J.K. Lasser's New Rules for Estate and Tax Planning

Overview

The Economic Growth and Tax Relief Reconciliation Act of 2001 will affect numerous aspects of your financial life -- none more important than how you plan your estate. This new tax law includes the first major estate tax revision in over twenty years. Use J.K. Lasser's New Rules for Estate and Tax Planning to learn how the rules have changed and what you can do now to effectively plan your estate. Learn what the new law means for you and your family, and find out how to use it to keep what has taken a lifetime to...
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Overview

The Economic Growth and Tax Relief Reconciliation Act of 2001 will affect numerous aspects of your financial life -- none more important than how you plan your estate. This new tax law includes the first major estate tax revision in over twenty years. Use J.K. Lasser's New Rules for Estate and Tax Planning to learn how the rules have changed and what you can do now to effectively plan your estate. Learn what the new law means for you and your family, and find out how to use it to keep what has taken a lifetime to accumulate.
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Product Details

  • ISBN-13: 9780786285624
  • Publisher: Gale Group
  • Publication date: 4/28/2006
  • Series: Thorndike Health, Home and Learning Ser.
  • Edition description: Revised
  • Pages: 688
  • Product dimensions: 5.80 (w) x 8.60 (h) x 1.50 (d)

Table of Contents

Acknowledgments ix
Introduction xiii
1. Tax Relief Act-2001--An Overview 1
Retirement Savings and Pension Reform 2
Marginal Tax Rates 6
Education Funding Incentives 7
Estate, Gift, and Generation-Skipping Transfers 12
2. Estate Planning: You Need It--Here's Why 21
Why Do You Need Estate Planning? 21
What Is Estate Planning? 21
The Benefits of Estate Planning 23
The Nightmares of Poor Planning 25
The Myths of Estate Planning 26
Guidelines for Successful Estate Planning 27
3. The Estate Tax System: How Much Are You Really Worth? 31
Determining Your Estate Net Worth 31
Understanding the Estate Tax System 32
Your Estate Tax Picture 38
Your Future Estate 41
Overview of Estate Planning Strategies 42
4. Investment Strategies for Maximizing Estate Growth 45
Growth Strategy with a Safety Net 46
Prioritizing Your Investment Dollars 51
Retirement Planning: Choosing the Best Investment Environments 51
Some Final Thoughts on Investing 60
5. Retire with Dignity: How Much Is Enough? 65
Your Retirement Requirements 66
6. You Don't Have a Will? Big Trouble! 79
Property Transfers at Death 80
Transfers via Probate 80
Direct Transfers by Title 83
Other Methods of Property Ownership 88
Choosing the Best Methods of Ownership 89
Setting Estate Planning Goals 90
7. Where There's a Will, There's Your Way! 93
What Is a Will? 93
Types of Wills 93
Advantages and Disadvantages of Wills 95
Intelligent Decisions Concerning Your Will's Basic Provisions 97
Executing Your Will 108
Where to Store Your Will 109
Other Important Documents 110
Working with Your Attorney 116
When to Review Your Estate Plan 118
8. Using Trusts in Your Estate Plan 121
The Credit Shelter Trust Will 122
Disclaimers 126
Marital Trusts 127
Spendthrift Trust 133
Standby Trust 133
Other Trusts 133
9. Understanding the Living Trust 135
Advantages of Living Trusts 135
Disadvantages of Living Trusts 137
How a Living Trust Operates 138
Transferring Property into Your Living Trust 140
Types of Property Likely to Be Transferred 143
Living Trust Myths 146
Transacting Business with Your Trust 147
10. Using Insurance in Your Estate Plan 149
Life Insurance 149
Using Life Insurance to Replace Income 152
How Much Life Insurance Do You Need? 153
What Type of Life Insurance Is Best for You? 155
Insurance on a Homemaker 156
Insurance on Adult Children 156
How to Get the Best Deal on Term Life Insurance 156
Insurance Warnings! 157
Using Life Insurance for Estate Liquidity 158
How Much Is Enough? 159
What Type of Life Insurance Is Best for Estate Liquidity? 159
The Irrevocable Life Insurance Trust 161
Getting Your Life Insurance into Your Trust 162
Using Life Insurance to Leverage Your Estate 165
About Your Cash Values 168
Long Term Care Insurance 169
11. Smart Strategies for Gifting Assets to Family Members 173
The Annual Gift Tax Exclusion 173
Unintended Gifts 174
Filing a Gift Tax Return 176
The Applicable Exclusion Amount 177
Outright Gifts 177
When the Donee Is a Minor 179
Other Tax-Free Gifts 183
Family Gifts Utilizing Trusts 183
Grantor Retained Annuity Trust 183
Grantor Retained Unitrust 185
Qualified Personal Residence Trust 185
Taking Advantage of Generation Skipping Transfers 190
Sales to Family Members 192
Loans to Family Members 195
12. Strategic Planning with Charities 197
Outright Gifts to Charities 198
Testamentary Gifts to Charities 200
Gifts Using Charitable Trusts 200
Using Your Charitable Trust for Retirement Planning 204
The Private Foundation 207
13. Family Limited Partnerships 211
General Structure of the Family Limited Partnership 211
Family Limited Partnership Rules 216
14. Succession Planning for the Family Business or Farm 223
Special Estate Tax Benefits for Farmers and Closely Held Business Owners 225
Valuing Your Business or Farm 228
Succession or Sale? 228
Succession Planning: Keeping the Family Business in the Family 229
Maximizing Your Business's Value through a Sale 230
Structuring Your Buy-Sell Agreement 231
Types of Buy-Sell Agreements 232
Funding the Buy-Sell Agreement 233
One Final Strategy--the Employee Stock Ownership Plan 235
15. Asset Protection Strategies 237
The Concept of Fraudulent Transfers 238
A Word about Jointly Held Property 242
Retirement Plans 242
Life Insurance 243
Using Trusts to Protect Assets 244
Using Corporations to Protect Assets 246
Use of Multiple Corporations 248
Asset Protection Using Family Limited Partnerships 248
Foreign Asset Protection Trusts 249
Domestic Asset Protection Trusts 252
Epilogue--Dealing with Parents and Their Money 255
Appendix A State-by-State Listing of Top Professional Advisors 259
Appendix B Estate Planning Terms 273
Index 279
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