Keep Every Last Dime: How to Avoid 201 Common Estate Planning Traps and Tax Disasters

Keep Every Last Dime: How to Avoid 201 Common Estate Planning Traps and Tax Disasters

by Richard W. Duff

Hardcover

$36.95

Product Details

ISBN-13: 9781882703005
Publisher: R W D Enterprises
Publication date: 01/01/1989
Pages: 304
Product dimensions: 6.32(w) x 9.31(h) x 0.98(d)

Table of Contents

Introduction11
Chapter 1Apathy, Torpor and Procrastination: They'll get you every time19
Inheritance planning
Personal attitudes about mortality
Choosing advisors
Interpreting planning advice
Loans to children
Second marriages
Asset protection
Record keeping
Opportunities for children
Planning for a divorce
Illiquid assets
Splitting property with a spouse
Separate counsel to family members
Foreign citizens
Chapter 2Family Business Succession Planning: An American tragedy49
Business continuation plans
Family mission statements
Treating active and inactive children similarly (or differently)
Strategies for selling a business
Key person insurance
Deferred compensation agreements
Comparing stock redemption and individual stock purchase plans
Liquidating asset rich corporations
Chapter 3Retirement Income: Scarcity or security; it's a state of mind69
Attitudes about retirement
Withdrawing funds from pension and profit sharing plans
Balancing 401(k), IRAs, insurance, annuities and mutual funds
Life insurance in a 401(k) plan
Distribution strategies @ age 70
Recalculating payments
Who is a good beneficiary
Paying benefits to a charity
Chapter 4Gifting to Loved Ones: How to make good ideas even better91
When to start gifting
Incomplete and indirect gifts
Basis of gifted assets
Gifting too much
Keeping good records
Bogus gifts
Tuition and medical costs
Unsuitable assets for donees gifting life insurance
Splitting gifts with a spouse
Gifting life insurance
Gifting the $600,000 exemption
Valuation issues
Chapter 5Charitable Tax Planning: Making benevolence a win-win proposition113
When a charitable plan is too complicated
An estate tax-free arrangement
NIMCRUTs
When to terminate a CRT
Gifting annuities to charities
The best assets to donate
Pre-arranged gifts
Charitable legacy plans
Charitable lead trusts
Being on a charity's board of directors
Investigating a charity's finances
Chapter 6Annuity Traps and Tax Disasters: An annuitant's survival guide147
Withdrawal charges and income taxes
Owners, annuitants and beneficiaries
Trustee named beneficiary
A charity named beneficiary
Gifting annuities with a profit
Taxable and tax-free annuity exchanges
Annuity distribution rules
Bequeathing policies to a charity
Equity indexed policies
Medicaid planning
Chapter 7Personal Life Insurance: Living with it because you can't die without it179
The correct face amount
Binding policies
Waiver of premium
How to pay premiums
Choices of policyowner
Policies payable to a foreign spouse, former spouse, minor child or a guardian
Policy ownership and beneficiary options
Successor owners exchanging, transferring, gifting and surrendering contracts
Policy loans
Chapter 8Estate Distribution Documents: Make them say what you mean and mean what you say
Out-of-date and poorly written wills
Wills for children
Tax apportionment
Exposing joint and trust assets to creditors
Guardians for children
Letters of instruction
Disclaimers
Disinheriting heirs
Witnesses
Will contests
Funding revocable living trusts
Equity trusts
When a trust should terminate
Extending trusts in "danger."
Chapter 9Irrevocable Life Insurance Trusts (ILITs) Trusts that own tax-free life insurance227
Estate tax advantage
Trust "trap doors"
Canceling irrevocable trusts
Making trusts more flexible
Originating the policy
Insurance language in the trust
Whether an ILIT should be a "Crummey" trust
Beneficiary contributions
Trustee communication
Changing trustees
Transferring insurance contracts
Split dollar
Reciprocal trusts
Extending an ILIT
Chapter 10Extended Trusts: An RLT or ILIT continues for your spouse and family251
Separate trust shares vs. a "pot"
Maximum benefits or management trusts
Asset protection features
Who should be trustee
Trust location and protectors benefiting a spouse of a beneficiary
Unproductive assets
Incentives for beneficiaries
Insuring lives of beneficiaries
Virtual ownership
Paying taxes when a beneficiary dies
Chapter 11Perpetual Trusts: An ILIT extended trust endures for generations to come273
Why a perpetual trust
Setting up a dynasty trust now
The $1 million exemption
The rule against perpetuities
The generation skipping tax
Family banks
Avoiding taxes "forever"
If a beneficiary can change trustee
Financial planning with trust assets
A 37 1/2 year trap
Vested trusts
Leveraging with life insurance
Charitable "gifts-over."
Afterword295
Index297

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