JK Lassers New Rules for Estate, Retirement, and Tax Planning

Your hard-earned assets could disappear without proper planning You've worked hard your entire life and you've managed to accumulate assets. Don't let them go to taxes instead of the people and charities you love. This book helps you sidestep the minefield of confusion, assumptions, and misunderstanding to plan your financial future the way you want it, regardless of age or income level. You'll find up-to-the-minute facts, valuable insight, and solid strategies to help you preserve your wealth and plan your estate under current tax rules with information on retirement planning, trusts, charitable contributions, gifts, life insurance, and wills. Understand estate planning and learn solid strategies for growing your wealth Discover just how much money you'll need for retirement Learn how new legislation will impact inheritances and trusts Study the do's and don'ts of gifting assets to family Explore asset protection and succession planning strategies Stay informed of relevant law changes with our author-managed web site This authoritative guide helps you lock down your assets and provide for those you love, with clear guidance and expert advice.

Acknowledgments Introduction Chapter 1: American Taxpayer Relief Act of 2012 Marginal Ordinary Income Tax Rates Capital Gains Tax Rates and Qualified Dividends Educational Provisions Business and Corporate Tax Relief Estate, Gift, and Generation–Skipping Transfers The 3.8% Tax on Net Investment Income Chapter 2: Estate Planning What Is Estate Planning? The Benefits of Estate Planning The Nightmares of Poor Planning The Myths of Estate Planning Guidelines for Successful Estate Planning Chapter 3: The Estate Tax System Determining Your Estate Net Worth Understanding the Estate Tax System Your Estate Tax Picture Your Future Estate Overview of Estate Planning Strategies Chapter 4: Investment Strategies for Maximizing Estate Growth Growth Strategy with a Safety Net? Prioritizing Your Investment Dollars Retirement Planning: Choosing the Best Investment Environments Some Final Thoughts on Investing Chapter 5: Retirement Planning: Living Your Dream How Much Is Enough? Your Retirement Requirements Best Retirement Strategies Reverse Mortgages Social Security Strategies Customizing Your Healthcare Plan Chapter 6: You Don′t Have a Will? Big Trouble! Property Transfers at Death Transfers via Probate Direct Transfers by Title Other Methods of Property Ownership Choosing the Best Methods of Ownership Setting Estate Planning Goals Chapter 7: Where There′s a Will, There′s Your Way! What Is a Will? Types of Wills Advantages and Disadvantages of Wills Intelligent Decisions Concerning Your Will′s Basic Provisions Executing Your Will Where to Store Your Will Other Important Documents Working with Your Attorney When to Review Your Estate Plan Chapter 8: Using Trusts in Your Estate Plan The Credit Shelter Trust Will Disclaimers Marital Trusts Spendthrift Trust Standby Trust Other Trusts Chapter 9: Understanding the Living Trust Advantages of Living Trusts Disadvantages of Living Trusts How a Living Trust Operates Transferring Property into Your Living Trust Types of Property Likely to Be Transferred Living Trust Myths Transacting Business with Your Trust Chapter 10: Using Insurance in Your Estate Plan Life Insurance Using Life Insurance to Replace Income How Much Life Insurance Do You Need? What Type of Life Insurance Is Best for You? Insurance on a Homemaker Insurance on Adult Children How to Get the Best Deal on Term Life Insurance Insurance Warnings! Using Life Insurance for Estate Liquidity How Much Is Enough? What Type of Life Insurance Is Best for Estate Liquidity? The Irrevocable Life Insurance Trust Getting Your Life Insurance into Your Trust Using Life Insurance to Leverage Your Estate About Your Cash Values Long–Term Care Insurance Chapter 11: Smart Strategies for Gifting Assets to Family Members The Annual Gift Tax Exclusion Unintended Gifts Filing a Gift Tax Return The Lifetime Applicable Exclusion Amount Outright Gifts When the Donee Is a Minor Other Tax–Free Gifts Family Gifts Utilizing Trusts Grantor Retained Annuity Trust Grantor Retained Unitrust Qualified Personal Residence Trust Taking Advantage of Generation–Skipping Transfers Sales to Family Members Sales to Intentionally Defective Grantor Trusts (IDGT) The Legacy Trust Chapter 12: Strategic Planning with Charities Outright Gifts to Charities Testamentary Gifts to Charities Gifts Using Charitable Trusts Using Your Charitable Trust for Retirement Planning The Private Foundation Chapter 13: Family Limited Partnerships General Structure of the Family Limited Partnership Family Limited Partnership Rules Chapter 14: Succession Planning for the Family Business or Farm Special Estate Tax Benefits for Farmers and Closely Held Business Owners Valuing Your Business or Farm Succession or Sale? Succession Planning: Keeping the Family Business in the Family Maximizing Your Business′s Value through a Sale Structuring Your Buy–Sell Agreement Types of Buy–Sell Agreements Funding the Buy–Sell Agreement One Final Strategy?The Employee Stock Ownership Plan Chapter 15: Asset Protection Strategies The Concept of Fraudulent Transfers A Word about Jointly Held Property Retirement Plans Life Insurance Using Trusts to Protect Assets Using Limited Liability Entities to Protect Assets Use of Multiple Limited Liability Entities Foreign Asset Protection Trusts Domestic Asset Protection Trusts Chapter 16: Personal Business Planning Issues Choosing the Right Entity for Your Business Closing Thoughts Importance of a Business Plan Dealing with Parents and Their Money Appendix A: Professional Advisors Appendix B: Estate Planning Terms Appendix C: IRS Life Expectancy Table Index

STEWART H. WELCH III, AEP, CFP ® , is a nationally recognized financial advisor who has served as Chair of the Disciplinary and Ethics Commission and as a member of the Board of Directors of the Certified Financial Planner Board of Standards, Inc. HAROLD I. APOLINSKY, E SQ ., EPLS, ??is a board-certified estate-planning attorney with the law firm Sirote & Permutt, PC in Birmingham, Alabama. He previously taught estate planning at the Cumberland School of Law and the University of Alabama Law School. J. WINSTON BUSBY, E SQ , LLM, is an attorney at Sirote & Permutt, PC, focusing on tax and estate planning, income taxation of trusts and estates, succession planning, charitable giving techniques, and tax-exempt entities. J.K. Lasser—Practical Guides for All Your Financial Needs Please visit our Web site at www.jklasser.com