Estate Planning

AN A–TO–Z COMPENDIUM OF KEY CONSIDERATIONS FOR PRESERVING WEALTH TRANSFERRED TO BENEFICIARIES

Estate Planning is your comprehensive overview of the critical concepts and problematic issues to address when advising your clients on the different facets of securing wealth and transferring it to future generations. This highly practical guide presents all the foundational tax and legal information you need in a single–source, conveniently accessible format. Essential coverage includes developing estate–planning strategies for clients, the ins and outs of the federal transfer tax system, pertinent federal income tax rules, lifetime donative asset transfers, gratuitous property transfers at death, generation–skipping transfers, special property transfer planning considerations, and post–mortem planning.

With this resource at your fingertips, you can confidently facilitate the most up–to–date strategic estate planning strategies for conserving and growing wealth, and making hassle–free lifetime and testamentary transfers of assets to beneficiaries. Ensure you achieve your client′s objectives by:

Exploring the cornerstone principles of estate planning and the latest relevant laws and regulations Diving into special property transfer planning considerations, including community property, life insurance, charitable transfers, closely held corporations, and more Using this powerful support tool written by a distinguished legal practitioner and academic with more than four decades of experience

Written specifically for the everyday practice of estate planning, this multi–perspective book prepares you to collaborate with a full range of professionals who may be involved in the process, including attorneys, accountants, bankers, insurance representatives, securities brokers, and investment advisers.

Use Estate Planning to make certain clients′ plans for their wealth happen as smoothly as possible.

Acknowledgments

About the Author

Introduction

Chapter 1 Introduction

Chapter 2 Inventory of the Client s Assets and Objectives

Scope of Factual Analysis

Family

Assets and Liabilities

Cash Flow Analysis

Present Objectives for Estate Disposition

Chapter 3 Preliminary Estate Planning Considerations

Expanded Responsibilities of the Professional Tax Advisor

Facilitating Lifetime Capital Formation

Fundamental Federal Income Tax Planning

Managing and Structuring the Closely Held Business Ownership: Family Business Succession Planning

Additional Important Preliminary Planning Inquiries

Chapter 4 The Basic Federal Transfer Tax and Income Tax Structure

Estate, Gift and Generation–Skipping Transfer Taxes

Related Federal Income Tax Considerations

Chapter 5 Fundamental Testamentary Planning

Basic Mechanisms for Transferring Property

Trusts

Credit Shelter Trust

Estate Tax Marital Deduction Transfers

Powers of Appointment

Chapter 6 Lifetime Asset Transfers

Lifetime Gifts Arguments For and Against

Basic Federal Tax Considerations

Methods of Completing Gifts

Specific Types of Gifts

Chapter 7 Intrafamily Transfer Alternatives to Gifts

Intrafamily Sale/Leaseback or Gift/Leaseback

Intrafamily Installment Sales

Interest–Free Loans of Money

Loans of Property or Credit

Tax–Free Property Exchanges with Family Members

Private Annuities

Joint or Split Purchases

Sale of Remainder Interest in Property

Grantor Retained Annuity Trust and Unitrust

Personal Residence Trusts

Transfers of Family Properties Summarized

Chapter 8 Generation–Skipping Transfers

Purpose of the Generation–Skipping Transfer Tax

Definitional Provisions

Tax Computation

Exemptions

GST Tax Planning Considerations

Chapter 9 Special Nonprobate Planning Situations

Joint Property

Community Property

Life Insurance

Commercial Annuities

Charitable Transfers

Foreign Trusts

Chapter 10 Special Business Planning Situations

Family Business Planning Options

Closely Held Family Corporations

Closely Held Partnerships and Limited Liability Companies

Special Valuation for Family Farms and Real Property

Qualified Family–Owned Business Interests

Chapter 11 Special Executive Compensation/Deferred Benefits Estate Planning

Executive Compensation Planning

Qualified Pension and Profit–Sharing Plans

Self–Employed Individual

Individual Retirement Account

Business–Originated Life Insurance

Chapter 12 Post–Mortem Estate Planning

Planning Options

Income Tax Planning Opportunities

Renunciations and Disclaimers

Waiver of Fee by Fiduciary

Solving Estate Liquidity Problems

Alternate Valuation

Chapter 13 Estate Planner–Client Relationship

Professional s Responsibility

Determining the Amount of the Estate Planner s Fee

Income Tax Deduction of Estate Planning Fees

Appendix

Bibliography

WILLIAM P. STRENG is a professor at the University of Houston Law Center, where he teaches federal income taxation, corporate tax, international tax, and estate planning. During his career, he was deputy general counsel for the Export–Import Bank of the United States, an attorney with the U.S. Treasury Department, and taught at universities all over the world. He is the author of numerous books, portfolios, and articles dealing with a variety of tax subjects.