Interests. Withdrawal from the Firm: Minimizing Decline in Income and Value. Transferring the Business Interest. The Need for Early Planning. Business Buyout Agreements. Types of Agreements: Cross-Purchase, Entity-Redemprion, or Mixed. Taxation of Buyout Agreements. Funding. Freezing the Value of the Business Interest. Overview. Corporate Recapitalization. Partnership Capital Freeze.

17 Miscellaneous Lifetime Planning

Overview. Planning for the Care of Family Members. Planning for the Care of Minor Children. Selection of Executor and Executor's Powers. Allocation of Death Taxes. Survival Clauses. Selection of Trustee and Trustee's Powers. Timing Trust Distributions. Restrictions against Assignment. Trust Taxation: A Summary. Planning for Nontraditional Relationships. Greater Need to Avoid Intestacy. Less Shelter from Estate Tax May Dictate Larger Bypass. Greater Need for Life Insurance at First Death. Lifetime Giving More Important. Joint Tenancies in Community Property States May Be More Attractive. Planning for Incapacity. Property Management for an Incapacitated Person. Personal Care for the Incapacitated Person. Appendix 17 A: Florida Designation of Health Care Surrogate. Appendix 178: Florida Living Will.

18 Postmortem Tax Planning

Overview. Tax Returns after Death. Transfer Taxes. Income Taxes. Planning Devices to Save Income Taxes. Expense Elections Available to the Executor. Selection of Estate Taxable Year. Distribution Planning. Planning Devices to Save Death Taxes. Alternate Valuation Date Election. Effective Disclaimers. QTIP Election Planning. Additional Postmortem Tax-Saving Devices.

Appendix A Tax and Valuation Tables
Appendix B Internal Revenue Code: Selected Edited Sections
Appendix C Federal Estate Tax Return (Form 706)
Appendix D Federal Gift Tax Return (Form 709)
Appendix E Federal Fiduciary Income Tax Return (Form 1041)

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